Golden Visa Greece Acquisition by Investment in Greek Real Estate

STAYING/RESIDENCE PERMIT FOR REAL ESTATE OWNERS IN GREECE

1. For Attica Region (Athens/Piraeus and all surrounding areas), Thessaloniki, Central Macedonia, Mykonos, Santorini and the islands with population of more than 3100 residents, the threshold of investment at the time of acquisition is set at €800.000. The investment must be carried out in a single property with a minimum surface area of 120 square meters.
2. For the rest of Greece, the threshold of investment at the time of acquisition is set at €400.000. The investment must be carried out in a single property with a minimum surface area of 120 square meters.

Special Cases

A residence permit valid for five years is granted to a non-EU citizen, provided that the later:

• Has entered the country legally with any entry visa or resides legally in the country.
• Has owns personally or through a legal entity (based in Greece or another EU member state) immovable property in Greece with an acquisition value as regulated by the current regulations above.
• Has entered into a long-term contract of tourist accommodation according to Law 4002/2011 or a timeshare rental contract of tourist accommodation according to Law 1652/1986, of a value as regulated by the current regulations above.

The value of the real property may increase or decrease by virtue of a joint ministerial decision and it will be determined in accordance with the stated prices of the sale documents of the properties or leases as per their contracts. 

The applicant can rent out or sell the property, according to the respective property laws of Greece. All golden visa properties are prohibited from being rented out short-term in the context of the sharing economy, even by third parties under sublease agreements.

The property owner / holder of residence permit may be accompanied by their family members (children up to 21 years of age) and their parents. 
Upon request, family members shall be granted an individual residence permit, which is renewed and/or expires concurrently with the residence permit of the sponsor.

Employment of any type is prohibited. However, the applicant may be shareholder or CEO in a company:

The steps to be followed are outlined briefly:

1. The Investor selects a property and our Law Firm conducts a due diligence to ascertain that no encumbrance is registered against it. We have a vast network of agents who can assist the Investor on finding a suitable property.
2. At the same time, the Investor executes a power of attorney (with apostille or consular authorization) empowering our Law Firm to issue the Greek TIN and undertake the procedure in Greece.
3. At this point, usually a prepayment is made by virtue of a notarial precontract.
4. The seller provides the required documents to the notary, who will undertake the notarial deed.
5. The Investor settles the property tax, notarial fees and land registration fees. After signing the Sale and Purchase Agreement, the Investor pays the full price to the seller.
6. The application for the staying permit is filed.
7. The Investor and their family members come to Greece for biometrics.
8. Once the permit is issued, it is collected by our office and it is dispatched it to the Investor.

The Investor needs to open a bank account in Greece, so he/she can pay the property tax each year.