GOLDEN VISA – RESIDENCE PERMIT IN GREECE
The article 20B of Law 4251/2014 allows third – country nationals to obtain a residence permit in Greece provided they invest at least 250.000 euros in real estate.
Residence permit (definitive residence permit) is any type of certification provided by the Greek authorities that allows a third country national to reside legally in the Greek territory, in accordance with European Union regulations (Regulation 1030/2002, as in force). There are different categories of residence permits as well as types of permits for each category. Depending on the type of residence permit the holder is granted the right to access the labor market. Applications for the granting and renewal of residence permits are lodged with the competent Aliens and Migration Service of the Decentralized Administration of the applicant’s place of residence except for certain specific categories of permits where applications are lodged with the Department of Immigration Policy of the Ministry.
Residence permit for real estate owners and to whom it applies
Residence permit for real estate owners is a new type of residence permit and applies to third country nationals who have entered the country legally with any type of entry visa (D or C) or reside legally in the country, even if their residence permit is not allows change of purpose.
The beneficiaries of the right of entry and residence for a period of five years are:
• third-country nationals who own or through a legal entity, provided that they are wholly owned by shares or company shares in full ownership and possession, immovable property in Greece,provided that the minimum amount of which is two hundred and fifty thousand (250.000) euros.
• third-country nationals who have leased at least a ten-year lease of hotel accommodation or tourist furnished accommodation in complex tourist accommodation pursuant to article 8 par. 2 of Law 4002/2011 (Government Gazette A180), provided the minimum lease amount two hundred fifty thousand (250.000) euros.
•third-country nationals 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 in Greece, which they purchased prior to the entry into force of N 4146/2013, if the consideration paid at the time of purchase was two hundred and fifty thousand euros, or the present fair value of their real estate amounts to two hundred and fifty thousand (250.000) euros.
•third-country nationals who have full ownership and possession of real estate in Greece, the minimum amount of which is two hundred and fifty thousand (250.000) euros, and whose property has been donated to them or by parental benefit. The right of residence in this case is exercised only by the grantor or the recipient of the parental benefit.
•third-country nationals who buy a parcel or plot and construct a building if the sum of the value of the purchase contract and the contract for the construction of the building is at least two hundred and fifty thousand (250.000) euros.
•third-country nationals who have a ten-year lease under the provisions of Law 1652/1986. A lease contract, according to the provisions of article 1 of Law 1652/1986, is the obligation of the landlord to grant the lessee, annually, during the contract, the use of a tourist accommodation and to provide him with related services for a specified period from the contract and the lessee to pay the agreed rent.
•the family members of the above third-country nationals.
Conditions for obtaining a residence permit for property owners in Greece.
The following conditions must be met in order to obtain a residence permit:
a) Properties should be fully owned by their owners.
b) In the case of co-ownership of immovable property valued at two hundred and fifty thousand (250.000) euros, a right of residence shall be granted only if the owners of the property are spouses who own the immovable property indivisible. In all other cases of co-ownership, the right of residence is granted only if the amount invested by each co-owner amounts to two hundred and fifty thousand (250.000) euros.
c) If the owner of the property has acquired it through a legal entity, he must wholly own the shares or company shares.
d) The right of residence is also granted in cases where a third-country national either in person or through a legal person, owns more than one property, totaling at least two hundred and fifty thousand (250.000) euros.
e) If the person concerned wishes to enter the country with a Type D visa, the documented intent to purchase the property must be substantiated by documents proving the economic viability (eg attestation of a recognized Class A bank or official financial institution or other recognized securities institution) certifying the existence of bank accounts or other transferable securities, in particular bonds or shares, to cover investment funds of at least two hundred and fifty thousand (250.000) euros and the applicant’s intention to purchase the property (contract of attorney or in a real estate agency).
f) For third-country nationals who have leased hotel accommodation or tourist furnished accommodation for at least 10 years in complex tourist accommodation, provided that the minimum lease amount is two hundred and fifty thousand (250.000) euros, and the lease payment corresponding to the ten-year lease of the accommodation or tourist-furnished dwellings should result from the contract.
In the above cases, the amount of the real estate will be determined by the real estate or lease values stated in the contract. It is clarified that the value of the property for the purposes of Law 4251/2014 means the amount expressly stated in the contract that it was paid for the purchase and sale. It does not matter the fair value of the property unless it is the amount stated in the contract that was paid for the purchase and sale.
Entry Visa (VISA) – Obtaining a residence permit for property owners.
Legal entry into the country is required in order to obtain a residence permit for property owners. An entry visa is not required after the residence permit has been issued and for the period of its validity. According to Law 4251/2014, it is possible to apply for a residence permit to any third-country national who has entered the country legally by any visa or resides legally in Greece regardless of his / her status or type of residence permit.
Possibility of renewal of residence permit for property owners – Duration and conditions.
The residence permit can be renewed. In particular, residence permits are renewed for an equivalent period and for as many times as the person wishes. To renew your residence permit, the following conditions must be fulfilled:
•Real estate to remain in the ownership and possession of the person concerned,
•The intended contracts / leases remain in force.
Any periods of absence from the country are not a hindrance to renewing the residence permit. Resale of immovable property during the validity of the residence permit to a third country national does not entitle the new buyer to reside.
Procedure for issuing a residence permit for property owners.
Step 1: Issue of Entry Visa to Greek Territory:
The person applying for an entry visa to the Greek Consular Authority in the country of origin.
Step 2: Obtain the residence permit documentation:
The following documents are required for the issuance of a residence permit to real estate owners in Greece worth two hundred and fifty thousand (250.000) euros:
•Application form
•Two recent color photos
•A certified copy of a valid passport or travel document recognized by our country with the required, where applicable, entry visa
•Fee in the form of an electronic fee, in accordance with the provisions of article 132 of Law 4251/2014, which for the residence permits up to five years is 500 euros. There is no charge for minors (under 18).μ μ
Ιn addition, depending on the case, the following supporting documents should be provided:
1. Granting residence permits to third country nationals, owners owned by the county and possession, in whole or in part, of immovable property in Greece. Purchase contract stating that “the purchase and sale contract of the property is not subject to terms and conditions, the whole price amounts to a sum paid in full in a two-line bank check or a bank transaction” and proof of transfer of the contract by the competent authority. Extra certificate of insurance cover for hospital and medical expenses. In order to demonstrate the fulfillment of this condition, the following shall be accepted:
•Insurance contracts concluded abroad if they explicitly state that they cover the person concerned as long as they reside in Greece,
•Insurance policies concluded in Greece.
2. Granting residence permits to third-country nationals who own real estate in Greece through a legal entity whose shares or corporate shares
are wholly owned by them.
Purchase contract stating that “the purchase and sale contract of the property is not subject to terms and conditions, the whole price amounts to a sum paid in full in a two-line bank check or a bank transaction” and proof of transfer of the contract by the competent authority . Extra certificate of insurance cover for hospital and medical expenses. In order to demonstrate the fulfillment of this condition, the following shall be accepted:
•Insurance contracts concluded abroad if they explicitly state that they cover the person concerned as long as they reside in Greece,
•Insurance policies concluded in Greece.
3. Granting a residence permit to third-country nationals who have leased hotel accommodation or tourist furnished accommodation for at least 10 years in complex tourist accommodation. Copy of notarial document of hotel accommodation or tourist furnished accommodation in complex tourist accommodation, evidencing the lump sum payment of two hundred and fifty thousand (250.000) euros and indicating that the EOT has issued a relevant operating signal. Proof of transcription of the competent land registry in which the relevant lease contract and insurance carrier certificate have been transcribed to cover hospital and medical expenses.
4. Granting a residence permit to third-country nationals who purchased real estate in Greece before the entry into force of Law 4146/2013. If the price paid prior to the entry into force of Law 4146/2013 at the time of purchase of the property is less than two hundred and fifty thousand (250.000) euros but the present fair value of the property exceeds or is equal to that amount, among the supporting documents a notarial certificate shall be presented, including the following: «By the control of No. real estate purchase contract it turns out that the value of the property has been paid in full and the contract is not subject to terms and conditions and deadlines and the fair value of the property, as it stands today, amounts to …». At the same time, a copy of the purchase contract of the property or real estate worth at least fifty thousand (250.000) euros, as well as proof of transfer of the contract from the competent Registry, is required.
5. Granting a residence permit to third-country nationals who buy a parcel or plot and build a building.
The following shall be provided:
a) Contract for purchase of parcel or plot.
b) Contract for the construction / renovation of a home registered with the tax office in accordance with the law.
c) Building permit in the name of the person concerned.
d) Contractor (s) invoices and corresponding payment receipts.
6. Granting a residence permit to third-country nationals who have leased at least 10 years’ time in hotel accommodation or tourist furnished accommodation in complex tourist accommodation.
The following shall be provided:
a) A leasehold contract of at least ten years with a reference to the price corresponding to each year.
b) Proof of transcription by the competent registry office.
c) Certification by the GNTO that it is aware of the training of this timeshare.
7. Granting a residence permit to family members of a third-country national. An insurance carrier certificate is required to cover hospital and medical expenses. In order to demonstrate the fulfillment of this condition, the following shall be accepted:
•Insurance contracts concluded abroad if they explicitly state that they cover the person concerned as long as they reside in Greece,
•Insurance policies concluded in Greece and recent certificate of marital status of the foreign authorities, which shows the kinship.
Step 3: Submit the supporting documents
Applications for residence permits are submitted at the discretion of the competent Directorate of Aliens and Migration of the Decentralized Administration of the place where the person’s property is located.
Step 4: Procedures until the final residence permit is issued
1. Actions upon arrival: A third-country national who is documented to invest in real estate or to rent a hotel accommodation or tourist furnished residence and has entered the country legally must complete the entry visa requirement within the validity period in order to be able to apply for a residence permit before the visa expires. In this particular case, the person concerned has the opportunity to enter into legal transactions and deal with the relevant authorities with the entry visa.
2. Application process: Applications for an initial residence permit, additional documents and residence permits or a decision to refuse or other documents from the relevant file could be submitted either in the presence of a third-country national in person or by proxy. This means that it is not permissible to apply for a residence permit, through a proxy, to third-country nationals who have never entered Greece. On the contrary, the third-country national concerned may enter the country, have his lawyer represented, either on the basis of a genuine signature by any public authority, or by a notary power of attorney and subsequently leave the country and not be present when applying for a residence permit and / or receiving the relevant permit.
It is therefore possible to apply by proxy, provided that the applicant submits to the competent authority or original passport of the third-country national and a simple photocopy of it or a certified by a lawyer true copy of the passport. Similarly, it is also possible to obtain a certificate of application and a residence permit. The arrangement will remain in force until the introduction of the stand-alone document, which will replace the uniform residence permit. The separate document will require the presence of a third-country national due to the need to obtain biometrics. Together with the application for a residence permit, the applicant shall enclose the required supporting documents as specified above.
3. Quality control of supporting documents: The authorities responsible for receiving applications from third-country nationals for residence permits, provided the required supporting documents are complete, issue a certificate of application, the duration of which is annual and constitute a legal title until the residence permit is issued.
4. Time to process a request: The owner of the property is not affected by the length of time his request has been processed, from the submission of the request to the competent authorities until the decision of the Secretary General of the Decentralized Administration on the residence permit is issued. This is because after submitting his application he is issued a certificate of application. The time required for issuing a residence permit varies depending on the deposit service, however, it usually does not exceed two months after all the dossier details have been submitted to the competent service.
5. Benefits at the time of processing the application: A third-country national who has applied for a residence permit and has received an application for a residence permit is legally resident in the country for as long as it is valid (annually). The holder of the application for a certificate of deposit shall enjoy the rights granted by the residence permit applied for. It is therefore able to carry out any transaction involving the realization of the investment and to deal with all relevant departments.
6. Adoption of the Decision: The Directorate of Aliens and Migration of the Decentralized Administration, after verifying the fulfillment of the conditions, issues a five-year residence permit by decision of the Secretary General of the Decentralized Administration.
Procedure for issuing a residence permit for family members.
The above third country nationals may be accompanied by their family members who are issued a visa of entry. Family members include:
• the spouse or partner with whom the third-country national has entered into a cohabitation agreement in Greece,
• direct descendants, ie children of the spouses or other spouses or partners with a cohabitation agreement, less than 21 years of age,
• the direct ancestors of their spouses or partners in a cohabitation agreement.
The above members have the possibility to enter after the entry of the third-country national from whom they have obtained the right of residence and they are granted an equivalent residence permit, which also does not provide access to the labor market. Children of third-country nationals who have been accepted in Greece under the terms and conditions of residence permits for property owners are granted a residence permit for family reunification for up to 21 years. After the 21st year, they can be renewed for a further three years with a residence permit of up to 24 years of age and then renewed in accordance with the provisions of immigration law.
Language of application documents – Translation Source.
The documents required to submit an application for a residence permit are submitted in Greek, except for documents issued by foreign authorities, which must be validated. Validation is of two types:
a) Ratification of the Hague Convention (Apostille) and
b) Consular ratification.
a) Ratification of the Hague Convention
For those States that have acceded to the Hague Convention, and for which Greece has not made a reservation, the Public Administration accepts this ratification (APOSTILLE), which is set by the competent foreign authority on the foreign document.
b) Consular ratification
Those States which have not acceded to the Hague Convention require ratification by the Greek Consular Authority of the country of origin of the document. Foreign public documents are translated:
1) From the Foreign Ministry ‘s Translation Service or
2) Lawyer – member of a Greek Bar Association with a view to the authenticity of his signature by his Bar Association.
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