
Golden visa: Owners of real estate in Greece may benefit of a 5-year residence permit.
What is the Golden Visa?
Non- European Union citizens may apply, both for themselves as well as for the members of their families for a five (5) year residence permit in Greece, if they:
• personally own real estate property in Greece, the value of which must be at least 250 000 euros
• own real estate property in Greece, the value of which is at least 250 00 euros through a fully owned by such persons company having its seat in Greece or another EU member state
• have entered into a long term lease of a combined tourist facility or a timeshare lease of a touristic facility, the amount of which must be at least 250 000 euros
• have acquired through inheritance (intestate or through a will) or through parental gift, the full ownership of real estate property in Greece, amounting to at least 250 000, provided that they are adults.
This type of residence permit, allows the beneficiary (owner and family members) to reside legally in Greece, and also to travel within the Schengen area, for periods not exceeding 3 months per 6 month periods.
It is worth noting that there is no minimum stay requirement. This means that there is no minimum amount of time that the beneficiary is required to stay in Greece per year. As such, long absences from Greece do not obstruct the renewal of this residence permit.
Family members
In addition to the main applicant (i.e. the owner of the real estate), the following persons, who are considered as family members, may apply for a residence permit, also valid for 5 years:
• spouse of the main applicant
• children under the age of 21
• ascendants (parents) of the spouses
Requirements and conditions for the Golden Visa
The main requirement is to own or lease real estate property in Greece, as above.
The value of the property or properties- as stated in the sale and purchase contract – must be at least 250 000 euros.
In case of inheritance or parental gift, the objective value (i.e. the value as calculated by the Greek tax authorities) of the property must be at least 250 000 euros.
For cases of long term lease or timeshare agreement, the value of the lease must be at least 250 000 euros.
Golden Visa application procedure
The first step of the procedure is for the prospective buyer to select a property.
Thereafter, the applicant must purchase the property and pay the price in full. The purchase of the property may be effected through a lawyer in Greece. This requires that the client signs a power of attorney, either in Greece or abroad. With this power of attorney, the lawyer may represent the investor in Greece throughout the entire process of preparation and completion of the purchase of the property. As such, the investor is not required to travel in Greece personally or to stay in Greece for the duration of the purchase.
Then the applicant, personally or through his or her attorney, must submit an application for residence permit at the competent migration department. Upon submitting the application, he/she shall obtain a temporary certificate until the issuance of the final residence permit, allowing the applicant to reside in Greece.
After the submission of the application and within one year from the submission, the applicant must provide his/ her fingerprints. This is the only action which requires the applicant to personally come to Greece.
Finally, the permanent residence (Golden Visa) permit is issued.
How we may assist you:
Our office is ready to assist you in:
– choosing the appropriate property for your needs, including engaging a real estate agent (if necessary), accompanying you to view the property options, checking the titles of the property,
– drafting the power of attorney allowing us to represent you in Greece for the entire procedure
– assisting with the notarial sale and purchase agreement or review of long- term lease or timeshare agreement,
– registering the transfer of the property or the timeshare or long- term lease at the land registry,
– preparing and filing the application for a residence permit at the competent authority.
We may further assist you in connection with the further actions regarding the property, such as leasing it, assisting with the management, the bills etc.
*This publication is provided for informational purposes only and it does not constitute legal advice. For additional information and personal advice on the above, please contact us