Permanent residence permit for investors

Permanent residence permit for investors

Permanent residence permit for investors 

Owners of property in Greece 

According to the Law 4251/2014, as amended by virtue of the Law 4332/2015  : 

1. By decision of the secretary general of the decentralised administration, a five-year residence permit subject to renewal shall be granted to a third- country national who: 

(a) Has legally entered the country with any type of visa or legally resides in the country, even if the residence instrument in his possession does not permit change of purpose; 

(b) Personally has the full ownership, possession and peaceful enjoyment of real estate property in Greece. In case of joint ownership of a property to the value of EUR 250 000, the right of residence shall only be granted if the owners of the property are spouses with indivisible shares in the property. In all other cases of joint ownership, the right of residence shall only be granted if the joint ownership rate of each joint owner equals to the value of EUR 250 000; 

(c) Has the full ownership, possession and peaceful enjoyment of real estate property in Greece via a legal entity whose shares are fully owned by such national; 

(d) Has made a agreement with a minimum term of ten years for the lease of hotel accommodation or furnished tourist residences in tourist accommodation complexes pursuant to Article 8(2) of Law 4002/2011 (Government Gazette, Series I, No 180); 

(e) Has made a time sharing agreement pursuant to the provisions of Law 1652/1986 regulating time sharing agreements and related matters (Government Gazette, Series I, No 167), as in force. 

2. The minimum value of the real estate property and the contractual consideration of leases of hotels or tourist residences referred to in this Article is set at two hundred and fifty thousand euros (EUR 250 000) and must be fully paid up on the signing of the agreement. The consideration is paid by crossed bank cheque or other bank transaction, the particulars of which must be solemnly stated by the contracting parties before the notary who prepares the agreement and declared in the agreement. By joint decision of the Ministers for the Interior and Finance, the value of the above real estate property may be adjusted, and shall result from the value of the property stated in the contract or of the lease agreement. 

3. Third-country nationals who own real estate property may lease that property. 

4. Such third-country nationals may be accompanied by their family members to whom an individual residence permits shall be issued following a relevant application, which shall expire together with the residence permit of the sponsor. 

Family members shall mean:
(a) the spouse;
(b) the lineal descendants of the spouses or either spouse, who are under 21 years old.
c) Direct ascendants of spouses

5. The above permit may be renewed for an equal period each time, provided that the real estate property remains in the ownership and possession of the third- country national, or the agreements referred to in paragraph 1 above remain effective and all other requirements provided for by law are met. Periods of absence from the country shall not hinder the renewal of the residence permit.Resale of real estate property while the residence permit is valid to another third-country national grants to the new buyer the right to a residence permit while at the same time the seller’s residence permit is being withdrawn 

6. The residence permits issued pursuant to paragraphs 1 and 4 of this Article shall not grant the right of access to any form of employment. 

7. The residence permit shall be issued within two months from procurement of all file information to the issuing authority.