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Immigration Real Estate or Residence permit by real estate acquisition

Whom does it refer to?

It is referred to Citizens of countries, which are not European Union members.

What rights does a residence permit in Greece provide to its holder?

He may stay continuously in Greece for its whole duration, travel to other Schengen countries without a visa, but his stay in those countries cannot exceed 90 days in each 6-month period. He can also get access to health or education services, just like any Greek citizen.

Can I travel to other countries within the EU with the residence permit for owners of real estate?

You can travel to EU countries that are members of the Schengen treaty.

Can I travel in Schengen countries directly, after my residence permit has been issued, from my country, or do I need to first come to Greece?

You can arrive to any Schengen country you wish to.

What is the minimum value of the real estate property and how is the value of the property proven?

The minimum value is €250,000 and it is proven by the value mentioned on the purchase contract.

This amount concerns one or more properties?

Either one or more properties, their total sum must be at least €250,000.

Does the amount of €250,000 include the Value Added Tax?

No, the basic price has to be over €250,000 and the Taxes, either VAT or Transfer Tax are added to it.

What happens if the property is bought by a legal entity (company etc.)?

This is not a problem as long as the company shares or the shareholdings belong in whole to the person that will request the residence permit.

Does the value of €250.000 concern only the purchase only of real estate residential property?

No, several alternative options exist: Purchase of real estate property, or lease with a duration of at least 10 years of hotel facilities or furnished homes in combined tourist facilities, or even land with proven intention to build in it.

Can I buy commercial property or a combination of commercial and residential properties or land?

Yes. The law states that €250,000 must be the stated price on the contract. It does not distinguish between commercial and residential properties.

What is the duration of the residence permit?

5 years but can be renewed for another 5 years each time, provided that the applicant still owns the property.

Can the members of the investor’s family request a residence permit?

Yes. They may request individual residence permits. They must though submit separate applications. Their permit expires at the same date that the investor’s permit expires.

Who is considered to be a family member?

According to the law, family members of third country citizens entering the country are:
a. Spouses who are over the age of 18, as well as unwed children under the age of 18 where there is shared custody, including children who have been adopted
b. Other unwed children under the age of 18, of the other spouse, including children who have been adopted, provided that the applicant is their legal guardian.

Can my parents or my children who are over the age of 18, accompany me and be included in the family provision? What about the children who turn 18 during the period when their parents’ residence permit is valid?

No, parents or adult children are not included in the provision above. Children who become adults in the period during which the residence permit is valid, will be granted a separate residence permit.

Are unmarried partners entitled to a residence permit?

No, the family members do not include unmarried partners.

What should the value of the investment be if ownership includes the names of both spouses?

The amount of €250,000 refers to the price indicated on the contract. In cases of joint ownership of the real estate property by spouses, the residence right is granted to both spouses.

What if there is joint ownership of unrelated persons?

In cases of joint ownership by no-related persons or couples, the price has to be e.g. 2 X €250,000 = €500,000. Then the residence permit is granted to both couples.

If 8 third country citizens jointly buy a property for €2,000,000, are all the joint owners entitled to a residence permit?

Yes, provided that the amount invested by each one is €250.000.

Do persons holding a residence permit have the right to work in Greece?

No, they do not as this residence permit does not stand for a work permit.

Can the residence permit be considered as a work permit? Can my spouse, the legal representative of my company, my children, or myself, work in Greece?

No, in no case does the residence permit provide access to any type of employment. However one can start the procedures of issuing one.

If I get a residence permit, can I add the period of its duration to the total duration needed in order to request the Greek nationality?

No

Does the residence permit give me the right to apply for citizenship?

The years covered by the residence permit for real estate owners are not taken into account for the required years for the granting of citizenship to residents.

How long can it take until the residence permit is issued?

It must be issued within 2 months from the day on which the application was submitted or reached the Prefecture.

What about the transition period between the application submission and the day the residence permit is issued?

If all the supporting documents are submitted, a proof of submission is issued. Now, you may travel freely as often as you wish to/from Greece. Attention: you are not allowed to travel to any other Schengen country without a Visa yet. This means that any flight schedule that requires a flight transfer at the airport of another Schengen country should be avoided. Note that the insurance coverage or the medical certificate of the applicant can be submitted at a later date.

What is the duration of the proof of submission regarding an application for a residence permit?

One year.

I would like to request a residence permit. Should I get an entry visa for Greece before I submit my application for the residence permit?

Only if you come from a country, whose citizens are required to get an entry visa in order to come to Greece.

What type of entry visa is needed in order to purchase real property and request a residence permit in Greece?

Either a type C Schengen visa, or a type D national visa.

What is the difference?

Type C—Schengen visa: its holder may stay in Greece and the other Schengen countries for up to 90 days per six-month period. This period starts on the day of the first entry in the Schengen area. If the visa is valid for one entry and the citizen of a third country wishes to enter Greece again, he should request a new visa. Type D—national visa: there is a special provision for real estate perspective buyers. Its duration is up to 365 days. Its holder may stay in Greece during the whole period and travel to or from Greece as often as desired. He may travel to other Schengen countries for up to 90 days per six-month period.

Are there any restrictions that apply to the real estate market? (e.g. location, size in square meters, or other factors).

There are restrictions on properties located in border regions. No other restrictions exist, provided that the building and all its papers are legitimate.

What is the arrangement regarding the access to education and health services? Can the children of the residence permit holder attend a Greek public school?

The holders of the residence permit have access to public education, as well as Greek citizens. Regarding access to health services, third country citizens and their family members who fall under the regulations of the current law, must have insurance that covers their healthcare and medical care expenses. To prove this condition, the following documents are accepted:
i. Insurance contracts which have been signed outside Greece, provided they explicitly mention that they cover the applicant for the duration of their stay in Greece
ii. Insurance contracts which have been signed in Greece

Can I purchase a car with Greek license plates for my transportation needs in the country?

Yes, under the specific regulations of the Ministry of Transport, which apply to third country citizens.

Can I take a mortgage out on the property in order to receive a loan?

You can take a mortgage out on the property, in the same way as Greeks.

Is it required of the buyer to prove the source of their income?

The income of the applicant must be proven by documentation which proves their capacity (e.g. Certificate by class-A recognized bank or an official financial institution or other recognized institutions to store bonds) and certify the existence of bank accounts or other transferable securities, especially shares or bonds.

What happens in the cases where someone tarnishes their criminal record, either in their country of origin or in Greece, during the period of when their residence permit is valid?

This leads to the revocation of the residence permit.

If someone holds a long-term Visa for a different Schengen country, does this Visa need to be cancelled to obtain a visa in Greece?

A Schengen visa by a different country gives the applicant the ability to enter Greece and settle issues regarding the purchase of the property.

Does the residence permit continue to be valid if the owner decides to sell it?

In cases when the real estate (property) is transferred, before the end of the five year term, the third country citizen loses the right to residency.

endfaq

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