issuing a golden visa in Greece

A third-country national is a natural person who does not have Greek citizenship or the citizenship of another member state of the European Union within the meaning of article 17 par. 1 of the Treaty of the European Community. A residence permit is any kind of certification provided by the Greek authorities and based on which a third-country national is allowed to reside legally in the Greek Territory, in accordance with the provisions of article 1 par. 2 approx. a’ of Regulation (EC) no. 1030/2002 of the Council of June 13, 2002 “On the establishment of uniform residence permits for third-country nationals” (EII 157/15.6.2002).

Among the various categories of residence permits, the granting of a 5-year residence permit (Golden Visa) is provided to third-country nationals if they acquire real estate in Greece worth 250,000 euros and upon submission of an application and presentation of the required supporting documents. This permit can be renewed and these persons can be accompanied by their family members. The potential beneficiary of the Golden Visa must meet the following conditions:

• To have entered the country legally with any entry visa or to reside legally in the country even if the residence permit he holds does not allow a change of purpose.
• The properties should belong to their owners by title, county and possession. In the case of co-ownership of a property, worth €250,000, the right of residence is granted, only if the owners of the property are spouses who own the property in undivided ownership. In all other cases of co-ownership, the right of residence is granted only if the amount invested by each co-owner amounts to €250,000.
• If the owner of the property has acquired it through a legal entity, the shares or company shares should be wholly owned by him.
• The right of residence is also granted in cases where the citizen of a third country is the owner, either personally or through a legal entity, of more than one property, with a total value of at least €250,000.
• In the event that the interested party wishes to enter the country with a type D visa, the documented intention to purchase a property must be proven with documents that prove financial ability (e.g. a certificate from a recognized A-class bank or an official financial organization or other recognized organization custody of securities) certifying the existence of bank accounts or other movable assets, especially bonds or shares, to cover the capital of the investment, at least €250,000 and the applicant’s intention to purchase the property (assignment contract to a law firm or a real estate agent office).
• For citizens of third countries who have entered into at least a ten-year lease of hotel accommodation or tourist furnished houses in complex tourist accommodation, as long as the minimum amount of the lease amounts to €250,000, the one-off payment of the ten-year rent should result from the contract rental of the accommodation or the tourist furnished houses.
• For citizens of third countries who either reside legally, with a residence permit, in Greece or wish to enter and reside in the country and have full ownership, jurisdiction and possession of immovable property in Greece, which they purchased before the entry into force of 4146/2013 , the price they had paid during the purchase should have amounted to two hundred and fifty thousand euros or the current objective value of their real estate should amount to two hundred and fifty thousand (250,000) euros.
• Beneficiaries are also citizens of third countries who have full ownership, jurisdiction and possession of immovable property in Greece, the minimum amount of which amounts to two hundred and fifty thousand (250,000) euros and which property came to them by donation or parental provision. The right of residence in this case is exercised only by the recipient or the recipient of parental benefits,
• For citizens of third countries who purchase a plot of land or a plot of land and proceed with the construction of a building, the sum of the value of the purchase contract and the building construction contract should amount to at least two hundred and fifty thousand (250,000) euros
• The members of the families of the above citizens of third countries.

For the above cases, the amount of the real estate will result from the values of the real estate or the lease agreements stated in the contract. It is clarified that the price of the value of the property for the purposes of Law 4251/2014 means the amount expressly stated in the contract as being paid for the purchase and sale.