5-year permits for real estate owners in Greece

A residence permit for real estate owners (“Investor Permanent Residence Permit”) is a new type of residence permit for third country citizens (outside of the European Union) who have entered the country legally on any kind of visa (type D or C). This procedure has been established by law 4146/2013, which introduced a friendlier stance towards those who wish to own real estate property in Greece. The preconditions and the process for this type of residence permit are already incorporated in immigration code (article 20 of law 4251/2014, as it is applying after the amendments of law 4332/2015). This kind of residence permit is valid for five years and can be renewed for the same duration and for as many times as the applicant requests. 

Beneficiaries of the right of entry and residence for a period of five years are third country citizens, who own real estate property in Greece personally or through a legal entity of which they own the total of the company shares, provided the minimum value of the property is € 250.000.

By decision of the Secretary General of the Decentralized Administration,  residence permit for five years, subject to renewal, is granted to  a third country national who:

(a) Has legally entered the country with any type of visa or legally resides in the country, even if the type of residence permit that he possesses, does not permit change of purpose.

(b) Has personally the full ownership, possession and peaceful enjoyment of real estate property in Greece. In the case of jointly owned property, worth 250,000 euro, the right of residence is granted only if the owners of the property are spouses with indivisible shares in the property. In all other cases of joint ownership, the right of residence is granted only if the   joint ownership rate of each joint owner is worth 250,000 euro.

(c) Has the full ownership, possession and peaceful enjoyment of real estate property in Greece via a legal entity, whose shares are fully owned by him.

(d) Has concluded an agreement for at least ten years lease of hotel accommodation or furnished tourist residences in tourist accommodation complexes, pursuant to the Article 8 par. 2 of the Law 4002/2011 (Government Gazette 1, no 180).

(e) has concluded  a time sharing agreement pursuant to the provisions of the Law 1652/1986 "Time sharing agreement and related issues" (Government Gazette  1, no 167), as in force.

The minimum price of the real estate property (combined value in case of more properties) and the contract price of the lease is € 250.000. In the cases of third country citizens, who have signed a lease of at least 10 years for hotel accommodations, according to the law 4002/2011, the contract must require a single payment of the lease for the equivalent of the ten year leasing of the property. The price of € 250.000 is the stated price of the contract and there is no distinguish between commercial or residential property and commercial or objective (assessed) value of the real estate property. If the investor purchases a plot of land and proceeds to erecting a building, the cumulative value of the land purchase and the contract with the construction company is at minimum € 250.000. In all cases, before the contract, the price of the real estate property is paid via a crossed bank cheque or through a bank transfer to the beneficiary’s account held in a Greek financial institution. The resale of the real estate property to another citizen of third country, at the time the residence permit is valid, entitles the new buyer to apply for a residence permit while the sellers’ residence permit is revoked.

In cases of joint ownership, where the value of the property is € 250.000, the residence is only granted, if the owners are spouses with undivided ownership of the property. In all other cases of joint ownership, the residence permit is only granted, if the amount invested by each of the joint owners is at least € 250.000.    

The submission of the application for the issuance of the residence permit and any additional documentation can be done, either in person by the third country citizen, or through a proxy. This means that third country citizens, who have never entered Greece, are not allowed to submit an application for a residence permit via a proxy. As referred above, the third country citizen is required to have been awarded a Visa type D, which extends up to one year and provides the beneficiary the right for multiple entrances and free movement inside the Greek territory, as well as traveling to the Schengen countries for up to 90 days, within a semester. In this case, the intention to own property should be supported by documentation, which proves the financial capacity of the investor and his intention to purchase property (e.g. contract with a law firm). Nevertheless, the potential investor may also have been awarded a Visa type C which allows the entrance in the countries of the Schengen Area for up to 90 days within a semester. 

The authorities, receiving the application, will issue a confirmation that the application has been submitted. This confirmation is valid for one year and the third country citizen who has received this confirmation receipt, can reside legally in the country, is entitled to the benefits of the residence permit that he has applied for and he can proceed with any legal transaction regarding his investment and can transact with all the relevant authorities. The holder of the confirmation is free to travel from/to Greece to third countries (but not other countries of Schengen area).

George Koutsoukos

Partner, PhD, Attorney at Law

This email address is being protected from spambots. You need JavaScript enabled to view it.