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PERMANENT RESIDENCE IN GREECE Through investment into Real Estate

A new law on the stay of foreigners in Greece (4251/2014) has brought citizens of third countries a new way to immediately get a 5-year permanent residence in Greece by purchasing real estate, the total value of which must be at least €250,000.

Unlike other such opportunities in Europe, Greece is offering the ability to get a temporary permanent residence for quite a long period in exchange for a comparatively small investment. Furthermore, applicants aren’t limited to just one investment object, which brings great opportunities for increasing the liquidity of their investments.

Advantages of permanent residence in Greece by investing in real estate:

Visa-free travel or stays in Europe

  • You and your family will be have the right to reside in Greece for unlimited time furthermore visa-free travel in Schengen countries.

Your whole family will immediately get permanent residence for 5 years

  • For one investment in Greek real estate, the investor’s spouse, children under 21 and parents can receive a permanent residence for the same period as the main investor.

No requirement to live in Greece

  • There is no obligation to spend a certain amount of time in Greece, and if you have property there you can rent it out and receive additional income.

Education and healthcare to a European standard

  • Having permanent residence in Greece allows you to use high-quality medical services, and your children can attend schools and universities.

The most advantageous program in Europe for obtaining a permanent residence by investing in real estate.

What options are there for receiving residency in Greece?

  • Residency for dependents for 2 years.
  • Residency for entrepreneurs for 1 year.
  • Permanent residence upon purchase of real estate in the value of at least €250,000 for five years.
  • Residency for strategically important investments for 10 years.
  • Residency for top managers of a company for 2 years.

Conditions for receiving 5-year permanent residence in Greece through investment in real estate. (Art. 20 para. B of law 4251/2014)

Ownership, as an individual or the sole proprietor of a legal person, of real estate in Greece, the value of which is at least €250,000, or a contract signed with a realtor or an attorney on the intent to purchase real estate in this amount.

A contract for the lease, for no less than 15 years, of commercial real estate for tourism purposes within Greece on behalf of the sole proprietor of a legal entity.

Possibilities you have

THE CALCULATION IS BASED ON THE TOTAL VALUE OF ALL PIECES OF REAL ESTATE

  • The object of investment can consist of several pieces of real estate, the total value of which is higher than €250,000, which allows you to buy liquid real estate for a reasonable price.

THE ESTIMATED VALUE CAN BE HIGHER THAN THE MARKET PRICE

  • The rules for the minimum investment amount take into account the estimated value, which is generally higher than the market price, as it involves more criteria. The minimum required investment amount of €250,000 can be achieved at a market price starting already from €150,000.

THE REAL ESTATE YOU OWN CAN BE RENTED OUT

  • To successfully renew this permanent residence, there is no requirement to live in Greece. This allows you to rent out the property that you have bought and thus receive additional income.

This form of permanent residence does not permit you to work in Greece or engage in business activities in Greece.
This category of permanent residence does not yet imply receiving citizenship of Greece in the future.

Permanent residence in Greece through investing in real estate is issued for 5 years, with the possibility to renew your permit every 5 years. The only conditions are that you continue to own the real estate or lease for commercial real estate.

How to apply and how long it takes

A: Applying to a Greek consulate with application for a D visa

  • Obtaining residency takes on average 3 months

B: Applying to the Department of Foreign Affairs in Greece

  • Obtaining residency takes on average 1 month

Documents you will need

  • A notarized contract for the purchase of real estate
  • Attestation that the contract has been registered with the Land Register
  • Attestation from a notary that the real estate meets the requirements of the law (including the value)
  • Receipt for payment of a state fee according to Article 132 of law 4251/2014
  • Valid passport for traveling abroad
  • Marriage certificate (if two spouses are applying)
  • Birth certificates of any children (if you are applying together with your children)
  • Health insurance policy

In the event that the real estate used for applying for permanent residence is still not in your ownership, documents 1–4 are replaced with the contract you have concluded with an attorney or realtor on the intent to purchase the real estate.

This additionally brings a requirement that you prove that you have funds in an amount of at least €250,000, for which a bank statement can serve.

 

All documents must be officially translated into Greek.

How payment proceeds

option 1: APPLYING AT A GREECE CONSULATE WITH APPLICATION FOR A D VISA

  • 50% is paid upon signing the contract
  • 40% is paid before applying for a D visa
  • 10% is paid before applying for permanent residence

option 2: APPLYING TO THE DEPARTMENT OF FOREIGN AFFAIRS IN GREECE

  • 50% is paid upon signing the contract
  • 40% is paid before applying for permanent residence
  • 10% is paid after receiving permanent residence in Greece

Are you interested in Greece permanent residence?

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Disclaimer: The communication herein is intended to convey general information only and not to provide legal advice or opinions. It should not be construed as, and should not be relied upon for, legal or tax advice in any particular circumstance or fact situation. The facts stated may not reflect the most current legal developments. No action should be taken in reliance on the information herein. Qualified legal practitioners should be contacted for professional legal advice on specific issues.

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