Golden Visa Greece Acquisition by Investment in Greek Real Estate

STAYING/RESIDENCE PERMIT FOR REAL ESTATE OWNERS IN GREECE

A residence permit valid for five years is granted to a non-EU citizen, provided that the later has obtained a visa (Golden Visa) and:

 

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Legally owns, either personally or through a legal entity (the applicant must wholly own its shares) real property in Greece (of minimum value €250,000)

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Has, at minimum, a ten-year time-sharing contract under Law 1652/1986

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Has a 10-year lease of hotel accommodations or furnished tourist accommodation in tourist accommodation complexes according to Article 8, par. 2 of Law 4002/2011- in the contract must be clearly stated that the applicant has settled fully and upfront the full lease amount

The value of the real property may increase or decrease with joint ministerial decision and will be determined in accordance with the stated prices of the sale documents of the properties, or leases as per their contracts, or as determined by ministerial objective values.
The applicant may hold more than one property in the total value 250.000 Euro.

The applicant can rent out or sell the property, according to the respective property laws of Greece.

Note, however, that, unless the applicant holds a property of the minimum value, the permit will be revoked.

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:

There are two possible scenarios under this option;

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either you purchase the asset prior applying for GOLDEN VISA and staying permit (which is the optimum)

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or you have a contract with a real estate agent giving them the authorization to search for a house and you apply with this

The best case scenario is that you come to Greece, locate the property, open the bank account and receive the Greek Tax ID, conclude the transaction and then apply for the special GOLDEN VISA and further for the staying permit

GREECE GOLDEN VISA – Procedure

In order to acquire the staying permit, the following steps must be followed;
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Step 1 – Obtain a special VISA

Please see attached the list of the documents the applicant as well as the dependents have to provide.

Additionally, we will need;

  • A copy of the purchase contract of the property or properties valued of at least 250,000 Euro (to be prepared by the notary public in Greece)
  • Certificate of a notary that the purchase contract covers the requirements of Article 6 § 2 of Law 4146/2013 (to be prepared by the notary after the completion of the purchase)
  • Proof of title transfer by the relevant land registry/ cadastre (to be prepared by the authority after the completion of the purchase)
  • Legalized family status certificate (in case of a family application-to be prepared by the authorities of your country)

We arrange an appointment with the Greek Consulate. The applicant has a brief interview with the Consulate officer and submits the original documents.

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Step 2 – Obtaining the staying permit

The applicant obtains the 3-month valid GOLDEN VISA and comes to Greece. The following documents must be prepared for submission in Greece;

  • Passport valid for at least three months after the expiration date of the visa
  • Certificate of criminal record of the applicant by the competent authorities of the country of origin
  • Medical certificate by a recognized public or private institution, proving that the applicant doesn’t suffer from a disease capable of being dangerous to the public health according to the international standards of the World Health Organization (to be obtained in Greece)
  • Certificate that the applicant has applied to a medical insurer for full coverage of his medical care and expenses during the staying in Greece (to be obtained in Greece)
  • The documents pertaining to the purchase of the property, as mentioned above

In case the purchase is not concluded prior to the GOLDEN VISA application, the applicant must provide the consulate with the following;

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Documents / Certificates concerning his / her financial status, for example certificate from a reputable bank or financial institution, verifying the bank accounts, the shares or other financial assets sufficient to cover the purchase amount.

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Document / Certificate concerning his / her intention to buy the asset, for example the mandate to a real estate agency. Before you purchase the property, we will conduct a search for its legal status and for its clearance.

Before you purchase the property, we will conduct a search for its legal status and for its clearance.

All the costs that relate to the property purchase are as follows-with the exception of legal and immigration cost;

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Real estate agent-to be negotiated, because a part is paid by you and a part from the owner of the asset.

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Notary fees-1%+24%VAT of the sale and purchase value

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Cost for property transfer with the land registry -0,8-1% + 24% VAT

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Tax -3,09% of the sale and purchase value

More specifically as far as Golden Visa is concerned, we:

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Provide assistance with negotiations with the Promoter/owner

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Conduct the real estate legal Due Diligence

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Draft Power of Attorney, preliminary and final contracts

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Securing Official translation of all documents required

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Issue a Greek Tax Identification Number (TIN)

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Open a bank account with a Greek bank

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Conclude the official property contracts with highly qualified Notary Public

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Ensure secure transfer of funds

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Handle all related taxation issues

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Register the new owner at the Land Registry/Cadaster

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Represent owners in front of utilities

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Prepare the files of the Residence Permit application

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Monitor processing & collect the final Residence Permit

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Act as permanent tax representative/Process Agent of the Client on an annual basis

We have always been acting on behalf of the buyers/investors, providing them with an independent, professional advice on the feasibility and the viability of their intended real estate investment in Greece, with Zero possibility of a conflict of interest Situation.

Our Immigration/Citizenship Desk established since 2005 is being led by the Honorable Christos Vardikos, Attorney at law and Consul of the Commonwealth of Dominica in Greece.

Legal and immigration cost; please contact us at the email below.

VARDIKOS & VARDIKOS may assist any citizen that wishes to benefit from this provision and select your appropriate investment scheme.
An exhaustive list with all requirements / documentation may be sent to you upon request.

For any further information or clarifications please do not hesitate to contact us at: [email protected]

Get in touch

Call Us

Tel. No. GR: +30 693 248 8888 | +30 210 361 15 05 | +30 210 362 78 89 | +30 6937 22 88 88

Tel. No. DOMINICA: +17672751888

Tel. No. UAE:  +971506689558

Tel. No. MALTA: +35699884534

Emergency and A.O.H.: +306934555555 , +306937228888

Fax:  +302103617848 , +302103387088

Address

3 Mavromichali Street,
GR 10679 Athens, GREECE
www.vardikos.com | [email protected]

Dominica Office :
36 Great George Street Roseau
Commonwealth of Dominica
00112 West Indies 

Antigua & Barbuda Office:
Suite No. 4 Woods Centre
Friars Hill Road, P.O. Box W1516,
St. John’s, Antigua, West Indies

St Lucia:
20, Micoud Street, Castries
P.O. Box 189
Saint Lucia

 

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