STAYING PERMIT FOR REAL ESTATE OWNERS IN GREECE
GOLDEN VISA 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:
- 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), or
- Has, at minimum, a ten-year time-sharing contract under Law 1652/1986, or
- 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;
- either you purchase the asset prior applying for VISA and staying permit (which is the optimum)
- 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 VISA and further for the staying permit.
In order to acquire the staying permit, the following steps must be followed;
- 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.
- Obtaining the staying permit
The applicant obtains the 3-month valid 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 VISA application, the applicant must provide the consulate with the following;
- 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.
- 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.
All the costs that relate to the property purchase are as follows-with the exception of legal and immigration cost;
- Real estate agent-to be negotiated, because a part is paid by you and a part from the owner of the asset.
- Notary fees-1%+24%VAT of the sale and purchase value
- Cost for property transfer with the land registry-0,8-1%+24%VAT
- Engineer- we have to engage an engineer, who will perform the technical check of the asset and provide the certificate the Greek Law requires. The fees depend on the asset. Usually the engineer’s fees are between 650-1500 Euros +24%VAT. If the asset has outstanding debts to the Greek authorities, these are settled by the owner prior to the signing of the contract
- Tax -3,09% of the sale and purchase value
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: firstname.lastname@example.org