Residence Permit in Greece by Real Estate Investment (Golden visa)
It is the most affordable "Golden visa" in the European Union with most loyal requirements for real estate objects and the composition of the investor's family, as well as the fastest terms for issuing the status. More than 20 thousand foreigners have already received a residence permit in Greece on the basis of purchasing square meters. Among the advantages of the program are: the absence of non-refundable payments and the right to rent out the purchased property, making a profit. A residence permit is issued for the period of five years at first, and in the future it can be turned into citizenship.
Program's details
- €250000 the lowest entry threshold in the European Union
- Rental income property can be rented out, generating income
- There are no non-refundable payments
- 2 months term for obtaining status
- For the whole family including adult children and parents
- Visa-free travel across the EU
- No requirement for the minimum stay in Greece
- Residence permit for five years in the future - citizenship
The official website of the program
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About the Program
In 2013, Greece began issuing a special type of residence permit - a residence permit for real estate owners, also known as the "golden visa". The project turned out to be successful. The number of issued residence permits in 2014 was 723, and in the beginning of 2020 there were more than 22 thousand (for investors and their families).
Citizens of China, Turkey and Russia are in the lead among applicants for "golden visas". Due to this status, they receive not only the right to live in Greece without time limitations, but also visa-free access to the European Union.
The amount of purchase for entering the program, the minimum cost of an object which allows you to apply for a residence permit is € 250,000. It is cheaper than in other countries of the European Union. Moreover, there are no non-refundable payments, restrictions on renting out real estate, and the application can include all family members, even the parents of the investor.
Residence permits for property owners are issued immediately for five years. They can be extended an unlimited number of times, if the reason is preserved - the object remains owned or leased. After 10 years and if you reside in Greece, this residence permit can be turned into citizenship.
Investment Options
- €250 000
Real estate purchase
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You may own any kind of property (new build and secondary), land, commercial properties - there are no restrictions
You can purchase several objects for the required amount
Real estate is allowed to be rented out - long-term or daily
- €250 000
Lease
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Lease or timeshare agreement for a period of 10 years for a hotel room or a tourist apartment. The property must have a registration issued by the Greek National Tourism Organization (EOT). The terms of the contract must provide for a one-time payment of the entire amount.
You can rent several objects for the required amount
The prices do not include taxes and other property costs. In the case of joint ownership, the contribution of each investor should be at least €250,000. An exception is spouses or partners who have entered into a cohabitation agreement; they can register property for two and obtain residence permits. An important condition for everyone: money can be transferred to Greece by non-cash method.
It is allowed to register properties not only for an individual, but also for a legal entity. In the second case, the owner must own 100% of the company's shares.
The program can also be attended by real estate owners who have purchased the property before 2013, if its price exceeded €250,000 at the time of the transaction or if the current market value is higher than this amount (it should be confirmed by a certified appraiser).
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Residence permits for family members
Who receives a residence permit with the investor:
Spouse
Spouse and partner with whom a cohabitation agreement has been concluded in Greece.Children
Common children under the age of 21 and unmarried. In case of child custody due to incapacity, the child can be included in the application together with the investor, regardless of age.
Parents
Direct relatives of both spouses regardless of their age.
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Documents
The applicant submits all documents in person or with the help of a lawyer by proxy. For papers issued in another country, you need to make a certified translation into Greek with an apostille.
Personal documents
- Application for the issuance of a residence permit in two copies
- Four up-to-date photographs (printed or on а CD)
- A certified copy of all pages of the passport with a valid Schengen visa issued by any EU country
- Marriage and child birth certificates
- Medical certificate from a Greek public hospital confirming the absence of infectious diseases
- Statement from the insurance company covering the costs of medical care and hospitalization
- Receipts for paymentы of the state duty for the provision of a residence permit for a period of up to 5 years and printing out a card, received on the "e-paravolo" electronic platform.
Real estate documents
- Purchase or lease agreement for real estate worth from €250,000
- Certificate of entering the contract in the register
- Certificate from the Greek notary who executed the transaction on the payment of the full amount
- In the case of buying land for construction: a purchase contract for a plot, construction contract, building permit, invoices from contractors and the corresponding payment
Additional Expenses
- State fees for residence permit
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€2,000 - for the issuance of a residence permit for investors.
€16 - for printing each residence permit card.
- Legal expences
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€1,000 - 5,000 for the main applicant, depending on the rates of a particular law firm. When spouses, children and parents are included in the application - €500 - 2,500 for each additional applicant.
Some real estate agencies and developers provide these services for their clients free of charge.
- Real estate purchase procedure expenses
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About 8-10% of the property value. This includes: attorney's fees, notary fees, realtor's commission, tax on the transfer of ownership, state fees for registering real estate.
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Rights and Obligations
- The residence permit holders have the right ( not the obligation) to live in Greece without time limitations, while there are no requirements to stay in the country for a certain number of days and become its tax resident
- The residence permit holders have an ability to travel within the Schengen area without a visa and stay in other countries for up to 90 days in half a year
- They have the right to study free of charge in Greek schools and universities
- They receive free medical first aid (all other services are covered by insurance)
- They can buy and register a car or boat in Greece
- This kind of residence permit does not give the investor and family members the right to work for hire, but you can register your own business or receive passive income (for example, from renting out real estate)
- The residence permit holders can extend the residence permit after five years, the property must remain owned or leased.
The procedure for obtaining a residence permit in Greece
