The Golden Visa in Greece and the procedure
Greece provides the cheapest residence permit for real-estate owners among the EU countries .With this residence permit the beneficiary has the right to live and be engaged in business activities throughout EU. Beneficiaries are citizens from third countries who will buy a property of minimum 250.000€ in Greece,or several properties that sum up to minimum 250000€.The owner has the right to rent the property and he has no obligation, to stay in Greece for a certain period of time. The right of residence is valid for both husband and his wife. The residence permit is valid for 5 years and it can be renewed if the investor still owns the property.
The procedure of issuance of the Golden Visa is divided in three stages, as follows:
The potential investor has to prove that holds the total amount of 250.000€ by providing the relevant documents from a trustworthy foreign bank. This ,with an invitation letter, by a law firm or a real estate agent in Greece, stating that the investor has the purpose to invest, are sufficient for the granting of a temporary entry permit (visa).
In case of entering the country , the potential investor has to sign an authorization to a lawyer, to arrange and facilitate the transaction of the chosen property or the one that will be chosen in the future. With this authorization, the authorized lawyer is, also, able to issue a Greek tax number for the investor. In most cases, a sole visit of the investor in Greece is sufficient for the completion of the above.
At the same time, the signing of the contract, which is, already, being taken care of by the appointed lawyer, can take place. At this point, the amount of money is paid either through a) a bank transfer from any bank account the investors owns, regardless of the country in which the account is being held, to the seller’s bank account in a Greek bank or b) a bank check (which, essentially, means that the investor can deposit the amount of money required in a Greek bank account, most probably in the account that he/she is entitled to open in Greece, and then request the issue of the check).
The sale contract (and the relevant documents that prove that it is lawfully registered in the competent authority), the medical certificate which is required, photos of the investor and the insurance contract will be required to complete the procedure. The procedure described will be carried out in its entirety by experienced associates of our law firm and, thus, the continuous presence of the investor in Greece will not be required at any stage of the procedure.
Along with the owner of the property and beneficiary of the Golden Visa, the members of his /her family can, also, apply for a residence permit:
- Children of the spouses, or children of the one of the spouses, that are under 21 years old.
- Parents and parents-in law.
As for the children under 21 there is an ability to obtain the Golden Visa simultaneously with their parents and when the children reach the age of 21, they can file for an independent 3-year residence permit, which can also be renewed each 3 years. By obtaining a residence permit, the investor and the above family members have access to healthcare system and to public education, equally to Greeks. With the temporary visa and then the residence permit, the beneficiaries can, also, travel freely across the Schengen zone. This residence permit, though, does not give the access to employment.
Upon the expiry of the golden visa, after a 5-year period, and provided that the property is still owned by the beneficiary, a renewal of the golden visa for another 5 years is granted. After the completion of the renewal period, there is the possibility for the beneficiary to file for a Greek passport and for a residence permit without time limitations.
For any further information please contact us