Residence Permit In Greece By Real Estate Acquisition - Greek Golden Visa Program - Invest Greece Yunanistan Emlak



What is the Greek Residence Permit ?

A residence permit allows foreigners to reside on the territory of Greece and to travel freely throughout the Schengen area, but does not provide the right to work.

Greek residence permit is any documentation issued by the Greek authorities, according to which a third country citizen is given the right to reside legally within Greek territory, in accordance with the provisions of the European Union.

Who Is Eligible for a Greece Golden Visa?

All citizens of all nationalities are eligible for the Greek Golden Visa Programme, with the exact same terms. The residence permit is available to RussianChineseAmericanCanadianIsraeliArabic, Turkish and any other Non-European citizens.

  • You must be a non-EU/EEA and non-Swiss national
  • You must be at least 18 years old
  • Have no felony convictions on your record

How can I travel to Greece ? Do I need Visa to travel to Greece ?

Citizens who are travelling to Greece must get a Schengen visa in their passport prior to departure.

Greece enforces this visa requirement very strictly, and passengers without visas are held at the airport police station and are turned back to their point of departure.

You may also check with your transport provider or travel company to make sure your passport and travel documents meet their requirements.

The application process for a Greek Visa consists of a few procedures, which you need to complete correctly, in order to have a successful application.

The only authority who can definitively tell you if you do or do not need a visa is the embassy or consulate of each country

For further information , we urge you to call your nearest Greek Consulate or Embassy to confirm the documentation requirements and interview process, if applicable.

How can I acquire the law related to the Greek Residence Permit?

The Greek Law 4251/2014, Official Gazzette A’ 80, 20th article shows the conditions for the residence permit which will be acquired via purchase of a property.

This spesific article “Permanent residency permit for investors” offers permanent residency permits to non-EU citizens and their family members, who invest in Greek property an amount of at least €250,000.

What is the difference between a visa and a residence permit?

When you have a visa in order to enter a foreign country, a passport control officer might deny your entry since the officer has an initiative to accept or deny, your entry . Visa does not guarantee the entry. However, a person with a residence permit cannot be denied on arrival.

What is the blue paper ?

After the application has been submitted, the applicant receives a receipt ( blue paper ) confirming the submission of the application, which is valid for one year.

If I acquire a residence permit, how much time do I have to spend in Greece?

Greek residence permit program does not have any obligation on the duration. There is no limitation in terms of time. Residence permit holders, do not have the obligation to live in Greece. No minimum stay required. There is no limitation in terms of staying duration. Unlike most other countries that issue Golden Visas, you do not need to live in Greece at all in order to get or to renew the residence permit.

What is the minimum value of the real estate property;
250.000 Euros

Do I have to come to Greece to apply for a residence permit?

As of 2021, you no longer need to visit Greece in person in order to start your application.

According to the law approved by the Greek Parliament in December 2020, you can apply for a residence permit without coming to Greece. The purchase of a property and application for the residence permit can be realised by a proxy (relative, friend, etc.) or a lawyer. However, you need to come to Greece to submit your biometric data to the Immigration Office.

Is it Possible to Get Greek Citizenship through Golden Visa Program?

Is Greece the most affordable among the countries from which I can acquire a residence permit?

Yes, Greece is where you can get a residence permit with the least budget. The golden visa program in Portugal is with many steps and conditions and the minimum budget should be 350.000 euros. In Spain, the minimum budget rises to 500.000 euros.

Can two people who bought a common property acquire residence permits?

If two people buy a property that is worth 250.000 euros, they cannot acquire residence permits. If they buy a 500.000 euro-worth of property and each has 250.000 euros share, they can acquire residence permits. In the case of two people being a married couple, they can buy a 250.000 euro-worth of property and both can acquire a residence permit.

Do I have to use the same lawyer for the purchase of a property and the application for a residence permit?

No, there is no law forcing this. However, the two processes are in a way connected to each other and it is important to follow all the required conditions and collect the right documents. There are instances where the residence permit applications are denied due to certain mistakes.

Which countries’ citizens receive the most residence permits?

  1. Chinese citizens (5950)
  2. Turkish citizens (530)
  3. Russian citizens (322)
  4. Lebanese citizens (178)
  5. Egyptian citizens (530)

Do I need to pay a deposit for the property?

We do not advise our clients to pay a deposit for a property before the legal and technical inspection.

Although there is a contract for the deposit, it is better to pay a deposit for a property without problems or with problems that are easy to fix.

Improvements to the house, their registration in the Office of the Land Registry, their evaluation by the tax office, and the payment of the possible fines take approximately one month.

This period is very important and critical because when the seller of the property learns about the fines, the seller might change their mind about the sale even if you paid a deposit.

That is why we advise making a selection of the properties that you would like to buy before you visit Greece. This will protect you from disappointments and in this way, you will not have to visit Greece multiple times.

How can I bring my money to Greece?
Do not carry your money with you during entering the country. The police might confiscate it.
You need to open a bank account with a tax number, a mobile number that will be taken from a Greek GSM operator, and several other documents (you will be notified by your lawyer). After this, you can wire your money under your name from Turkey or any place in the world to this account.

How many houses can I trade according to the Tax Law?

There is no limitation in buying properties. Every investor can sell three properties in a year without any additional taxation. If you exceed three properties in a year, the Greek government considers these transactions as trading. If you would like to exceed three, you have to establish a firm.

Are there any limitations concerning the locations of the properties to be bought?

Except for the locations close to the borders of Greece, there are no limitations concerning the locations of the properties.

Can I rent the property through which I received my residence permit?

Yes. You may use these properties according to your needs.

Am I going to have a deed as a document after I buy a property in Greece?

There is no concept of a deed as a separate document. Instead, there is a sales agreement.

What is a sales contact?

This is a contract that is prepared and signed by the seller and the buyer in the presence of a notary at the time of the sale. The ownership of the property is transferred to the new owner as a result of this contract.

Who selects the notary?

The buyer always selects the notary and pays for this service. According to the law, the notary represents the state but in practice, the notary is closer to the buyer.

Who inspects notaries?

The notaries are strictly inspected in Greece. This inspection is done by the public prosecutors. It is the only line of work that is inspected by the public prosecutors.

What is your advice about buying a property from the islands?

Unless you plan to live in these islands, we do not see buying a property in the islands as a good investment. In addition to this, according to the law, foreigners cannot buy property on islands that are close to the sea borders. You can buy a property in those islands only with a special permit and this process takes at least 6 months. In this case, you have to pay a deposit to the seller so that the seller waits until the permit comes. If you are denied the permit, you will lose your deposit. That is why it is a risky investment and we do not advise it.

Can I transform my residence permit into citizenship?

Greek Law allows permit holders to apply for Greek citizenship under certain conditions.

What are the requirements for the citizenship application?

The most important requirement: After the acquisition of a residence permit, you need to live in Greece continuously for at least 7 years. Since it has not been 7 years since the introduction of this law, there have not been any applications. We will see in the future whether the government will introduce more requirements at the end of this year.

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