Third-country citizens who decide to acquire real estate in Greece have the possibility of obtaining a golden visa. In reality, it is not a visa but a residence permit in the country for 5 years.
What are the conditions for granting a golden visa?
A golden visa can be obtained by a third-country citizen who:
a) have legally entered the country with any entry visa or is legally residing in the country, even if the residence permit he holds does not allow a change of purpose.
b) have, by full ownership and possession, real estate in Greece. (Below we will see the value that this property should have.)
c) They have full ownership and possession of real estate in Greece, with an acquisition value at least equal to the limits that will be developed below, through a legal entity headquartered in Greece or another EU member state, whose shares or corporate shares are wholly owned.
d) have concluded a long-term complex tourist accommodation contract, in accordance with paragraph 2 of article 8 of Law 4002/2011 (A 180) or a timeshare rental contract for tourist accommodation, in accordance with Law 1652/1986 (A 167), of a value at least equal to the limits that will be developed below.
e) are adults and have acquired, in full ownership and possession, as an heir by intestate or testamentary disposition or as a result of parental benefit, real estate of an objective value at least equal to that defined below.
What should be the minimum investment amounts in order to be granted a golden visa?
- EUR 800,000: For the Region of Attica, the Regional Unit of Thessaloniki of the Region of Central Macedonia, the Regional Units of Mykonos and Thira of the Region of South Aegean and for the islands with a population, according to the last census, of over three thousand one hundred (3,100) inhabitants, the minimum acquisition value of the real estate at the time of its acquisition, as well as the total contractual rent of a long-term complex tourist accommodation contract or a timeshare rental contract for tourist accommodation are set at eight hundred thousand (800,000) euros. In the case of purchasing a property to obtain a residence permit, the amount of 800,000 euros concerns the purchase of a single property. Especially if it is a structured real estate or a property for which a building permit has been issued, a minimum area of main premises of one hundred and twenty (120) square meters is required.
- EUR 400,000: For the other regions of the country, the minimum acquisition value of the real estate at the time of its acquisition, as well as the total contractual rent of a long-term complex tourist accommodation contract or a timeshare tourist accommodation lease contract, are set at four hundred thousand (400,000) euros. In the case of investment through the purchase of real estate in these areas, the investment is made in a single property. Especially, if it is a structured real estate or a property for which a building permit has been issued, a minimum area of main premises of one hundred and twenty (120) square meters is required.
- EUR 250,000: In particular, in cases of investment through the purchase of real estate and if its main premises are changed to a residence, the minimum acquisition value of this property at the time of its acquisition is set at two hundred and fifty thousand (250,000) euros. The same minimum limit also applies in cases of investment through the purchase of real estate consisting of an industrial building or part of an industrial building or within which an industrial building is located, exclusively if for at least the last five (5) years, no industry was established and operating there. The investment is made in a single property and the change of use must be completed before the application for the investor’s permanent residence permit is submitted. The change can also be made by the seller.
- EUR 250,000: In particular, in cases of investment through the purchase of real estate consisting of a listed building or part of a listed building to be restored or reconstructed or within which a listed building is located, the minimum acquisition value at the time of its acquisition is set at two hundred and fifty thousand (250,000) euros. The investment is made in a single property. Transfer of the property in this case before its full restoration or total reconstruction is completed is invalid.
Can the co-owners of the property obtain a golden visa?
In the event that the golden visa applicant purchases a property in a co-ownership percentage, then the minimum limits mentioned above apply as minimum limits for the value of the co-ownership percentage. That is, it is checked whether the amount invested by each co-owner is at least equal to the minimum investment amounts required to obtain a golden visa. Please note, however, that if the co-owners are spouses or partners who have signed a cohabitation agreement, the right of residence is granted to both as long as the total acquisition value is at least equal to the aforementioned minimum limits.
Example: for the purchase of a property in Athens, the minimum acquisition limit is 800,000 euros. Spouses or cohabitants who have signed a cohabitation agreement can jointly purchase a property whose value is at least 800,000 euros. In all other cases of co-ownership, the minimum value of the co-ownership percentage must be at least 800,000 euros, i.e. the value of the co-ownership percentage and not the value of the property will be crucial for the granting of a residence permit.
What else should anyone interested in obtaining a golden visa know?
- The minimum value of the real estate at the time of its acquisition, as well as the total contractual rent of the hotel accommodation or tourist residence leases hereunder, must have been paid in full before submitting the request for the granting of the investor’s permanent residence permit.
- There is the possibility of renewing the residence permit for an equal duration each time, i.e. 5 years, as long as their real estate remains in their ownership and possession or the tourist accommodation or timeshare rental contracts for tourist accommodation remain in force.
- Investors are given the option of long-term rental of their properties in Greece, but short-term letting and subletting are prohibited. In particular, in the case of purchasing a property whose main premises have been converted into a residence, it is prohibited to use the property as a headquarters or branch of a business. Failure to comply with these prohibitions will result in the revocation of the residence permit and an administrative fine of 50,000 euros.
- In the event of resale of the property by the investor to another third-country national, a residence permit is granted to the buyer and at the same time the seller’s residence permit is revoked.
- In the case of purchasing real estate consisting of a listed building or part of a listed building to be restored or reconstructed, or within which a listed building is located, if a contract for the transfer of the property is concluded before the completion of its full restoration or total reconstruction, then revocation of the permit and an administrative fine of 150,000 euros are provided.
- Third-country citizens who have received a golden visa may also be accompanied by their family members who are granted, upon their application, a residence permit for family reunification, which expires at the same time as the investor’s residence permit. As family members are meant to be: a) the other spouse or partner, with whom the third-country national has entered into a civil partnership; b) the unmarried common children of the spouses or partners under the age of twenty-one (21); c) the unmarried children of the investor or the other spouse or partner, provided that custody has been legally assigned to the investor for the investor’s children and to the investor for the other spouse or partner’s children under the age of twenty-one (21); d) the direct ascendants of the spouses or partners. In the event that the unmarried children reach the age of twenty-one (21), an independent residence permit is granted for three (3) years with the only obligation being the presentation of the previous residence permit for family reunification.
The process of obtaining a golden visa is not easy. It requires support and guidance from an experienced legal advisor throughout the process, from finding the right property, gathering the necessary documents to submitting the application and receiving the residence permit.
Our office undertakes legal advice and the procedure for issuing a golden visa residence permit. If you are interested in investing in Greece, contact us. (Email: korsanou@yahoo.gr).
Evangelia Souli
Partner Lawyer at Anna Korsanou Law Firm
