The government of Greece introduced a procedure to obtain residence permits, which can be renewed every five (5) years, for owners of real estate by third-country citizens, the value of which exceeds €250.000, adopting a friendlier stance towards those who wish to own real estate property in Greece.
A residence permit for real estate owners is a new type of residence permit, for third country citizens who have entered the country legally on any kind of visa (type C or D) or are legal residents in the country, even if the residence permit they hold does not allow for change of residence scope.
Beneficiaries of the right of entry and the permanent residence permit, which shall be renewed every five (5) years, are:
- third country citizens who own real estate property in Greece, either 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;
- third country citizens who have signed a timeshare agreement (lease) – for a minimum of 10 years – for hotel accommodations or furnished tourist residences in integrated tourist resorts according to article 8, paragraph 2 of Law 4002/2011
- (Government Gazette 180 A’), provided the minimum cost of the lease is €250.000;
- third country citizens who either reside legally, with a residence permit, in Greece, or wish to enter and reside in the country, and who have full ownership and possession of real estate property in Greece, which they have purchased before the enactment of law 4146/2013, provided that they had purchased the real estate property for a minimum of €250,000 or the current objective value of their real estate property is at a minimum of €250,000;
- third country citizens who fully and legally own real estate property in Greece, the minimum value of which is €250,000, and which they acquired through a donation or parental concession. The right to a residence permit in this case can only be exercised by the receiver of the donation or parental concession.
- third country citizens who purchase a plot of land or acreage and proceed to erecting a building, provided that the cumulative value of the land purchase and the contract with the construction company is at minimum €250,000.
- third country citizens who have signed a ten-year timeshare agreement (lease), based on the provisions of Law 1652/1986. A time share lease, according to the provisions of article 1 of law 1652/1986 is the commitment of the lessor to grant, each year, to the lessee, for the duration of the timeshare, the use of the tourist accommodation and to provide to them the relevant services for the determined period of time according to the contract, and the lessee must pay the agreed rent.
- family members of the third country citizens described above.
Acquiring A Greek Second Passport
Holding a passport for a country other than the one designated to you by the land of your birth – is rapidly becoming one of the most in-demand commodities, both within the business world and among wealthy asylum seekers. As a result, more and more countries are looking to capitalize on this phenomena by opening their borders to foreign investors and initiating Citizenship by Investment programs.
Unofficially, the Greek government have realized that most investors would rather have citizenship and a passport in return for their financial outlay rather than a residency card in return for the purchase of Greek property. As a result, they are now formulating their own Citizenship by Investment program compatible with those of Cyprus and Malta, with some passports already available for purchase to those buyers who go through the correct channels. The financial investment to Greece required is a minimum of 95,000. The low price combined with the fast-tracking of the citizenship and passport makes this one of the very best E.U Citizenship by Investment programs available. For an additional investment of 10,000 a full Greek driving license can be added to the citizenship package.