GOLDEN VISA PROGRAM

"Golden Visa" is a dynamic residency program promoted by European countries, aiming to attract and facilitate the stay of foreign investors from third - countries. In Greece is regulated by "The Immigration and Social Integration Code" (Law 4251/2014).

WHY INVEST IN GREECE

Greece offers attractive benefits to third-country real estate investors, having strategic geographical location with all major airlines companies connected with Athens, providing the most affordable residency program throughout Europe, low cost of living, flexible rules applying also to family members (spouse , children and the parents of investor) guaranteeing the investor's and his family residency.

Greece's Golden Visa Program has made it possible to obtain Greek permanent residence permit and/or citizenship and travel throughout 26 countries (indicatively mentioned Germany, France, Austria, Belgium, Switzerland, Finland etc) of the Schengen area without visa.

GREECE'S GOLDEN VISA BENEFITS

The residence permit of third country investors, their spouses, children or parents used to be granted when the value of real estate investment exceeded the minimum amount of 500,000 euro or 250.000 depending on the area of interest.

For the Regional Units of the North, Central and South Sectors of Athens and the Municipality of Vari - Voula - Vouliagmeni of the Attica Region, the Municipality of Thessaloniki of the Central Macedonia Region and the Regional Units of Mykonos and Santorini of the South Aegean Region the minimum value of real estate at the time of its acquisition, as well as the total contractual rent of the leases of hotel accommodations or tourist residences herein, is determined at five hundred thousand (500,000) euro.

For the other regions of the country, the minimum value of the real estate at the time of its acquisition, as well as the total contractual rent for the leases of hotel accommodations or tourist residences herein, is set at two hundred and fifty thousand (250,000) euro.

Recently, the conditions and the procedure for granting a residence permit to citizens of third countries are redefined, in accordance with article 20 of the Immigration and Asylum Code (law 4251/2014) and, among other things, a differentiation is introduced in terms of the minimum value of the real estate as well as the amount of the total contractual rent of the leases of hotel accommodation or tourist homes, subject to the transitional regulation in force. The minimum value of the property that must be acquired to grant eligibility for a Golden Visa has been increased  to 800,000 euro in certain parts of the country.

In particular, the new minimum value at the time of purchase(800.000 euros) will apply to the Region of Attica, the Regional Unit of Thessaloniki of the Region of Central Macedonia, the Regional Units of Mykonos and Thira-Santorini of the South Aegean Region and for the islands with a population of over 3,100 inhabitants.For the remainder of the country, the minimum acquisition value of the real estate,  to grant eligibility for an investor permanent residence permit, at the time of its acquisition, is set at €400,000.

According to the 64th article of the new law (5100/2024) regarding the issuance of residence permits for investors, ctizens of third countries, may complete their investment by 31.12.2024, with the regime that was in force until the entry into force of the new provisions(500.000 euro or 250.000 depending on the area of interest), on the condition of either an advance payment of 10% of the purchase price or the total contractual lease, or signing of a notarial preliminary agreement or signature of a private agreement of a certain date and relevant proof of credit from the buyer's bank regarding the sending of the amount of the advance payment, to the seller's account, until 31.08.2024. If the purchase of the property is not completed, the citizen of a third country may complete his investment in another or other properties, under the conditions that applied and in any case no later than 30.04.2025.

The residence permit may be renewed every 5 years and it is renewable upon request, for as many timesthe applicant wishes, for the investor and his family members, for an equal period of time and under the condition that the implementation of the investment or its operation is continued.

The investor may purchase more than one property and acquire residency permit, as long as the total value of the investment is 500.000 euro or above.

Under the same conditions, third - country citizens may also apply for citizenship, after 7 years of residency in Greece. Children may apply for the citizenship if (i) they attend 9 years of Greek school (ii) or 6 years of any school in Greece, (iii) or attend a Greek University.

Prohibition of renting out properties as AirBnB:

According to the new law, real estate acquired by full ownership, by citizens of third countries, for the initial granting or renewal of an investor's residence permit, is prohibited from being rented out for short periods, within the framework of the sharing economy, as well as from being sublet. In addition, real estate converted into a principal residence may not be used as a business headquarters or branch. In case of non-compliance with the above, an independent administrative fine of €50,000 is imposed on the owners and/or owners of the properties.

Physical absence from the country, does not waive their right to residency. The property should remain at their ownership. 

WHAT WE DO

Our Law Firm’s priority is to provide you the best services with the minimum time and cost.

For this reason, we conduct all the necessary procedures for the purchase of your property and the Residence Permit, following the steps described below.

After your arrival in Greece, a proxy agreement is signed at a public notary* in order to act on your behalf the following:

1.     Issue Greek TAX Registration Number

2.     Issue Greek phone number

3.     Create Bank Account

4.     Conduct legal check of the property for any legal defects

5.     Proceed with the payment of the tax to obtain the property

6.     Prepare and sign the contract for the purchase of the property before the public notary

7.     Submit your property at the Land Registry

8.     Submit your property at the Tax Registry

9.     Connect your property with electricity and water supply

10.  Arrange your appointment with the Immigration Authority for the Residence Permit

11.  Submit your documents at the Immigration Authority

*the power of attorney may be given by proxy signed before the Consular authority of your residence

Upon your will, a second proxy agreement can be signed in order to authorize us to manage your Bank Account, regarding the expenses and the prise for the purchase of the property, providing you full information of our actions.

WHAT WE NEED

In order to conduct the aforesaid actions, we need you to provide us the necessary documents, as provided by law.

FAMILY MEMBERS

According to Greek Law the non-EU citizen can be accompanied by the members of their family to whom a registry permit is granted after their own submission of an application. Their registry permit can be renewed or ends simultaneously with the registry permit of the interested person.

As family members who have the right of entrance and registry are considered:

a. Spouses, under 21 years old single children as well as the foster ones and the parents of both husband and wife.

b. The single children of the one or the other of the spouses, including the foster children, under the condition that the interested person has the custody.

For any further information, please contact us at gskarakasi@gmail.com