Real Estate investors

Real Estate investors

The residence permit for property owners is for third country nationals who have legally entered the country on any type of entry visa (C or D) or are legally residing in the country, even if the residence permit they hold does not allow for a change of purpose. Beneficiaries of the right of entry and permanent residence permit, which is subject to renewal every five (5) years are: In order to obtain the “permanent investor residence permit”, which is subject to renewal every five (5) years, the following conditions must be met:

  1. third country citizens who personally own, possess and hold in full, real estate in Greece, the minimum amount of which is two hundred and fifty thousand (250,000) euros.
  2. third-country nationals who, through a legal entity with its registered office in Greece or another EU Member State, provided that they own all the shares or company shares, have full ownership, possession and ownership of real estate in Greece, the minimum amount of which is two hundred and fifty thousand (250,000) euros.
  3. third-country nationals who have concluded a lease of at least 10 years of hotel accommodation or furnished tourist accommodation in complex tourist accommodation, where the minimum lease amount is €250,000.
  4. third-country nationals who purchase a parcel of land or a plot of land and proceed to the construction of a building, if the sum of the value of the purchase contract and the building construction contract is at least two hundred and fifty thousand (250,000) euros.
  5. third-country nationals who have concluded a timeshare contract under the provisions of Law No. 1652/1986. 1652/1986.
  6. third-country nationals who have acquired in full ownership and in fee simple, as heirs intestate or by will or as a result of parental inheritance, immovable property with an objective value of two hundred and fifty thousand euros (€250,000) and who are adults.

Conditions for obtaining a residence permit for property owners:

In order to obtain the “permanent investor residence permit”, which is subject to renewal every five (5) years, the following conditions must be met:

  1. The properties must be owned, possessed and occupied by the owners.

  2. In the case of an undivided co-ownership of a property with an acquisition value of at least €250,000, the right of residence is granted only if the co-owners are spouses or partners in a civil partnership. Otherwise, the right of residence is granted only if the amount invested by each co-owner is €250,000.

  3. If the owner of the property has acquired it through a legal person,

    he/she must own the shares or partnership shares in full.

  4. The right of residence is also granted in cases where the third-country national is the owner, either personally or through a legal entity, of more than one real estate property with a total value of at least €250,000.

  5. For third-country nationals who have concluded a lease of hotel accommodation or furnished tourist accommodation in complex tourist accommodation for at least ten years, if the minimum lease amount is €250,000, the contract must indicate the one-off payment of the rent corresponding to the ten-year lease of the accommodation or furnished tourist accommodation.

For the above cases, the amount of the immovable property will be derived from the values of the property or lease contracts as stated in the contract. It is clarified that the price of the value of the real estate for the purposes of Law 4251/2014 means the amount expressly stated in the contract that was paid for the purchase and sale. The objective value of the property is of no interest unless it is the amount stated in the contract that was paid for the purchase and sale.

IFor the District Units of the Northern, Central and Southern Sectors of Athens and the Vari- Voula- Vouliagmeni Municipality of the Province of Attica, the Municipality of Thessaloniki of the Central Macedonia District and the Mykonos and Santorini District Units of the South Aegean Districts, the minimum price of the real estate or the total rental price in the case of hotel & touristic housing rental investments is determined as five hundred thousand (500.000) Euros and the above mentioned investment amount must be paid in full before the residence permit application.

 

For the above-mentioned regions, it is entitled to apply for one residence permit only on the condition that the investment is made with the purchase of one real estate. In the case of investment through the purchase of a percentage of joint ownership of a property, the minimum value of the percentage of joint ownership is set at five hundred thousand (500,000) Euros, and the investment is made on a single property.

For other regions of the country, the minimum value of the property on the date of acquisition or the total contract rental price in the case of hotel & touristic housing rental investments is determined as two hundred and fifty thousand (250,000) and the above-mentioned investment amount must be paid in full before the residence permit application. In the regions specified in the first paragraph, real estate investment actualized by one or more property purchases.

Α residence permit application can be made with an investment value of at least two hundred and fifty thousand (250,000) euros until December 31, 2023, and in this case, one or more real estate investments can be actualized. 

If the purchase of the real estate for which an advance of ten percent (10%) of the purchase price is given is not completed by April 30, 2023, the investor is entitled to complete one or more other real estate investments over two hundred and fifty thousand (250,000) Euros by December 31, 2023 at the latest.