REAL ESTATE PURCHASE BY NON EUROPEAN CITIZENS
AND OBTAINMENT OF RESIDENCE PERMIT
The past years, Greece, aiming to attract foreign investments especially by individuals and legal entities of third-countries outside of the European Union (e.g. Russia, China, Islamic Countries, Countries of South America etc), in an attempt for revenues influx, has proceeded to a series of legislative actions which simplify the procedure and reduce the restrictions and conditions under which someone could acquire real estate in Greece in the past, but also offer additional prerogatives to those interested, making this kind of investments particularly favorable and advantageous.
In particular, under laws 3978/2011 and 4146/2013 the procedure and the conditions required for a person or legal entity to acquire real estate in Greece is drastically simplified, while also those who already own or are intent to acquire or rent real estate in Greece, the value of which exceeds 250.000 euro, are given the opportunity in obtaining a 5year renewable residence permit for themselves and their families.
The main condition for the issuance of such residence permit is the value of the property which should exceed in total the amount of 250.000 euro. This right is offered to the owners of the property, provided that they are citizens of a third-country (non EE) along with the members of their families (i.e. spouse and children under the age of 18). In cases where the acquisition has taken place under a legal entity based in Greece or another EU country, as long as the entirety of company shares are owned by one person, he/she and their family also have the same right for obtainment of residence permit.
The potential investor is required to have been awarded a VISA, in order to be eligible to enter the country, under which subsequently the relevant residence permit will be issued. In relation to the acquisition of real estate in Greece, a special type of Visa can be obtained (Type D) which is issued for a one year period, offering the ability for multiple entrances and free movement in the member states of the Schengen Treaty. Nonetheless any holder of every type of Visa (e.g. Type C, Tourist or Professional Visa etc) or asylum applications is eligible for the above residence permit without restriction.
After the acquisition of the real estate, the owner is eligible for a residence permit, with an initial duration of five years, after which and provided that the beneficiary remains the owner or leaseholder of the property there is the option for multiple successive renewals, for five years each time.
The above residence permit does not provide a right to work (work permit), while the beneficiaries (property owner and his family members, i.e. spouse and underage children) have the right to access public education like every Greek citizen.
Our Law Firm handles on behalf of individuals and legal entities of third-countries the procedure for both the finding and purchase of real estate in Greece and also the issuance of Visa and obtainment of the relevant residence permits, provided that the total value of the property exceeds the amount of 250.000 euro.
Especially, our firm handles the finding of real estate opportunities under the specification and wishes of the interested investor in collaboration with real estate agencies in every part of Greece, provides legal check for the property to the land registry in order to ensure it is free of encumbrances, represents the client before the greek public Agencies and Services, collaborates with a Notary for the drafting of the contract and submits it to the land registry after the completion of the deal.
Additionally, our Firm handles the issuance of Visa in the name of the potential investor and in cases where the total value of the property exceeds the amount of 250.000 euro, we handle the procedure of collecting the required documents for the submission of the application for residence permit on behalf of the owner and his/her family, under which a 5 year legal residence permit is provided with a renewal option for as long as the real estate remains in his/her ownership.
Call us for more details and speak with a specific lawyer. Phone numbers: 0030 210 8811903, 0030 210 8251894.