Investing in Real Estate in Greece | Golden Visa residence permit

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Third country citizens seeking to buy real estate in Greece or holding all shares of a Greek legal entity, may apply for a residence permit in Greece under the conditions described below.

If the property is situated in the Municipalities of Attica, in Vari – Voula – Vouliagmeni, in Thessaloniki, in Mykonos or in Santorini, the value of the purchase contract shall amount minimum to five hundred thousand euros (€ 500.000). If the property is situated in different – from the abovementioned – areas of Greece, the minimum value of the purchase contract amounts to two hundred fifty thousand euros (€ 250.000).

Third country citizens seeking to build on a plot, may also apply for a residence permit, if the combined value of the construction contract and that of the purchase contract, amounts to minimum € 500.000 or € 250.000.

Co-owners of a purchased property may apply for a residence permit if they are spouses. If not, permit can be granted to a co-owner, only if the amount invested by her, amounts at least to € 500.000 or € 250.000.

All abovementioned thresholds can be met via the purchase of more than one property.

Residence permits may be also granted to family members of the investor (spouse, children, parents).

In some areas of Greece, the Greek State has imposed restrictions on purchase contracts. In these areas, restrictions may be lifted only by a decision of the Greek Ministry of Defense.

As per the administrative process, each applicant shall lawfully entry Greece at least twice. Applicants shall collect and submit, usually with the help of a lawyer holding a PoA, all necessary documentation at the Immigration Department of the competent Decentralized Greek Authority. Applicants are subject to an administrative fee of two thousand euros (€2.000).

Shortly after filing documents and giving biometric data, applicants receive a temporary residence permit for a year. The duration of a residence permit, if issued, is five (5) years. It may be renewed for another five (5) years if its holder remains owner of the purchased property. The residence permit is revoked if its holder sells her property in Greece.

After seven (7) years since the issuance of a residence permit, its holder can apply for the Greek citizenship if she meets all other criteria for the Greek citizenship (e.g. sufficient knowledge of the Greek language, history, culture and political system, clear criminal record, economic activity in Greece).

Manolis Fellios
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