Property investment law in Greece

Property investment law in Greece

Property investment law in Greece 4146/2013.

 

A. BENEFICIARIES

 The Beneficiaries of the right of entry and stay for  five years are:

a.  Non EU citizens  who have in their ownershipor have an intention proved by documentation to obtain ownership of real estate propert, provided that the minimum price is 250.000,00 Euros.

b.   NonEUcitizens whohave signed lease of  hotel accommodationsor touristicfurnished houses in complex touristicaccommodationsof Article 8 § 2 of L. 4002/2011, for a period of at least 10 years, provided that the minimum amount of rent is at least 250.000,00 Euros

c.  Members of the families of the above mentioned citizens of non-EU Countries.

A1. Especially for those subject to case (a),the following should be taken into account :

1.  The ownership and possession of the real estatesmust belongto their owners.

2.   In case of joint ownership on a real estate, the value of which is 250.000,00 Euros, the owners of the real estate can be up to two (2) individuals who ownthe 50% undivided of theproperty.  In this case both can make use of the right of residence can be  accompanied by the members of their family.

3.   If the owner of the property has acquireditthrougha legal entity, the shares of the company must belong in total to the owner of the property.

4.   The right of residence is granted also in the cases in which the  citizen of the Non-EU State is the owner, either personally or viaa legal entity, of more than one real estates, of total value of at least 250.000,00 Euros.

5.  The documented intentionto purchase  propertyof the above value, mustbe provedby documents which prove the financial capability (e.x. certificate from a recognised A classBankor an official financial institution or another recognised organisation of custody of securities) byvirtue of which it is certified that there arebank accounts or other movable securities, especiallybonds or sharesthat can  cover the capital of the investment of at least EUR 250,000 and the applicant’s intention to purchase the real estate  (contractby which the person has appointed a lawyer or a real estate agency).

A2. For those subject to case (b)above, the payment of the rent that corresponds to the 10 year lease,  in a  lump sum payment, must be proved by the rental contract.

A3. In both of the above mentioned cases, the value of the real estate will derivefrom the price  declared in the purchase contract or lease contract.  

 

B. ENTRANCE  AND RESIDENCE

B1. In order  for the above residence permit to be granted, the applicant must be staying legally in Greece, either holding a residence title for one of the reasons of the law, either having entered Greece with a visa.

For purposes that best serve the intentions of this law, it is regarded that the granting of national entry visa (type D) qualifies.

In contrast, the granting of entry visa type C to Non-EUcitizens who intend to stay for more than three months in Greece may create additional practical obstaclesand delay. 

Additionally,due to the equivalence between residence permits and long-term visas, as regards the free circulation of the holder within the Schengen Area, every citizen of a non-EU Member State who holds a long-term visa, granted by a Member State, and which is valid for one year, may travel to other Statesof the EU for three months withinany six month period,under the same terms that apply to the holder of a residence permit which provides the right for multiple entries.

The duration and required documentsfor the granting of the visa will be determined directly byvirtue of a document of the Ministryof Foreign Affairs.

B2.A Citizen of a Non-EU state, who owns property or who rents a  hotel accommodation or touristicfurnished apartment in complex touristicaccommodation, which meetsthe requirements of Part A, has the obligation after his entrance into the Country and before his visa expires, to apply for a residence permit.

The applications for the granting of residence permits are submitted atthe one-stop service of the competent Directorate of the Decentralized Administration of the place of residence of the applicant orat the competent service of the Municipality of residence of the applicant,  if no unpredictable change has taken place regarding the Directorate of Foreign citizens and Immigration of the Decentralized Administration.

The submission of applications forthe granting of the initial residence permit, the submission of supplementarydocuments and the receipt of the residence permit orof thedecision which denies the granting of the residence permit or of  other documents from the relevantfile can be doneeither by the citizen of the non-EU state , in person, either by a  proxy.

Along with the application for granting of residence permit, the applicant mustattach the required documents which are determined in the relevant decision of the Minister of Internal Affairs.

For the applications of this specific category no charges are payable, as there is no relevant provision.

Thecompetent authorities for the submission  oftheapplications for  residence permits from Citizens of Non-EU States, provided thatthe required documents are complete, issue a certificateof submission of the application, the duration of which is annual. The same certificateof submission is granted, when the application of initial granting of aresidence permitis submitted, in the case in which the certificate of submission of  an application to an insurance institute for the coverage of hospitalization expenses and medical care and accident during and because of work or a health certificate from Greek National Hospital Foundationhas not been provided.

The Citizen of a Non-EU State who has submitted an application for a residence permit and has received the certificate mentioned in the previous paragraph,  legaly resides in the Country , for as long as the certificate is valid. The holder ofthis certificate hasthe rightsthat aregranted by  the residence permit he has applied for.Therefore he has thecapacity to conduct any transaction concerning the execution of the investment and to deal with all the competent services.

The  Directorate of Foreigners and Immigration of the Decentralized Administration, after checking out the  fulfilment of the requirements, issues , by a decision of the General Secretary of the Decentralized Administration, afive-year residence permit on which it is stated  “Property Owners – Article 36a of Law 3386/2005″.

Caution: The residence permit does not providethe right to any kindof work. Economic activity in the capacity of a shareholder ora Chief is not considered as work , as it is meant in  paragraph 3 of Article 36 A of Law 3386/2005.

 B3. Exceptionally, holders of consular visa type (C), who are  in Greece at the entry into force of L. 4146/2013 and have  purchasedaproperty,  have the capacityto submit their application for a residence permit,provided that their  visa has not expired.

B4.The Citizen of a Non-EU State who has an intention proved by documents to invest in a property or rent a hotel accommodation or a touristicfurnished residence and has obtained a visa for this purpose,has the obligation, within the validity periodof the visa, toproceed withthe completion of necessary actions in order to be able to apply for a residence permit before the end of the visa.

In this specific case, the applicant has the capacityto conduct any transactions and to deal with the competent services, with hisvisa.

Regarding the rest issues, the procedure described in Chapter B2 is followed.

 

C. ENTRY AND RESIDENCE OF FAMILY MEMBERS

 Theabove mentioned citizensof a Non-EU Statescan be accompanied by themembers of their  family , as they are determinedin Article 54 paragraph 1 of Law 3386/2005, to whomthe relevant visa will granted.

Family members have the capacityto enter the Country also after  the entry oftheCitizen of a Non-EU State, from whom their right of residencederives.

Residence permits of the same duration are granted to the above memberw of the family,  which residence permits state“Family Members – Article 36-A of Law 3386/2005″,and  whichalsodo not provide access towork.

D. RENEWAL OF THE RESIDENCE PERMIT

The residence permits are renewed for an equal period, provided that the following conditions are fulfiled :

·       The real estate remains, according to the ways mentioned  in ChapterA, in the ownershipand  possession of theholder of the residence permit.

·       The leases that are provisioned remain in force.

Any periods of absence from the country are not an obstacle to the renewal of the residence permit.

E. OTHER specifications

E1. Insurance issues

Citizens of Non-EU States andthemembers of their families who are classified in the regulations of  Article 36 A, mustbe insured forcoverage of  hospitalizationexpenses  and medical care.

The following are accepted as   proof of fulfilmentof this term:

·       Insurance contracts that have been issued and signedabroad which explicitly state that they cover the concerned person for as long as heresidesin Greece;

·       Insurance contracts that are issued and singed in   Greece.

E2. Issues concerning family members of Citizens of Non-EU  states

 The children of Citizens of Non-EU States thathave been accepted byGreece, according to the terms and conditions of Article 36 A, upon adulthood, willbe granted an independent residence permit, accordingto the provisions of  Presidential Decree131/2006.

E3. Issues regardingchange of purpose

       Citizenwof  Non-EU States  living in Greece with a residence permit as financially independentpersons, according tpthe provisions of Article 36 of Law 3386/2005 and qualify for the stipulations  of Article 36 A, have the capacityto apply forarenewal for theparticular purpose. In this case the change of the type of residence permit is not  considered a change of purpose according to the stipulations of Article 12 of Law 3386/2005.