Residence Permit

(Golden Visa)

Our office can undertake all the necessary legal actions to acquire real estate in Greece in order to obtain a “Golden Visa”, which grands Residence Permit to non-EU citizens. For that reason, our office co-operate with a wide variety of experienced real estate professionals, such as civil engineers and notaries.

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A. Golden Visa Information

  • Under the Greek Immigration and Social Integration Code (Law 4251/2014, Government Gazette 1, no 80) the acquisition of real estate in Greece will allow any individual non-EU citizen to obtain a “Golden Visa”, valid for 5 years, in the following circumstances:

– a non-EU national acquires property worth € 250,000 or more, in their name

– a marrried couple of non-EU nationals who jointly acquire property worth € 250,000 or more, with no limitation as to the value of the share of each spouse

– a non-EU national acquires property worth € 250,000 or more, in the name of a company or other entity of which the individual is the sole shareholder

– two or more non-EU nationals who buy property, provided that the share each of them acquires is worth € 250,000 or more

–  has concluded an agreement for at least a 10 year lease of hotel accommodation or furnished tourist residences in tourist accommodation complexes

–  has concluded a time-sharing agreement for a minimum term of 10 years

  • The minimum value of the real estate property, as well as the contractual consideration of hotel accommodation or tourist residences leases, is determined at two hundred and fifty thousand Euro (€ 250,000) and must have been paid in full upon the signing of the contract.

The consideration is paid by crossed bank check or by the deposit of bank transfer to the beneficiary’s account which is held in a banking institution of Greece or in a credit institution under the supervision of the Bank of Greece, the specific elements of which should be solemnly stated by the contracting parties before the notary, who redacts the agreement and notifies it.

  • The members of the buyer’s family (husband/wife, children up to 21 years of age, parents and in-laws) are also entitled to obtaining “Golden Visas”, which are renewed at the same time as the buyer’s and expire when the buyer’s “Golden Visa” is no longer in force. Children who reach 21 years of age may apply independently for a 3-year renewal, and after that period extent the duration of the “Golden Visa” in special circumstances (studies in a Greek University), but in any case not beyond 28 years of age.
  • Το non-EU nationals, real estate property owners, the possibility of leasing that property is granted.
  • The above permit may be renewed for an equal duration, each time, provided that the real estate property remains in the ownership and possession of the third-country national. Periods of absence from the country shall not disrupt the renewal of the residence permit.
  • The resale of the real estate property during the period of validity of the residence permit, to another non-EU national shall provide the right to the granting of residence permit to the new buyer with simultaneous withdrawal of the vendor’s residence permit. However, if the non-EU national has purchased more real estate assets after the original purchase, the Golden Visa will remain in force, provided that the non-EU national owns real estate assets worth € 250,000 or over at any given time.

Moreover, in cases where the property is donated or transferred to the owner’s children by parental benefit, although the “Golden Visa” of the original owner will be revoked, he can still obtain a new Residence Permit as parent of a property owner.

  • The Residence Permits do not establish the right of access to any form of employment. However, the non-EU national can be a shareholder or stakeholder in a company based in Greece, as well as a member of its Board of Directors or Managing Director.
  • “Golden Visa” holders who reside in Greece permanently for seven (7) consecutive years (i.e. at least 180 days per year) are granted the right to apply for and obtain Greek citizenship.
  • A tourist visa, as well as the entry stamp on the applicant’s passport, is required in order to apply for a “Golden Visa”.
  • The applicant must have a basic health insurance (hospital expenses and medical care).

B. Step by step procedure

  1. After the selection of the property to buy, the non-EU national must obtain a VAT Registration Number from the competent tax office, before the purchase of real estate in Greece can take place. Our office can introduce interested buyers to reputable Greek property developers and/or real estate companies, in order to assist with the selection of a suitable property.
  2. Bank account in a Greek bank opened for the financial transactions involved (optional).
  3. A lawyer must check the legal and proprietary status of the property (i.e. if it is mortgaged/seized or any legal actions pend on it) and a civil engineer should check the technical status of the real estate.
  4. Usually, an advance payment is necessary to be sent to the seller before the purchase contract is signed, as a reservation agreement.
  5. Pre-contract property taxes (3,09%) are transferred by the buyer prior to signing the sale and purchase contract, as the relevant payment receipts have to be attached to it.
  6. After the completion of the above steps, the purchase contract is signed in front of a Public Notary. Payment must have been made in full upon the signing of the contract.