GOLDEN VISA

Golden Visa

The Golden Visa Greece programme makes it possible to third country citizens to get residency and citizenship through investments in real estate.

Foreign investors from third countries who buy property over 250.000€ obtain for them and their families a 5-year Visa for Greece and consequently for each country in EU.

Greece is the cheapest country in EU to buy property for a residence permit!

After 5 years, the investor may renew the visa for another 5 years, if the property still belongs in his possession.

What advantages does the residence permit holder in Greece?

  • You can resided continuously in Greece during the entire duration of the residence permit
  • You can travel to other countries of the Schengen zone without restrictions.

In order to come to Greece and implement all the purchase operations, our company undertakes all procedural for issuing visas.

A residence permit is any documentation issued by the Greek authorities, according to which a third country citizen is given the right to reside legally within Greek territory, in accordance with the provisions of the European Union (Regulation 1030/02 as applicable).

Golden Visa Greece

Residence permits for Real Estate owners and who they apply to

A residence permit for real estate owners is a new type of residence permit, for third country citizens who have entered the country legally on any kind of visa (type D or C) or are legal residents in the country, even if the residence permit they hold does not allow for change of residence scope. Beneficiaries of the right of entry and residence, for a period of five years, are:

  • Third country citizens who purchase a plot of land or acreage and proceed to erecting a building, provided that the cumulative value of the land purchase and the contract with the construction company is at minimum 250.000€
  • Third country citizens who own real estate property in Greece, either personally or through a legal entity of which they own the total of the company shares, provided the minimum value of the property is 250.000€
  • Third country citizens who either reside legally, with a residence permit, in Greece, or wish to enter and reside in the country, and who have full ownership and possession of real estate property in Greece, which they have purchased before the enactment of law 4146/2013, provided that they had purchased the real estate property for a minimum of 250,000 or the current objective value of their real estate property is at a minimum of 250.000€.
  • Family members of the third country citizens described above.

Preconditions for a residence permit for Real Estate owners in Greece

The following conditions must be fulfilled to receive a residence permit:

  1. The real estate property must be owned by and be in possession of its owners.
  2. In cases of joint ownership, where the value of the property is 250.000€, the residence permit is only granted if the owners are spouses with undivided ownership of the property. In all other cases of joint ownership, the residence permit is only granted if the amount invested by each of the joint owners is at least 250.000€.
  3. If the owner has acquired the property through a legal entity, the applicant must own 100% of the company shares.
  4. The residence permit is also granted in cases where the third country citizen is the owner, either directly or through a legal entity, of more than one real estate property with a combined value of at least 250.000€

In all cases outlined above, the value of the real estate property will be determined based on the value of the property, or the lease, indicated in the contract of purchase. The value of the property, according to law 4251/2014, is the amount stated explicitly on the contract which has been submitted for the purchase of the real estate property. The objective, or assessed, value of the property is not relevant, unless it corresponds to the amount which was, according to the contract, paid for the sale of the property.

Duration of the residence permit for real estate owners.

This residence permit is valid for 5 years.

Cost associated with the application process for the residence permit for owners of real estate

Interested parties are only subject to the fee for the issuance of a five year residence permit amounting to 500€

Read more: Enterprise Greece   /   Legislative framework   /   Brief Guide

Where in Europe you can buy a residence permit

Renewal of residence permits for owners of Real Estate - Duration and Preconditions

The residence permit can be renewed. More specifically, the residence permits may be renewed for the same duration and for as many times as the applicant requests. To renew the residence permit, the following conditions must be met:

  1. The real estate property must remain in the full ownership of the applicant.
  2. The relevant leases/contracts must be ongoing.

Absences from the country do not impede the renewal of the residence permit. The resale of the real estate property, during the period when the residence permit is valid, to another third country citizen does not provide to the new owner the right to a residence permit.

Procedure for residence permits for family members

According the information above, third country citizens can be accompanied by their family embers, who will be granted the appropriate entry Visa. Family members have the option of entering the country at a later date from the applicant, from whom they draw their residence rights. These family members are issued with a residence permit of the same duration as the applicant, but this permit does not include access to employment.

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The process for the issuing of a residence permit for Real Estate property owners

Step 1: Issuing an entry Visa for Greek Territory

The interested party must submit an application for an entry visa to the Greek consulate authority in their country of origin.

Step 2: Collecting the documentation for the issuing of the residence permit

Applicants for a residence permit for real estate owners, valued at 250.000€, must provide the following documents:

  • 2 copies of the application document
  • 2 recent colour photos
  • a certified copy of a valid passport or travel documents recognized by Greece and with the relevant valid entry visa, where required
  • A fee paid and obtained through the e-paravolo platform according to provisions of Law 4251/2014 article 132, which amounts to 500€ for residence permits of up to a 5-year duration.

Depending on the specific case, the following documentation may need to be submitted in addition to the above:

  1. Residence permits for third country citizens who own and posses, either wholly or jointly, property in Greece
    A contract of purchase stating that the contract of sell and purchase of the property is not subject to conditions or exemptions, the total price amounts to .... which has been paid in full with a crossed bank cheque or bank transaction and a proof of transfer of the contract by the competent Land Registry.
    Certification by an insurance agency for the cost of hospitalization and medical care. To certify that this condition is fulfilled, the following are accepted:
    • Insurance contracts which have been signed outside Greece, provided that they explicitly mention that they cover the interested party for the duration of their stay in Greece.
    • Insurance contracts which have been signed in Greece.
  2. Residence permits for third country citizens who own property in Greece through a legal entity, where the applicant owns all shares A contract of purchase stating that the contract of sell and purchase of the property is not subject to conditions or exemptions, the total price amounts to ...., which has been paid in full with a crossed bank cheque or bank transaction and a proof of transcription of the contract by the competent Land Registry. Certification by an insurance agency for the cost of hospitalization and medical care.
    To certify that this condition is fulfilled, the following are accepted:
    • Insurance contracts which have been signed outside Greece, provided that they explicitly mention that they cover the interested party for the duration of their stay in Greece.
    • Insurance contracts which have been signed in Greece.
  3. Residence permits for third country citizens who have a lease  for a minimum of 10 years  for hotel accommodations or furnished tourist residences in integrated tourist resorts:
    • Notarized copy of the lease for the hotel accommodations or furnished tourist residences in integrated tourist resorts, which demonstrates a single payment of 250.000€ and includes a mention of the granting of the relevant operation licence by GNTO (Greek National Tourism Organization)
    • Proof of title transfer from the land registry where the relevant lease contract has been transferred
    • Certification by an insurance agency for the cost of hospitalization and medical care.
  4. Residence permits for third country citizens who have purchased real estate property in Greece before Law 4146/2013 came into effect:
    If the payment submitted before Law 4146/2013 came into effect is smaller than two hundred and fifty thousand euro (250.000€) but the current objective (assessed) value of the real estate  property exceeds or is equal to this amount, a certification by a notary must be included in the documents that are submitted, stating: From the verification of the contract with number .for the purchase of real estate property, it can be concluded that the full payment of the cost of the real estate property has been completed, it no longer has any conditions, exemptions or deadlines, and the objective (assessed) value of the real estate property as it stands today is equivalent to the amount of ... In this case it is also necessary to submit the contract of purchase for the real estate property or properties, the value of which is at minimum 250.000€, and a proof of title transfer from the land registry where the relevant contract has been transferred.
  5. Residence permits for third country citizens who purchase plots of land or acreage and erect a building.
    The following additional documents must be submitted:
    1. Contract for the purchase of the plot of land or acreage, and 
    2. Contract with the construction company for the erection/restoration of the residence, which has been submitted to the tax office according to the law
    3. Building permit in the name of the applicant
    4. Invoices by the contractors and the corresponding proofs of payment.
  6. Residence permits for third country citizens who have a timesharing lease of at least ten year duration, for hotel accommodations or tourist furnished accommodations in integrated tourist resorts.
    The following additional documents must be submitted:
    1. Contract for the timeshare of at least ten years duration, which states the exact amount to be paid every year.
    2. Proof of title transfer from the competent land registry
    3. Certification by the Greek National Tourism Organisation that they have been informed of the establishment of this timeshare lease.
  7. Residence permits for family members of the third country citizen
    Certification by an insurance agency for the cost of hospitalisation and medical care.
    To certify this condition is fulfilled, the following are accepted:
    • Insurance contracts which have been signed outside Greece, provided that they explicitly mention that they cover the interested party for the duration of their stay in Greece.
    • Insurance contracts which have been signed in Greece.
    • Recent family status certificate from foreign authorities which certifies the family relationship

Step 3: Submitting the documents

Applications for the residence permits must be submitted to the one-stop service of the Alien and Immigration Department at the Decentralized Authority where the property of the interested party is located. For more information on your case, please contact the one-stop shop of the Decentralized Authority where the property is located. A list of all one stop shops and their contact information can be found in the attached list.

Step 4: Procedures until the final issuing of the permit

Upon arrival

A third country citizen who intends and has the necessary supporting documentation to own real estate property or to lease hotel accommodations or furnished tourist residences and has entered the country legally, is required to complete the required actions to apply for the residence permit before the expiry of the entry visa. In this case, the prospective applicant is able to undertake legal acts and transactions with the competent authorities, using their entry visa.

Application process

The submission of the application for the issuance of the residence permit, the submission of additional documentation, the receipt of the residence permit or of a rejection, or any additional documentation from the relevant file, can be done either in person by the third country citizen, or through a proxy. This means that third country citizens who have never entered Greece are not allowed to submit an application for a residence permit via a proxy. The applicant is allowed to enter the country, to assign their representation to a lawyer, either with a proof of authenticity of their signature issued by any public authority or with a notarized power of attorney, and then depart from the country and not be present during the submission of the application for a residence permit and/or the granting of the relevant permit.
Consequently, it is possible to submit the application via proxy, under the condition that the person submitting the application also submits either an original passport of the third country citizen or a copy or a true copy of the passport certified by a lawyer. It is possible, in the same way, to receive the certification that the application has been submitted, as well as the residence permit. The relevant provision will be valid until the establishment of an independent document which will replace the unified type of residence permit. For the submission of the independent document, the presence of the third country citizen will be necessary, because of the requirement to obtain biometric data. The documentation outlined in the previous steps should be attached and submitted with the application.

Documentation check

The authorities receiving the application will issue a confirmation that the application has been submitted, provided that all the necessary documentation has been submitted with the application. This confirmation is valid for one year and it constitutes an evidencing document until the residence permit is issued.

Application processing timeframe

The owner of the real estate property is not affected by the duration of the processing of their application, from the moment the application is submitted to the relevant authorities until the issuing of a decision by the Secretary General of the Decentralised Authority regarding their residence permit. After the application has been submitted, the applicant receives a receipt confirming the submission of the application, which is valid for one year. The time required to process the application depends on the authority where it has been submitted yet it may not exceed two months after all the necessary documents have reached the competent authority.

Provisions during the application processing period

The third country citizen, who has submitted an application and received the confirmation receipt described above, can reside legally in the country for the duration of the confirmation receipt (one year). The holder of the confirmation receipt is entitled to the benefits of the residence permit that they have applied for. Hence, they can proceed with any legal transaction regarding their investment and can transact with all the relevant authorities. Issuing of the decision Once the authority of Aliens and Immigration of the Decentralized Authority has verified that the application fulfils all necessary conditions and, in accordance with the decision of the Secretary General of the Decentralized Administration, they will issue a 5-year residence permit.

Documents and certificates for the renewal of residence permits

The renewal of the residence permit requires different documents, including:

  • A filled-in Application
  • 2 recent profile colour photos
  • A true copy of a valid passport or travel documents recognised by Greece.
  • A certified copy of the previous residence permit, only in cases where the permit is not attached to the passport that is submitted
  • Certification by an insurance agency for the cost of hospitalization and medical care.

To certify this condition is fulfilled, the following are accepted:

  • Insurance contracts which have been signed outside Greece, provided that they explicitly ention that they cover the interested party for the duration of their stay in Greece.
  • Insurance contracts which have been signed in Greece.

Additionally, depending on the case, the following documents are required to renew a residence permit, provided that real estate property with a value of 250.000 has been purchased:

  1. Renewal of residence permits for third country citizens who own and posses, either wholly or jointly, property in Greece
  2. Renewal of residence permits for third country citizens who own property in Greece through a legal entity, where the applicant owns 100% of the share.
  3. Renewal of residence permits for third country citizens who have a lease ? for a minimum of 10 years ? for hotel accommodations or furnished tourist residences in integrated tourist resorts
  4. Renewal of residence permits for family members, according to article 20, case B, paragraph 4 of Law 4251/2014, of the third country citizen
  5. Certification by an insurance agency for the cost of hospitalization and medical care
  6. Declaration by the sponsor that the family circumstances have not changed
  7. Copy of the birth certificate for a child born in Greece.