Golden Visa
Greece implemented a process for property owners from third-country nations to obtain a residence permit, which is valid for five (5) years and is subject to renewal. The government adopted a favorable stance towards those desiring to acquire real estate in Greece.
LEGISLATION CURRENTLY IN FORCE
The most significant modifications to the legislative framework regarding a Golden Visa, as recently updated by the Greek government, are the "top" and "minimum" thresholds for the surface area of the property increased from 500,000 to 250,000 euros and 120 square meters, respectively, to grant a five-year residence permit to nationals of third countries (Golden Visa).
More precisely, the parameters are defined as follows:
• Athens, Thessaloniki, Mykonos, Santorini, and other islands with a population exceeding 3,100 individuals shall be allocated a sum of 500,000 euros.
• 250,000 EUR to cover the remainder of the country.
• 250,000 EUR for the restoration of maintenance buildings and properties that are presently utilized for other purposes (e.g., industrial/commercial) but will be transformed into residential structures.
It is noted that the 250,000 EUR-remain limit applies exclusively to preserved structures, irrespective of their area, that have a restoration commitment. If this has not been completed within five years, the residence permit of the investor will be revoked.
In cases where the property has been converted into a residence, its use as a business headquarters is also prohibited. In the absence of compliance, the residence permit shall be revoked.
Furthermore, it is specified that the residence permit is renewable for an additional five years, provided that the investor retains ownership of the property.
LAST PROPOSAL TO BE PUT TO VOTE
The most significant changes, according to the most recent and latest proposal by the Greek government to update the legislative framework for Golden Visa, will be the increase in limits from 400,000 to 800,000 euros, as well as the "top" of 120 square meters on the surface area of the property, for granting a five-year residence permit to nationals of third countries (Golden Visa) beginning on March 31, 2024.
The precise limitations will be defined as follows:
• 800.000 EUR for Attica, Thessaloniki, Mykonos, and Santorini, as well as for any other island exceeding 3,100 inhabitants.
• 400.000 EUR for the remainder of the nation.
• 250.000 EUR for the restoration of maintenance buildings and properties that are presently utilized for other purposes (e.g., industrial/commercial) but will be transformed into residential structures.
Beneficiaries of the right of entry and of the permanent residence acquisition, which has to be renewed every five (5) years, are:
a) third country citizens who own real estate in Greece, either in person or through a legal entity established in Greece or in another EU Member State, of which they hold all the shares, provided that the minimum value of the real estate is 250,000 or 500,000 euros, depending on the region.
b) third-country nationals who have signed a lease contract - for at least 10 years - for hotel accommodation or furnished tourist residences in integrated tourist resorts in accordance with Article 8, par. 2 of Law 4002/2011 (Government Gazette 180 A), provided that the minimum cost of the lease is 250,000 - 500,000 euros.
c) third country citizens who either reside legally, with a residence permit, in Greece, or wish to enter and reside in Greece, and who have full ownership and possession of real estate in Greece, which they have purchased before the enactment of Law 4146/2013, provided that they had purchased the real estate for at least €250,000 - €500,000 or the current objective value of their real estate is at least €250,000 - €500,000.
d) third country citizens who purchase a plot of land or just a parcel of land and proceed with the construction of a building, provided that the cumulative value of the land purchase as well as the contract with the construction company is at least €250,000 - €500,000.
e) citizens of third countries who have signed a timeshare contract (leasing), based on the provisions of Law 1652/1986. Timeshare rental, according to the provisions of Article 1 of Law no. 1652/1986 regards the lessor's commitment to grant the lessee every year -for the duration of the timeshare- the use of the tourist accommodation, and to provide the lessee with the relevant services for the period specified in the contract while the lessee must pay the agreed rent.
f) third-country nationals who are adults and who are in full and legal possession of real estate in Greece, the minimum value of which is 250,000 euros and which is acquired by inheritance, will or parental provision.
(g) family members of third-country nationals described above
1. According to the law, family members of third-country nationals entering the country are:
a. the spouses
b. the other spouse or partner with whom the third-country national has concluded a cohabitation agreement in Greece.
c. the unmarried direct descendants of the spouses who are under 21 years of age.
d. the unmarried direct descendants of the sponsor or of the other spouse/partner, if custody has been legally entrusted to the sponsor (for his/her children) and to the other partner (for his/her children), under the age of 21 years.
e. the direct relatives of the spouses in ascending order
f. according to the latest amendment to the Immigration Act, children who reach the age of 21 are granted an independent residence permit for three years, with the sole obligation to present the previous residence permit for family reunification.
Residence permit requirements for property owners in Greece
The following conditions must be met in order for an investor to obtain a permanent residence permit, which is renewed every five (5) years:
α) The property must be owned and occupied by the owners of the property. The third party proves the ownership by means of a notarial deed and, if subject to the payment of a credit price, by means of the respective repayment and dissolution deeds. The purchase price must be paid in full prior to the submission of the application for a permanent residence permit.
b) In cases of co-ownership, where the value of the property amounts to 250,000 - 500,000€, the residence permit is granted only if the owners are spouses or partners with a cohabitation agreement in Greece, with undivided ownership of the property. In all other cases of co-ownership, the residence permit is granted only if the amount invested by each of the co-owners is at least 250,000 - 500,000 €.
c) If the owner has acquired the property through a legal entity, the applicant must own 100% of the company shares.
d) The residence permit is also granted in cases where the third country citizen is the owner, either directly or through a legal entity, of more than one property with a total value of at least €250,000 - €500,000.
e) In case the applicant wishes to enter the country with a type D visa, the documented intention to own real estate should be supported by documents proving financial capacity (e.g. (e.g. a certificate from a certified A class bank or other recognised financial institution), certifying the existence of bank accounts or other movable assets, such as bonds or shares, which can cover the cost of the investment of at least €250,000 - €500,000, and which certify the applicant's intention to purchase the property.
(f) In the case of third country nationals who have signed a lease contract for at least 10 years for hotel accommodation or furnished tourist residences in integrated tourist resorts, if the minimum value of the lease is €250,000 - €500,000, the contract must require a one-off payment of the rent for the equivalent of the 10-year lease of the property.
In all cases described above, the value of the property will be determined on the basis of the value of the property, or the lease, stated in the purchase contract.
The value of the property, according to Law 4251/2014, is the amount explicitly stated in the contract submitted for the purchase of the property. The objective, or appraised, value of the property is irrelevant unless it corresponds to the amount paid, according to the contract, for the sale of the property.
Visa requirements for obtaining a residence permit for property owners
An initial entry visa, i.e. legal entry into the country, is required in order to obtain a residence permit for property owners. Once the residence permit is issued, and for the whole of its duration, no visa renewal is required. According to Law 4251/2014, any third country citizen who has entered the country lawfully, holding a visa of any type or is a legal resident of the country, regardless of the status or type of permit residence permit, is entitled to apply for a residence permit.
Duration of the residence permit for property owners
This residence permit is permanent. However, its holder shall be obliged to renew it every five (5) years.
Renewal of the residence permit for property owners - Requirements
The residence permit must be renewed every five (5) years. For the renewal of the residence permit, the following conditions must be met:
- The real estate must remain in the full ownership of the applicant.
- The applicant must have the full possession of the property at all times. Absences from the country do not prevent the renewal of the residence permit. The resale of the property to another third-country national and only during the residence's permit validity time, entitles the new owner to a new residence permit once the seller's one is revoked.
