What is a Golden Visa?

“Golden Visa” is the residency permit granted by some countries to investors. The investment is usually real estate, but it can also be an investment into securities, bank deposits or businesses.

In Greece it is called Residence Permit for Investors.

How much money do I need for a Golden Visa?

In Greece the minimum amount required to be invested is 250,000 euros, which is the most affordable one. This concerns investment in certain real estate properties (properties converted into residences and properties of a particular historical interest under restoration) and in start-ups.

Depending on the type of investment the minimum amount of investment required may vary. Some examples:

Do I need to live in Greece?

No, the Golden Visa program in Greece does not require any minimum stay either before filing the application or after obtaining the residency. In practice, one trip to Greece is required as a minimum, in order to complete the application process.

What are the benefits of Golden Visa?

Besides residency- the right to reside in Greece permanently for the entire duration of the residence permit- Schengen access is a big draw for most investors. Greece being a member State of the Schengen area, the residence permit allows you to travel across the 26 Schengen countries visa- free.

What happens to the Golden Visa property?

After completion of the purchase, the property must be registered in your name at the land registry and with the tax authorities. There is an annual property tax, payable by the person who is owner of real estate on 01/01 of each year.

The real estate property may thereafter be leased (long-term lease, not short-term/ Airbnb) and generate income (rents) for the investor. This income is taxable in Greece.

In case the investor no longer wishes to maintain the Golden Visa, the property may be sold.

How long does the Golden Visa last? Is the permit permanent?

The Greek Residence Permit for Investors is granted for 5 years and it can be renewed indefinitely as long as you keep the qualifying investment in place.

What is the process to obtain a Golden Visa in Greece?

The first step is to find a suitable investment and trusted professionals to assist in the investment process (real estate brokers, lawyer, bank).

The second and most important step is to effect the investment and this is the most important step, as the investment as well as the manner in which it is effect must qualify for Golden Visa (minimum amount to invest, type of investment and type of property, manner of investment and of transfer of the investment funds, etc). This is where trusted and experienced professionals are very useful.

The thirst step is to apply for the residency permit: first submit the application along with the supporting documentation and then complete the process by providing biometrical data (fingerprints and photos).

The final step is to collect the residence card.

How long does the whole process take?

The processing time varies depending on the local authority, the type of investment and the preparation of the application. Complete and well-prepared application files are moving faster.

Do I need to be in Greece or travel to Greece for the process?

No, you do not need to be physically in Greece throughout the process. Especially in case you hire a lawyer, the lawyer will typically handle all the process through a power of attorney. It is therefore very important to hire a trusted and experienced professional.

Typically, you only need to travel to Greece once, in order to file your biometric data: fingerprints and photos.

Does Golden Visa lead to citizenship?

The path to Greek citizenship requires seven years of continuous legal residence. However, solely holding the residence card is not sufficient. In order to qualify for citizenship, the applicant must additionally pass a test to show sufficient knowledge of the Greek language and culture, and demonstrate that he/ she has integrated into the Greek community.

Can family members be included in Golden Visa?

Yes, family members of the investor may also apply and receive a residence permit. Family members include: the spouse, children under the age of 21 years old and the parents of both spouses.

Does Golden Visa affect tax residence?

In order to invest in Greece, a Greek tax number is required. Golden Visa however does not automatically affect the tax residency. A tax number as a non- tax resident is often issued. Find out more about Greek tax residence here.

Do I need a lawyer to apply for Golden Visa?

Technically and legally it is not mandatory to hire a lawyer for this process, but it is highly recommended to hire a lawyer as the requirements, the process, the language and the bureaucracy can render the process quite complex, especially for foreigners. The risks of trying to handle the process without a lawyer are high, in that your investment may not qualify for the Golden Visa, the application file may not be complete, the process may be delayed unnecessarily and communication may be difficult, both with the counter-parties and the authorities.

What does a Greek lawyer do in the Golden Visa process?

A Golden Visa lawyer advises and assists both at the level of the investment and at the level of the residency application and renewal.

The lawyer will advise you on qualifying investments, review suitable options, draft and prepare the required paperwork, ensure your interests are safeguarded, the property is clear of encumbrances, the ownership title is properly registered in your name, the documents are legal and translated into Greek, collect the supporting documents and prepare the application file, submit  the application and liaise with all parties involved (bank, seller, accountant, immigration authorities), provide additional information and clarifications where required by the immigration authorities.

Very often, lawyers handle also the issuance of a Greek tax number for non- tax residents and may assist as well for the opening of a bank account and the management of the property after the purchase.

In case you reside abroad, the lawyer can handle the entire process without requiring you to travel to Greece, through a notarial power of attorney.

ILAG Tanasidou Synodinou Law Firm provides a full range of services to investors wishing to apply for Golden Visa in Greece.

We aim to provide a one- stop shop experience, transparent, comprehensive and with minimum effort for our clients.

The above is provided for informational purposes. Individual legal advice should be sought before proceeding to any actions.

Should you require additional information about our services, please do not hesitate to contact us.

The post WHAT IS A GOLDEN VISA : COMPREHENSIVE 2026 GOLDEN VISA GUIDE AND FREQUENTLY ASKED QUESTIONS appeared first on International Legal Advisors.

In accordance with the provisions of the law, it is possible for joint owners of a property to apply for a residence permit (Golden Visa). In case of a property owned by multiple investors, each buyer/ investor must invest an amount of at least the minimum amount of investment (250.000 or 400.000 or 800.000, as the case may be).

This does not apply in case of joint purchase of a property by spouses, where the investment amount is shared. As such, in case of spouses (or companions having entered into a civil partnership), the total amount of the investment must be at least equal to the minimum amount of investment (250.000 or 400.000 or 800.000, as the case may be).

However, in case of joint investment by spouses where the investment amount is shared between them, only one of the spouses is granted an investor residence permit, and the other is granted a residence permit as family member. This is due to the fact that one investment corresponds to one investor visa.

It has now been clarified that, if the investor dies, and provided that the other joint- owner spouse acquires (by inheritance) the entire property then the inheriting spouse has the possibility to change his/ her residence permit from “family member” to “investor”, on the basis of that investment. If however part of that property is inherited by other family members (e.g. children) , and therefore the property is not owned by one single person-investor, then a new investment must be effected, which fulfills the legal requirements and the minimum investment amount.

This publication is for informational purposes only and does not constitute legal advice.

Should you have any questions regarding Greek Golden Visa matters, please no not hesitate to contact us.

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More specifically, the aforementioned ministerial decision provides for the detailed list of documents required to be submitted by applicants in order to qualify for any of the Greek Golden Visa regimes, including the 250.000 euros Greek Golden visa regime applicable to investors in properties the use of which has been converted to residential.

It is reminded that according to the current provisions of the law, the investment amount is :

• 250,000 euros for the acquisition of properties where the main living areas are converted into a residential property (from commercial or industrial) . The investment is effected in a single property, and the change of use (i.e. the conversion of the property into a residential property) must have been completed before the submission of the application for residence. The change of use may be undertaken by the buyer (investor) or the seller.

• 250,000 euros for listed buildings (so buildings of a particular architectural interest) undergoing restoration or reconstruction works. The investment is effected to a single property.

• 400,000 euros for all properties which do not enter into the above two categories, except for properties which are located in specific regions which are considered to be of higher value.

• 800,000 euros for properties which are located in the following regions:
  • Prefecture of Attica (Athens region and suburbs)
  • Prefectural Unit of Thessaloniki,
  • Prefectural Units of Mykonos and Thira (Santorini)
  • All islands with a population of over 3100 residents

Our office has, throughout the years, successfully carried out all types of Golden Visa applications (through real estate acquisition, timeshares and bank deposits) and is currently handling numerous applications for the 250.000 euros Greek Golden Visa regime.

For additional information or clarifications, please do not hesitate to contact us.

*The above content is for informational purposes only, and does not constitute legal or tax advice. Should you require any additional information, please do not hesitate to contact us.

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Le marché immobilier grec offre un large éventail d’options aux acheteurs étrangers souhaitant s’installer en Grèce, investir dans l’immobilier pour générer des revenus ou simplement acquérir une maison pour y passer leurs vacances.

Cependant, le processus peut s’avérer complexe pour ceux qui ne maîtrisent pas la langue, la législation, la bureaucratie ou la culture grecques.

Il est donc essentiel de comprendre les étapes de base, les risques potentiels et de faire appel à des professionnels qualifiés pour garantir le bon déroulement de la transaction d’acquisition.

Tout d’abord, il convient de noter que toute personne peut acheter un bien immobilier en Grèce, y compris les étrangers, résidant ou pas en Grèce. Certaines restrictions peuvent toutefois s’appliquer aux ressortissants de pays tiers (c’est-à-dire des pays non- membres de l’UE). Plus particulièrement dans certaines régions de Grèce, notamment celles proches des frontières, une autorisation spécifique est requise.

Il est également important de noter que l’acheteur potentiel n’est pas tenu de se rendre en Grèce personnellement ni d’y rester pendant toute la procédure d’acquisition. Il/ elle peut organiser la finalisation de l’achat en donnant une procuration à une personne de confiance, souvent un avocat. Cela est particulièrement pratique si l’on considère que la conclusion de la vente peut prendre quelques semaines ou quelques mois, selon le cas.

Trouver un bien immobilier en Grèce.

La recherche du bien idéal, répondant aux besoins et aux critères de chaque acheteur potentiel, commence généralement par la prise de contact avec un ou plusieurs agents immobiliers. Les honoraires de ces derniers peuvent varier, mais en pratique, ils s’élèvent généralement à environ 2 % de la valeur du bien + TVA (dont le taux actuel est de 24 %).

Avant la visite des biens immobiliers en Grèce, les agents demandent à l’acheteur potentiel de signer un contrat, par lequel l’acheteur potentiel s’engage à payer les honoraires de l’agent et à ne pas procéder à l’achat du bien visité sans l’intervention de l’agent. Les acheteurs potentiels de biens immobiliers en Grèce doivent toutefois veiller à ne signer aucun autre document (tel qu’un avant- contrat de promesse de vente). Il est également déconseillé de verser des fonds avant d’avoir consulté un avocat et d’avoir confirmé l’état des titres de propriété.

Vérification préalable des titres de propriété du bien immobilier.

Après avoir trouvé le bien immobilier qui lui convient, il est conseillé à l’acheteur potentiel de faire appel à un avocat qualifié et de lui demander d’effectuer une vérification préalable des titres de propriété. Cette étape est importante, car avant de signer tout document ou de verser une somme (dépôt de garantie) au vendeur, l’acheteur doit s’assurer que ce dernier est bien le propriétaire légal du bien vendu, que celui-ci est correctement enregistré au registre foncier compétent et qu’il est libre d’hypothèque ou autre sureté réelle.

Outre le rapport de vérification préalable, l’avocat fait appel à un notaire de confiance, entreprends de gérer toutes les formalités administratives et à examiner tous les documents transmis par le vendeur. Il coordonne la procédure et assure la liaison avec toutes les parties concernées afin de garantir les droits de l’acheteur.

Versement d’un dépôt de garantie  et avant- contrat de promesse de vente.

Une fois que les parties se sont mises d’accord sur le bien, le prix et que les titres ont été vérifiés par l’avocat, il est d’usage que le vendeur demande à l’acheteur le versement d’une partie du prix d’achat afin de lancer la procédure de rassemblement des documents de vente. Il est important que le vendeur ne verse aucun montant avant la signature d’un avant- contrat. Ce document doit être rédigé, ou au moins examiné par l’avocat de l’acheteur, et contenir toutes les conditions générales convenues oralement entre les parties. Bien que la solution la plus sûre soit de conclure un avant- contrat sous forme notariée, les parties optent souvent pour un contrat sous seing privé, pour des raisons de rapidité et de coût.

Numéro fiscal grec.

Un autre point important que les étrangers souhaitant acquérir un bien immobilier en Grèce doivent savoir, est qu’il est essentiel pour l’acheteur de s’enregistrer auprès des autorités fiscales grecques et d’obtenir un numéro fiscal grec. Ce numéro est essentiel, car aucun contrat d’achat ne peut être conclu sans lui. Si l’acheteur n’est pas résident fiscal grec, il recevra un numéro fiscal grec spécial pour les non-résidents fiscaux. Cette procédure peut être effectuée par l’intermédiaire d’un professionnel de confiance (avocat ou comptable) au moyen d’une procuration. Si l’acheteur n’est pas résident fiscal grec, il devra désigner un résident fiscal grec comme représentant fiscal en Grèce. Cette personne est désignée pour communiquer avec les autorités fiscales. Outre le numéro fiscal grec, il est important de recevoir des codes d’accès en ligne pour les services électroniques des autorités fiscales. Cela permettra au contribuable et/ou à son comptable d’accéder à ses informations fiscales, de remplir ses déclarations fiscales et d’être informé de ses obligations fiscales en cours.

Inspection de l’immeuble par un ingénieur civil.

Bien que les documents fournis par le vendeur au notaire pour la préparation du contrat d’achat comportent plusieurs documents rédiges par un ingénieur civil, il est conseillé à l’acheteur de faire appel à un ingénieur civil pour inspecter le bien d’un point de vue structurel et technique et s’assurer que le bien peut être utilisé de la façon souhaitée  par l’acheteur (par exemple, si l’acheteur souhaite construire sur le bien, il est important de vérifier qu’un permis de construire approprié peut être délivré et/ou qu’il n’existe aucune restriction).

Le contrat de vente et d’achat.

L’achat et la vente de biens immobiliers doivent être sous forme d’acte notarié. Par conséquent, une fois que les parties sont d’accord sur les termes de la transaction, un notaire est désigné pour rassembler un certain nombre de documents et rédiger un acte de vente notarié. Il s’agit généralement de la partie la plus longue du processus. Le vendeur doit rassembler et fournir les documents, qui sont examinés par le notaire et les conseillers de l’acheteur, qui peuvent exiger des modifications et des corrections. Le contrat de vente est toujours rédigé en grec et les parties peuvent être représentées par procuration si elles ne peuvent être présentes en personne. La présence du conseiller juridique de chaque partie est fortement recommandée à ce stade, afin de garantir la transposition correcte de toutes les conditions convenues entre les parties et de garantir la protection des droits de chaque partie. L’acheteur choisit généralement le notaire et prend en charge les frais de notaire ainsi que la taxe correspondante (droits de mutation).

Le paiement du prix.

Le paiement du prix d’achat est généralement effectué lors de la signature de l’acte notarié. Das les cas de réception immédiate des fonds par le vendeur (par exemple, lorsque le virement est effectué par virement bancaire depuis la même banque), aucune disposition particulière n’est prévue dans l’acte. Si, toutefois, le prix n’est pas payé le jour même de signature de l’acte, en totalité ou en partie, il est d’usage d’inclure dans l’acte des dispositions particulières afin de préserver les droits du vendeur. Il peut s’agir du droit d’enregistrer une hypothèque, de l’inclusion d’une condition suspensive ou résolutoire, et un second acte est souvent signé une fois le prix total payé. Selon le cas, d’autres particularités peuvent s’appliquer concernant le mode de paiement du prix (par exemple, en cas d’achat d’un bien immobilier dans le cadre d’un Golden Visa) ou lorsqu’un prêt est utilisé .

Enregistrement des droits de propriété.

Une fois le contrat signé, le notaire en délivre une copie à chacune des parties. L’acheteur doit ensuite s’assurer qu’une copie du contrat est déposée au registre foncier ou au bureau du cadastre local (selon le cas), ce qui garantira l’enregistrement et la publication de ses droits de propriété.

Déclaration auprès des autorités fiscales.

Le vendeur et l’acheteur doivent également déclarer la transaction auprès des autorités fiscales. Pour le vendeur, cela implique de supprimer le bien vendu de son patrimoine déclaré aux autorités fiscales, tandis que pour l’acheteur, cela implique de le déclarer comme faisant partie de son patrimoine.

Taxe foncière annuelle.

Une fois le bien enregistré au nom de l’acquéreur, celui-ci devra s’acquitter de la taxe foncière annuelle (ENFIA). La ​​taxe foncière annuelle est due par le propriétaire d’un bien au 1er janvier de chaque année. Elle est généralement calculée et payable au cours du deuxième trimestre de l’année, en un ou plusieurs versements.

Autres informations utiles :

• Compte bancaire : il n’est pas obligatoire de posséder un compte bancaire en Grèce pour acheter ou posséder un bien immobilier en Grèce. L’ouverture d’un compte bancaire en Grèce peut généralement prendre un certain temps et nécessiter la fourniture de nombreux documents à la banque. Cependant, il peut s’avérer nécessaire eu pratique d’en ouvrir un, que ce soit pour le paiement rapide du prix d’achat, le paiement des divers frais, taxes et factures liés au bien, ou pour percevoir les loyers (en cas de location du bien).

• Frais de transaction : les acheteurs potentiels doivent prendre en charge les droits de mutation, les honoraires d’avocat, de notaire, d’ingénieur civil et d’expert-comptable, les frais d’enregistrement foncier et les honoraires de l’agent immobilier. Il est conseillé de demander une estimation de ces frais lors de la recherche d’un bien, car la plupart des honoraires et frais sont calculés en fonction du prix ou de la valeur du bien.

• Golden visa – permit de séjour pour les propriétaires de biens immobiliers : les ressortissants non européens propriétaires de biens immobiliers en Grèce d’une valeur de 250 000 euros (ou 400 000 euros ou 800 000 euros dans certaines zones géographiques) peuvent déposer une demande de permis de séjour grec valable pendant 5 ans (renouvelables). Vous trouverez plus d’informations sur la Golden Visa Grecque ici.

• Bail : les propriétaires de biens immobiliers (y compris les bénéficiaires du Golden Visa) peuvent louer leur bien et percevoir des revenus. Il est conseillé de ne signer aucun document ni bail avant d’avoir obtenu un conseil juridique, afin de bien comprendre le régime des baux applicable et de préserver vos droits.

• Impôts : comme indiqué précédemment, les propriétaires de biens immobiliers en Grèce doivent s’acquitter d’un impôt foncier annuel. S’ils perçoivent des revenus locatifs, l’impôt sur le revenu doit également être payé sur ces revenus.

*Cette publication est fournie à titre informatif uniquement et ne constitue pas un avis juridique. Pour plus d’informations et de conseils sur ce sujet, veuillez nous contacter.

The post ACHAT DE BIENS IMMOBILIERS EN GRECE: GUIDE PRATIQUE appeared first on International Legal Advisors.

The minimum amount of the investment is 250 000 euros and it must be invested to the share capital of a company which is registered to the National Register of Startup Businesses, for the acquisition of shares during an increase of the share capital or the acquisition of bonds during the issuance of a bond loan.

For the initial application and then the renewal of the residence permit granted to investors in Greek startups, the following conditions must be met:

1. The acquired shares, share-parts or participation interests must not exceed 33% of the share capital or voting rights.
2. The business must create at least 2 new employment positions within the first year of the investment.
3. The business must maintain, for at least 5 years from the date of the investment, the total number of employed positions, increased by the new positions of the previous paragraph.

Where the investment is effected through a legal entity, residence permits are granted as follows:

1. For an investment effected by a Greek legal entity, a residence permit is granted to the sole shareholder thereof.
2. For an investment effected by a foreign legal entity, up to 3 residence permits may be granted, depending on the amount of the investment, to persons/ shareholders holding at least 33% of the share capital of the foreign entity.

The investment must be effected with funds which are transferred from abroad to Greece for the purposes of the investment. The transfer may be effected by the spouse, or civil partner or relatives up to the second degree of the investor.

The residence permit is issued for 1 year, and it may be renewed for 2-year periods each time, for as long as the shares are held and provided that the rest of the conditions are met.

There is no minimum stay condition for the investor, and long absences from Greece do not impede the renewal of the residence permit.

This residence permit does not provide access to any type of work in Greece.

The investor must maintain the investment shares for 5 years from the date of their acquisition. If thereafter the investor transfers his/her shares, he/she may maintain the residence permit, provided that he/she acquires new shares under the provisions of the present, within 2 months or invests within the same deadline, in one of the other forms of investments provided by the Greek Immigration Code (strategic investments, investments in financial products and securities, investments in real estate).

The residence permit may  be revoked and a penalty of 50 000 euros shall be imposed:

• On the business and the investor, in case of breach of the conditions mentioned above
• On the investor in case he/she did not maintain the investment for at least 5 years, or he/she failed to inform or inform within 1 month the competent authorities regarding the liquidation of all or part of the investment.

How we may assist you:

Our lawyers are specialized in both immigration law, and more particularly in investment immigration, as well as business and corporate law. We provide advice and assistance both in connection with the registration of a company to the National Register of Startup Businesses, the investment process and the visa and/ or residence permit application.

* This publication does not constitute legal advice. It is provided for informational purposes only. For additional information or clarifications, please contact us.

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Further to the recent changes in the Migration Code, which amended the criteria for the application for residence permits for investors in real estate (better known as the Golden Visa regime), a circular was issued on 25/09/2024 by the competent department of the Ministry of Migration and Asylum, which is addressed to the local migration authorities, and which provides clarifications on the interpretation and application of the new law.

The main points of the circular are summarized below.

Regions under the 800.000 euros regime

In accordance with the applicable provisions, the minimum amount of investment in real estate is 800.000 euros in the following regions:

• Prefecture of Attica (Athens region and suburbs)
• Prefectural Unit of Thessaloniki,
• Prefectural Units of Mykonos and Thira (Santorini)
• All islands with a population of over 3100 residents

It is clarified that Evia constitutes an island region, and thus falls within the scope of 800.000 euros.

For the remaining regions of Greece, the minimum amount of investment is 400.000 euros.

New requirement of a minimum 120 square meters

In accordance with the new applicable provisions, the investment may be effected to only one single property, in all cases. There is also, in certain cases, a condition of minimum surface area, applicable to build properties or properties for which a building permit has been issued, where it is required that  the minimum surface of the main living area is 120 square meters.

This condition does not apply to non- built properties or properties for which no building permit has been issued (i.e. land plots).

Conversion of non-residential properties into residential properties

The recent amendments in the Golden Visa law, also introduced the possibility to invest through the purchase of real estate, with a minimum value of 250.000 euros, where the main living areas of such property are converted into a residential property. Similarly, the investment is effected in a single property, without restrictions in relation to the minimum surface of the main spaces (i.e. the minimum requirement for 120 square meters does not apply), and the change of use (i.e. the conversion of the property into a residential property) must have been completed before the submission of the application for residence permit.

The newly issued circular clarifies, that the change of use (conversion of property into a residential property) must have been completed after the entrance into force of the relevant legal provisions (i.e. after 05.04.2024). It is important to note however that the change of use may be undertaken by the buyer (investor) or the seller.

The above apply also to the cases where an industrial building (or section thereof) is converted into a residential property, provided however that for the past 5 years no business was established and operating therein.

Specifically for the cases of conversion of industrial buildings (or sections thereof or land plot within which an industrial building is located) it is clarified that are included also properties which result from interventions or additions (in height or extension) to industrial buildings, provided that the use thereof as well is converted into residences or the addition of independent buildings in land plots in which there are industrial buildings the use of which (industrial buildings) is converted into residences.

Listed buildings- buildings requiring reconstruction or restoration

Another change introduced in 2024 in the Golden Visa regime, is the possibility to invest, for a minimum amount of 250.000 euros, into a property requiring restoration works. The recently published circular clarifies that this case includes also investment in properties which derive from interventions or additions (in height or as extension) to buildings which are listed buildings, or buildings requiring reconstruction or restoration works, or the addition of new independent buildings to land plots containing listed buildings, or buildings requiring reconstruction or restoration.

It is clarified that the investment is effected to a single property, but the minimum requirement of 120 square meters surface does not apply.

For this particular type of investment, the first renewal of the residence permit is conditional upon the full completion of the restoration of the real estate. The transfer of the property before completion of the restoration or reconstruction works is void.

Investment in a single property

As mentioned above, under the new provisions, the minimum amount of investment must be effected in a single property.

For the determination of this criteria (the minimum amount of investment in a single property, not the minimum surface), it is clarified that the property may include other spaces (beyond the principal living areas, such as storage rooms, parking spaces) which must (cumulatively): a) be purchased by the investor through the same purchase agreement, b) be in the same building and c) constitute ancillary spaces (either attached the to property, or as independent horizontal properties).

It is however worth noting that for the calculation of the minimum 120 square meters (where this is required), those spaces are not taken into account, as the 120 sq.m. requirement concerns principal living areas. Those ancillary spaces are taken into account only for the determination of the minimum amount of investment.

Prohibition to lease the investment properties under short- term leases

Under the newly applicable legislation, it is prohibited to lease the properties acquired for the application for residence permit under the short-term lease regime of sharing economy or to sub-lease them.

Additionally, the properties the use of which is converted into residential may not be used as registered address or branch office for a business.

However, it is clarified that:

• The prohibition to lease or sub-lease the properties acquired within the Golden Visa framework, concerns only short-term leases or sub-leases withing the regime of sharing economy.

Sharing economy, is defined as any model, where the digital platforms create an open market for the temporary use of properties or services, often provided by private individuals.

Short- term lease, is defined as the lease or sub-lease of a property, for a specific duration which is shorter than 60 days, and provided that no other services are provided, beyond the stay and bedding equipment.

As such, the prohibition does not include long-term leases or subleases to touristic businesses, for the professional use of the property, provided that additional services are provided (e.g. hotel), and provided that the property does not fall under the category of property converted into a residence.

• The prohibition to lease or sublease, does not include properties which were acquired under the previous legal regime, as well as properties where the investment is completed during the transitional period.

For more detailed information, on the applicable rules for Golden Visa, please see here.

Finally, a new circular and ministerial decision are to be issued, in order to address additional concerns and determine the supporting documents which must be filed for the residence permit application.

* This publication does not constitute legal advice. It is provided for informational purposes only. For particular questions, please contact us.

The post LEGAL UPDATE: CLARIFICATIONS REGARDING THE NEW GOLDEN VISA REGIME appeared first on International Legal Advisors.

“Golden visa” refers to the residence permit for investors in real estate in Greece.

As of April 1^st 2024, the new Immigration Code has entered into force, pursuant to which in certain specific regions of Greece, the minimum amount to invest in real estate in order to qualify for a Greek residence permit, is increased to 500,000 €. Up until now, the amount was 250 000 € (the lowest in Europe) for properties located anywhere in Greece.

Additionally, the Greek Government has just voted, on 02/04/2024 further changes to the Golden Visa regime. These changes form part of the general governmental policy to increase the number of properties available to be used as residences.

A. The current Golden Visa Regulations: the rules applicable under the new Immigration Code which is in force as of April 1^st 2024

Investors in real estate may apply for a 5-year residence permit (Golden Visa) in Greece. The residence permit may be renewed for as long as the conditions for the investment are fulfilled.

The main applicant (investor) may be accompanied by the members of his/ her family, that is:

• His/ her spouse
• The children under the age of 21 years old
• The ascendants (parents) of both spouses

The investment in real estate may be effected in one of the following ways:

– Acquisition of real estate property in Greece, the value of which must be at least 250 000 euros, or 500 000 euros, for properties located in certain specific regions. The investment may be effected either directly by the investor or through a fully owned company having its seat in Greece or another EU member state. or

– Long term lease of a combined tourist facility or timeshare lease of a touristic facility, the amount of which must be at least 250 000 euros or 500 000 euros, for properties located in certain specific regions, or

– Acquisition at full ownership through inheritance (intestate or through a will) or through parental gift, of real estate property the objective value of which is at least 250 000 euros or 500 000 euros, for properties located in certain specific regions, provided that the applicant is an adult.

It is worth noting, that where the investment amount is set to 500,000 euros, it is required that the investment be effected to a single property only. Where the minimum amount invested may be 250,000 euros, the investment may be effected to one or more properties.

See here the regions in which the minimum investment amount is 500,000 euros.

B. The new amendments to the Golden Visa regime voted on 02/04/2024 which shall be applicable as of September 1^st 2024

The amendments which were voted affect both the minimum value of the investment and the size and type of the investment property.

The minimum value of the investment and the type of property

The amended law provides for the possibility to invest either 800,000 euros, 400,000 euros or 250,000 euros.

More Specifically:

• 800,000 euros

The amount of investment (either through purchase, long-term lease of composite touristic facility or timeshare) in the following territories, is set at a minimum of 800,000 euros:

• Prefecture of Attica
• Prefectural Unit of Thessaloniki, in the Prefecture of Central Macedonia
• Prefectural Unit of Mykonos, in the Prefecture of Southern Aegean
• Prefectural Unit of Thira (Santorini), in the Prefecture of Southern Aegean
• Greek islands having a population above 3100 residents.

Where the investment is effected through the purchase of real estate, it must consist of a single property.

Where the investment is effected in part of the property (co-owners), the minimum value of the part acquired must be 800,000 euros.

• 400,000 euros

The minimum investment amount (either through purchase, long-term lease of composite touristic facility or timeshare) in any other part of Greece, is set at 400,000 euros.

Where the investment is effected through the purchase of real estate, it must consist of a single property.

Where the investment is effected in part of the property (co-owners), the minimum value of the part acquired must be 400,000 euros.

• 250,000 euros

The minimum amount of investment through purchase of real estate is 250,000 euros, in the following two specific cases:

• Where the investment concerns the purchase of a property where the declared use of the main spaces of such property are changed to residential. This applies also to investment in an industrial building or part of an industrial building or a property in which there is an industrial building, provided that no business was seated in that building for the past 5 years. Again, the investment must be effected to only one property, and the change of use of the property must be completed before the submission of the application for residence permit. The government thus aims to increase the investment in properties which shall end up as becoming residences.

• Where the investment is effected in connection with a property consisting of a preservable (landmark) building, or a portion of such a building under restoration or renovation or a property in which is located a landmark building. The investment is effected to only one property. Additionally, the law restricts the transfer of such property by the investor before the completion of the entire restoration or renovation of the building. An additional condition is required for the first renewal of the residence permit obtained under this type of investment, which consists in the completion of the renovation or restoration.

The size of the property

According to the new provisions of the law, and notwithstanding the region where the property is located, where the property consists of a built property or a property (land plot) where a building permit has been issued, the minimum surface of the main spaces must be at least 120 square meters.

This condition does not apply to the specific cases detailed above of a)  investment in a property with change of use or b) a landmark property under restoration.

Other (new) conditions

With the aim to reinforce the objective of the Government to create more residential properties, the law further introduces a number of new conditions and penalties.

Restrictions in connection with the lease:

Investors in real estate properties are allowed to lease the property acquired for the purposes of Golden Visa. Under the new law, it is however forbidden to lease or sublease the properties under the regime of short- term leases (such as Airbnb). Long- term leases are still allowed.

Restrictions in connection with the use:

Under the amendments of the new law, it is further forbidden, where the property was acquired under the 250,000 euros regime of properties which shall be subject to a change of use, to use such properties as registered address or branch office of a business.

Penalties:

It is provided, under the amended provisions that the following penalties shall apply:

1. A penalty of 50,000 euros and revocation of the residence permit apply where the above restrictions are not respected (i.e. in case the property is leased under a short- term lease or in case the property is used as a registered address or branch office of a business).
2. A penalty of 150,000 euros is applied in case the property acquired under the regime of restoration or renovation is not fully renovated or restored.
3. A penalty of 150,000 euros and revocation of the residence permit apply where the property acquired under the regime of renovation or restoration is transferred before the completion of such renovation or restoration.

Entry into force and transitional period

The amended provisions were voted on 02/04/2024 and shall apply as follows:

• Investors shall be able to complete their investment under the previous regime (the one currently applicable) until 31^st December 2024, provided that before 31^st August 2024:
  • They have paid a deposit amounting to at least 10% of the agreed purchase price or the total amount of the lease amount or payment of the full purchase price.
  • They have signed a preliminary (reservation) agreement regarding the property in connection with the deposit amount.

• In case the purchase of the property agreed upon is not completed until 31^st December 2024, then the investor shall be allowed to complete the investment by purchasing another property or properties, under the terms of the current regime (applicable before the entry into force of the amendment provisions) until 30^th April 2025.

The residence permits issued to investors under the provisions of the previous legislation remain in force and may be renewed, provided that the conditions required by the regime applicable at the time that they were originally issued still apply. This means that existing Golden Visas will continue to be renewed under the provisions of the previous laws applicable at the time when they were issued.

For additional information, please do not hesitate to contact us.

*The above is for informational purposes only and does not constitute legal advice.

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The Greek Real Estate Market offers to foreign prospective buyers who are interested either in relocating to Greece, investing in real estate properties for the purpose of receiving revenue or in acquiring a vacation home in order to spend their holidays, a vast array of options.

However, the process can be overwhelming for those who are not familiar with the Greek language, legislation, bureaucracy, or culture.

It is thus very important to understand the basic steps, the possible risks and to hire well-qualified professionals, to ensure the smooth completion of your transaction.

First of all, it is worth noting that anyone can purchase real estate property in Greece, including foreigners, notwithstanding whether they live in Greece or not. However, certain restrictions may apply for non- EU nationals. More particularly in certain regions of Greece, situated close to the borders, a specific authorization must be obtained.

It is also important to note that the prospective buyer of the property is not required to travel to Greece or to remain in Greece throughout the procedure. They may arrange the completion of the purchase by granting a power of attorney to a trusted person, often a lawyer. This is particularly convenient when taking into consideration that the completion of the sale may take a few weeks or months, depending on the case.

Finding a property.

The search for the appropriate property depending on each prospective buyer’s needs and wants, usually starts by contacting one or several real estate agents. The real estate agent’s fees may vary, however in practice the usual fees are approximately 2% on the value of the property + VAT (which is currently at the rate of 24%). Prior to visiting properties, the agent will request the prospective buyer to sign a retainer, under which the prospective buyer undertakes to pay the fee and to not proceed to the purchase of the property shown without including the agent.

Prospective buyers of real estate in Greece should however be cautious not to sign any other binding documents (such as deposit agreements). It is also advised not to send over any funds, prior to getting a lawyer’s advice and confirmation on the status of the property titles.

Legal due diligence.

After finding a suitable property, the prospective buyer is advised to engage a qualified lawyer and instruct him/ her to carry out a legal due diligence search on the property titles. This is important as prior to signing any documents or paying any amount to the seller, the buyer must ensure that the seller is in fact the legal owner of the property being sold, that the property is registered correctly at the appropriate land registry and that it is clear of any encumbrances. In addition to the due diligence report, the lawyer will undertake to engage a trusted notary, handle all the paperwork and review any documents sent over by the seller. The lawyer shall coordinate the procedure and liaise with all parties involved with the aim to secure the buyer’s rights.

Payment of a deposit and deposit agreement.

Once the parties are in agreement on the property and the price and the titles have been checked by the lawyer, it is customary that the seller request the payment of a deposit by the buyer, in order to start the process of collecting the documents. It is important here that the seller not pay any amount prior to signing a deposit agreement.

This agreement should be drafted, or at the very least reviewed by the buyer’s lawyer, and it should contain all the particular terms and conditions which have been agreed between the parties orally.  Although the safest solution is to enter into a notarial deposit agreement, more often the parties to select to enter into a private deposit agreement, for expediency and costs reasons.

Greek Tax Number.

Another important thing that foreigners wishing to purchase properties in Greece should know, is that it is essential for the buyer to register with the Greek tax authorities and receive a Greek tax number. The Greek tax number is essential as no purchase agreement may be entered into by the parties without it.

If the buyer is not a Greek tax resident, he / she will receive a special Greek Tax Number for non- tax residents. Again, this process may be effected through a trusted professional (lawyer or accountant) with the use of a power of attorney. Where the buyer is not a Greek tax resident, he/she will need to appoint a Greek tax resident as his/ her tax representative in Greece. This person is appointed for communication purposes with the tax authorities.

Along with the Greek Tax Number, it is important to receive online access codes for the electronic services of the tax authorities. This will allow the taxpayer and/ or his/ her accountant to have access to their tax information, file tax declarations and be informed of any pending tax liabilities.

Inspection of the property by a civil engineer.

Notwithstanding that among the paperwork provided by the seller to the notary for the preparation of the purchase agreement, there are a number of civil engineer’s documents, it is advised that the buyer engages a civil engineer to inspect the property from a structural and technical point of view and to ensure that the property may be used in the way intended by the buyer (e.g. in case the buyer wishes to build on the property, that a relevant building permit may be issued and/ or that there are no relevant restrictions).

The sale and purchase agreement.

The sale and purchase of immovable properties must be effected through a notarial act. Therefore, once the parties agree on the terms of the transaction, a notary is appointed to collect a certain number of documents and draft a notarial sale and purchase agreement. This is usually the most time- consuming part of the process. It requires from the seller to collect and provide documents, which are reviewed by the notary and the buyer’s consultants, who may require amendments and corrections in case any discrepancies are found throughout these documents.

The notarial agreement is always executed in Greek, and the parties may be represented through Power of Attorney, in case they are not able to attend in person. The attendance of each party’s legal counsel is strongly advised at this point, in order to ensure that all the terms and conditions agreed between the parties are correctly transcribed in the agreement, and also to ensure that each party’s rights are safeguarded.

The buyer usually chooses the notary and is also burdened with the notarial costs, as well as the transfer tax.

Payment of the price.

Payment of the purchase price is usually effected at the time of signing the notarial agreement, and, provided that the receipt of the funds by the seller is immediate (e.g. where the transfer is effected through bank wire from the same bank), no particular provisions are included in the agreement.

If however the price is not paid on the same day, either in whole or in part, then it is customary to include in the agreement particular provisions in order to safeguard the rights of the seller. This may include the right to register a mortgage or the inclusion of a condition precedent or a resolutive condition, and often a second deed is signed once the full price has been paid.

Depending on the case, other particularities may apply in connection with the method of payment of the price (e.g. in case of purchase of a property for Golden Visa purposes) or where a loan is involved.

Registration of property rights.

Once the agreement is signed, the notary issues copies of the agreement for each of the parties involved. The buyer must then ensure that a copy of the agreement is filed with the local land registry or cadastral office (depending on the case), which will ensure that his/ her ownership rights are recorded and made public.

Registration with the tax authorities.

Both seller and buyer must also register the transaction with the tax authorities. For the seller it entails deleting the property sold from his/her assets declared with the tax authorities, while for the purchaser this means declaring it to the tax authorities as his/her asset.

Annual property tax.

Once the property is registered under the buyer’s name from a fiscal point of view, the buyer will be required to pay annual property tax (ENFIA).

The annual property tax burdens the person who is the owner of a property on the 1^st of January of each year. It is usually calculated and required to be paid during the second quarter of the year, in one or several installments. 

Other useful information:

• Bank account: it is not required to have a bank account in Greece in order to purchase or own property in Greece. The opening of a bank account in Greece usually may take some time and requires to provide a large number of documents to the bank. However it may become necessary or convenient to open one, either for the swift payment of the purchase price, the payment of the various costs, taxes and bills associated with the property or for receiving the rents (where the property is leased out).
• Costs of transaction: prospective buyers are burdened with the transfer tax, the lawyer’s,  notary’s, civil engineer’s and accountant’s fees, the land registry fees, and the real estate agent’s fees. It is advised to ask for an estimate of those fees upon finding a property, as most of the fees and expenses are calculated based on the price or value of the property.
• Golden Visa: non- European nationals who are owners of real estate in Greece, the value of which is 250 000 euros (or 400 000 or 800 000 euros in certain specific areas) are eligible to apply for a Greek residence permit valid for 5 years. You may find more information in connection with the Greek Golden Visa here.
• Lease: owners of real estate (including owners benefiting of the Golden Visa scheme) may lease their property and receive income. It is advised not to sign any document or lease prior to obtaining legal advice, in order to ensure that you have a good understanding of the applicable regime of leases and safeguard your rights.
• Taxes: as mentioned above, owners of real estate in Greece must pay an annual property tax. In case they receive income from rents, income tax must also be paid on the rents.

*This publication is for informational purposes only and it does not constitute legal advice. For additional information and advice on the above, please contact us.

The post REAL ESTATE IN GREECE:   A GUIDE FOR FOREIGN PURCHASERS appeared first on International Legal Advisors.

It is reminded that for certain specific regions of Greece, the minimum amount to be invested in real estate has been increased to 500 000 €. Up until now, the amount was 250 000 € (the lowest in Europe). The increased amount of the investment concerns properties which are located in the following areas:

• Athens (Northern, Central and Southern Prefectural Units)
• Municipality of Vari- Voula- Vouliagmeni
• Thessaloniki
• Mykonos
• Santorini

(see the areas on the map here)

Additionally, it is provided that in those regions, the investment must be effected to only one property, and it is specified that in case of joint ownership, each joint owner must invest at least 500 000 €.

In all other areas of Greece, the minimum amount to be invested in real estate remains 250 000 € and the investment may be effected by acquisition of one or more properties, the total price of which amounts to 250 000 €. In case of joint ownership, each joint owner must invest at least 250 000 € (with the exception of joint ownership between spouses).

Transitional period for the application of the new Golden Visa rules:

Prospective investors may complete their investment to one or more properties, including in the aforementioned regions of Athens, Voula, Vari Vouliagmeni, Thessaloniki, Mykonos and Santorini, until the 31^st of December 2023, with a minimum investment amount of 250 000 €, provided however that the said investors will have paid a deposit equal to at least 10% of the purchase price (or lease amount) before the 31^st of July 2023.

In case the purchase of the property for which the 10% deposit was paid (before 31^st of July 2023) is not completed, the investor may complete his or her investment by acquiring a different or several different properties, the minimum price of which shall be 250 000 €, provided that such investment shall be completed before the 31^st of December 2023.

Our team has vast experience in Golden Visa, Investment Immigration and Real Estate Acquisition, and is ready to assist you.

For more information on the Greek Golden Visa program and the application of the above amendments, please do not hesitate to contact us.

*This publication is provided for informational purposes only and it does not constitute legal advice.

The post GREEK GOLDEN VISA UPDATE: EXTENSION OF THE DEADLINE FOR THE PAYMENT OF A DEPOSIT IN ORDER TO BENEFIT OF THE 250 000 EUROS REGIME appeared first on International Legal Advisors.

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

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