Obtaining a residence permit (Golden Visa) as an Investor in Greece

Greece has been an enticing destination for many years, not only because of its beauty, but also because it offers one of the best investment programs for obtaining a European-type residence permit.

Below we will analyze the conditions for issuing a residence permit for an investor, its validity period, who has the opportunity to obtain it, the necessary documents, the process of obtaining it and the benefits.

CONDITIONS

• ➤ Purchase of any property by an individual with a minimum value of 250.000 euros.

• ➤ Purchase of any real estate by a legal entity with a minimum value of 250.000 euros, but providing also evidences, that all shares of the company or corporate shares are wholly owned by the individual investor.

• ➤ Acquisition of rent of hotel, rooms or furnished tourist residences in a tourist accommodation complex for a period of at least ten years, with a minimum amount of 250,000 euros, as well as with the obligatory issuance of a corresponding certificate from the tourism organization.

• ➤ Purchasing a plot of land for the construction/rehabilitation of a house, and obtaining a building permit in the name of the Investor, as well as providing contractor invoices and related payment receipts with a minimum amount of 250,000 euros.

• ➤ Temporary lease agreement for camps, complexes, restaurants, etc. for a period of at least five years, indicating the annual cost and a total minimum investment amount of 250,000 euros

Note: To obtain the residence permit of the Investor, the cost must be paid in full.

It is possible to purchase more than one property with a total value of 250.000 euros.

VALIDITY

The Investor's Residence Permit is issued for a period of five years, with the possibility of renewal for the same period and as many times as necessary, provided that the property remains in the ownership of the Investor or the lease agreements provided remain in force. The residence permit for the Investor's family members expires and is renewed at the same time as his own.

Periods of absence from the country do not prevent the extension of the residence permit.

RECIPIENTS OF RESIDENCE PERMIT

1. Investor

2. Family members of the Investor (Spouse, children under 21, parents of both spouses)

Note: A residence permit can also be issued in case of joint ownership by spouses, i.e. in the case of the purchase of real estate by spouses, 50% each with a total minimum value of 250,000 euros. This right only applies in the case of spouses, in any other case, each of the buyers will have to pay a minimum amount of 250.000 euros.

It is also possible to issue a gift or transfer of parental property, but in this case the right to receive a residence permit is exercised only by the recipient of the gift or the recipient of parental compensation.

REQUIRED DOCUMENTS

• ✔ Application

• ✔ 4 (four) color photographs, the technical characteristics of which correspond to passport data, as well as in digital format on an optical disc (CD) in the form of JPEG2000 graphics.

• ✔ A copy of all pages of a valid passport or travel document recognized by Greece certified by a Greek lawyer, with the required valid entry stamp or visa.

• ✔ Birth certificates of all applicants for the residence permit.

• ✔ Certificate of marital status, to confirm the relationship between the Investor and members of his/her family.

• ✔ Two state fees in the form of an electronic payment in accordance with the provisions of article 132 of law 4251/2014 and article 38 of law 4546/2018 (101 AD), in the amount of 2000 euros and 16 euros respectively for the investor and each family member of the investor 150 euros and 16 euros respectively .

• ✔ A private insurance company insurance contract that will cover all risks and the amount of covered benefits, as defined by the Law.

• ✔ Final contracts for the sale or lease of real estate, along with their registration acts.

• ✔ Certification from a notary public who has drawn up the notarial deeds of sale or lease agreement, certifying the details of the parties, details of the property, the method of payment of the agreed value or rent and all specific details of payment, the existence of liquidation, encumbrances, and also if the specific property was used by the seller to issue a permanent investor residence permit, etc.

• ✔ Certificate from the real estate register or cadastral service, which indicates the absence of encumbrances.

Note: All documents and certificates issued abroad must be certified by the Apostille seal and officially translated in Greece, unless otherwise provided by a special convention of states.

The application and issuance of a residence permit can be made by a lawyer with a notarized power of attorney from the Investor and his family members.

RECEIVING PROCESS OF THE GOLDEN VISA

1. The investor must legally enter the country, obtain a Greek Identification Number (TIN) and purchase or rent real estate worth at least 250,000 euros. (Read HERE about what to pay attention to when transferring money from and to Greece).

2. Upon completion of the purchase or rental process, apply for an Investor residence permit.

3. Upon applying for a residence permit, obtaining a temporary residence permit, then applying for the submission of biometric data (fingerprints). The investor and his family members can apply for the submission of biometric data at a different time from the moment of applying for a residence permit.

4. After submitting biometric data, obtaining a final residence permit within two months.

ADVANTAGES OF A RESIDENCE PERMIT

A residence permit allows you to move freely within all EU countries.

ATTENTION: The residence permit of the investor does not give access to any form of work. Only financial activities are allowed, as a shareholder of a company, a member of the board of directors or a chief executive officer.

In the event of the sale of real estate or the termination of lease agreements, the residence permit is canceled and expires.

You can calculate the cost of obtaining a residence permit for the Investor and his family members HERE. This article covered as much as possible all the current issues of obtaining a residence permit for an Investor, however, if you have any additional questions, you can contact a lawyer of our company for legal advice by clicking HERE.

© 2020 Pronaon

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ATTENTION! This article intends to give only a general informative picture and should not, in any case, be taken as a rule. It is strongly recommended to seek a full and professional guidance specifically for your circumstances before making any decisions.