Golden Visa
A BRIEF GUIDE TO OBTAINING A RESIDENCE PERMIT IN GREECE THROUGH REAL ESTATE INVESTMENT
Special Characteristics:
- • Applicant Eligibility: Includes the real estate owner and their family member• s, such as spouses, parents of both spouses, and children up to 24 years of age.
- • Duration: The residence permit is permanent but must be renewed every five (5) years.
- • Eligibility Criteria for Property Owners: Foreign nationals who legally enter Greece on a Type C Visa or who are already legally residing in the country are eligible to apply for this residence permit.
Investment Requirements:
a) Property Value of at least €800,000
Applicable to the following areas:
- • The entire region of Attica (including north, south, east, west, Piraeus, and Attica islands)
- • The entire region of Thessaloniki
- • Islands with populations exceeding 3,100 inhabitants
b) Property Value of at least €400,000
Applicable to all other areas in Greece.
In both cases, the minimum property surface area must be 120 square meters.
c) Property Value of at least €250,000
Applicable in the following scenarios:
- • Purchasing an industrial building or part of one and converting it into a residence. (The seller may also undertake the conversion.) Such properties cannot serve as a registered office or business branch.
- • Purchasing a commercial property (e.g., office space) and converting it into a residence.
- • Acquiring a listed (preserved) building for restoration or reconstruction. The property transfer can occur after the restoration or reconstruction is completed.
Important Notes:
- • Investments must be made in ONE property only to qualify.
- • It is permissible to rent the property for long term leases; however, short-term rentals (e.g., via Airbnb, Booking.com) or subleases are strictly prohibited.
PROCEDURE FOR PURCHASING A PROPERTY IN GREECE
- 1. Selection of Real Estate Property: Choose the property that meets your preferences and investment requirements.
- 2. Power of Attorney and Tax ID Issuance: Sign a Power of Attorney and obtain a Greek Tax Identification Number (Tax ID).
- 3. Private Agreement and Deposit Payment: Sign a private agreement and pay the required deposit to secure the property.
- 4. Legal Due Diligence: Conduct thorough legal checks to ensure the property is free from encumbrances or legal issues.
- 5. Technical Review: Verify the seller’s engineer's documents, and if necessary, conduct a physical inspection (Technical Due Diligence).
- 6. Document Verification by Notary: Ensure all necessary documents, including personal, legal, technical, and taxation records, are in order and submitted to the notary.
- 7. Property Transfer Tax Payment: Pay the applicable property transfer tax.
- 8. Final Contract Signing: Finalize the purchase by signing the official contract.
- 9. Registration of Ownership: Register the contract with the Land Registry and Cadastre Office to formalize ownership.
CONDITIONS FOR RENEWAL OF RESIDENCE PERMIT
- • The applicant must retain full ownership and possession of the property at the time of renewal application.