Buying property worth at least 250,000 euros entitles citizens of countries outside the European Union to obtain a five-year residence permit. Our company “GREKDOM”, working with professional lawyers, can effectively carry out quick and easy registration of a residence permit, starting from collecting a package of necessary documents and ending with receiving it in person.
GRANTING RESIDENCE PERMIT TO OWNERS OF REAL ESTATE IN GREECE
The current legislation (article 20 par. B Law No.4251/2014) provides for the issuance of a five-year residence permit to third-country nationals who own property worth at least 250.000 euros. This residence permit may be extended and members of their families may accompany such persons.
Third-country nationals are citizenship who is not citizens of the Hellenic Republic or citizens of European Union member states.
- By decision of the General Secretary of the decentralized administration, a residence permit shall be issued for a period of five years to a third country national who:
(a) Entered the country legally on any entry visa or resides in the country legally, even if his residence permit does not allow him to change its appointment.
(b) Owns legal property in Greece.
(c) Has personal property in Greece through a legal entity whose shares or block of shares are wholly owned by him.
(d) has at least a ten-year rental contract for hotel or tourist-furnished rooms in complex tourist facilities or buildings referred to in article 8 of Law 4002/2011.
(e) signed a timeshare lease agreement according to a Law No.1652/1986.
- The minimum price of real estate object and the agreed price of the aforementioned rented hotel room or tourist furnished accommodation is set at two hundred fifty thousand (250.000) euros and is paid in full at the time of signing the contract.
The amount must be paid by double-sided bank check or by bank transfer to the beneficiary’s account, which is located in a Greek Bank or credit institution under the supervision of the Bank of Greece, the details of which are duly communicated by the parties to the notary and listed in the sales contract.
– A citizen of a third country entered the country legally on any visa or resides in the country legally, even if his residence permit does not allow him to change its appointment.
– Acquired or declared intention to acquire real estate object worth at least € 250.000 in Greece. In addition, a third-country national could acquire property by donation or parental allowance (in this case, the right to reside is exercised only by the person receiving the donation or the recipient of the parental allowance).
– Property can be acquired by an individual or through a legal entity, provided that the shares or block of shares of the legal entity are wholly owned by the individual.
– The right of residence is also granted in cases where a third-country national owns more than one property, either in person or through a legal entity, for a total price of at least 250.000 euros.
It is possible total ownership of real estate property worth 250.000 euros if the property owners are spouses who own the property indivisibly. In any other case of joint ownership, the right to reside is granted only if the share of each co-owner is 250.000 euros.
In derogation from the general arrangements for family members, in the case of a residence permit in connection with the acquisition of real estate property, family members are:
(b) common children of spouses or children of spouse under the age of 21
REQUIRED DOCUMENTS FOR APPLICATION OF RESIDENCE PERMIT
1) Application + two (2) last color passport photographs in print and in digital format (on CD).
2) An exact photocopy of a valid passport with a valid entry visa or residence permit.
3) Payment in electronic fee of 2000 €. Minors (under 18 years old) are not required to pay.
4) Certificate of insurance to cover the costs of hospitalization and medical care. Insurance contracts concluded abroad are accepted if they expressly state that they cover the interested party as long as he/she remains in Greece, as well as insurance contracts concluded in Greece.
5) Registration of place of birth, as a required field, when entering the details of the application for a residence permit. If the place of birth is not indicated in the passport, the applicant must provide an official document of the country of birth or country of origin, officially translated and confirmed by law, with a clear indication of the place of birth. When translating this document, make sure that the place of birth is written in Latin alphabet, even if the language of the country of origin does not use the Latin alphabet.
6) Sample digital signature (for persons over 12 years old).
7) A state fee of 16 euros, which corresponds to the cost of purchase, printing and safe handling of an electronic card.
8) Two fingerprints (for persons over 6 years old).
9) A copy of the contract of sale of real estate property worth at least 250.000 euros.
10) A notary’s certificate that the value of the property has been paid in full.
11) Confirmation of registration of real estate property in the name of the new owner of the Cadastral Register.
If the interested foreigner owns property in Greece through a legal entity whose shares or block of shares of which he fully owns, he must submit, in addition to the above, a copy of the charter of the legal entity confirming that a third country citizen owns all the shares or block of shares.
Providing a residence permit to third-country nationals who buy a land plot and build a building. The following should be provided:
- A) a contract for the purchase of a plot of land
- B) a contract for the construction/renovation of the house, filed with the tax office in accordance with the law
- C) a building permit in the name of the person concerned
- D) the internal invoices of the contractor and the corresponding confirmation of payment.
If the application is filed by a lawyer without the presence of an interested person, the applicant must be notified in writing of a specific date for submitting biometric data necessary for the issue of a residence permit. If his travel planning changes and cannot be reached by the set date, he must immediately notify the competent service through an authorized lawyer of a new arrival date. In any case, since the requests should be processed in the near future and should not remain pending for a long time, biometric data must be submitted within six months after the application is submitted.
FOR FAMILY MEMBERS
- A) All of the above (1-8) supporting documents for a residence permit. For family members, the payment in the form of an electronic fee (paragraph 3 above) is 150 €.
- B) A recent certificate of marital status of foreign authorities, which indicates kinship.
LANGUAGE OF DOCUMENTS FOR APPLICATION FOR RESIDENCE PERMIT
Documents required to apply for a residence permit are presented in Greek, with the exception of documents issued by foreign authorities, which must be confirmed.
Validation is of two types:
- A) Ratification of the Hague Convention (Apostille)
- B) Consular ratification.
Ratification of the Hague Convention. For those states that have acceded to the Hague Convention and for which Greece has not made a reservation, the State Administration accepts this ratification (APOSTILLE), which is established by the competent foreign authority in the foreign document.
Consular ratification. Those states that have not acceded to the Hague Convention require ratification by the Greek consular authority of the country of origin of the document.
Foreign public documents are translated:
- A) The Translation Service of the Ministry of Foreign Affairs
- B) Member of the Greek Lawyer Association with seal and signature.
TERMS AND RENEWAL OF RESIDENCE PERMIT
A residence permit of this category is valid for five years and is renewed for the same period as many times as required, as long as the property remains in the ownership of the person concerned or the proposed lease agreements remain valid. The residence permit for members of his family expires or is renewed at the same time as the residence permit of the owner of the property. Periods of absence in the country do not prevent the extension of a residence permit.
A residence permit does not establish any access rights to any form of work. Only economic activity as a shareholder, member of the board of directors or managing director of a company is permitted. Resale of property during the validity period of a residence permit to a third country national gives the right to a new buyer to obtain a residence permit at the same time as revoking the seller’s residence permit. The issuance of a residence permit is granted within two months after the submission of a full package of necessary documents to the appropriate issuing authority.