Introduction
Foreigners now have the opportunity to obtain a Greek investment visa otherwise known as the Greek Golden Visa by simply investing in the country’s economy. There are two types of investment that apply here: a business investment or by acquisition of real estate property of a certain value.
Real estate properties in Greece are in great demand. You can buy a house in a city or a villa on an island, or any other property as long as the price comes to a total of at least €250,000.
Types of investment for Greek Residency Visa
1. Real Estate Property Acquisition – A foreign buyer may invest in property of a minimum value of €250,000 in any part of the country. This includes the mainland, the Peloponnese as well as the Aegean and Ionian islands. The investment property may be either residential or commercial. There is also the option of purchasing more than one property as long as the total amount as per contracts amounts to at least €250,000.
2. Timeshare Agreement. Instead of purchasing a property, one may choose to sign a 10 year time-share agreement, provided the minimum value of this lease is €250,000.
3. Purchase of a plot of land. Another investment option entails the purchase of a plot of land with or without the intention to develop. In this case too, the value of this transaction must also total at least €250,000. Here, the combined value of the land and the value of the development contract signed with a construction company are factored into the overall value of the investment.
The procedure to obtain a Greek Residency Visa
Choose your Investment Property
We at SPACEERS™ can assist you with your search or present appropriate investment options taking into account the amount you wish to invest and your preferences. Once this has been decided, we can help and guide you through the following procedures:
- Obtain a Greek Non-Resident Tax number and open a Greek bank account. This must be completed before the purchase of the property. As an option, you can have a Power of Attorney or “proxy” drawn out for you with the help of a notary and appoint and allow your representative lawyer to carry out all the necessary work on your behalf as specified by the ‘proxy’. Should you not have your own lawyer, we have a team of esteemed lawyers who can act on your behalf.
- Acquisition of Property. Purchase the property by signing all necessary documents and the agreement itself. The lawyer representing you will complete the ‘Legal Due Diligence’ of the property as designated in the Power of Attorney. Having concluded the procedure with the Land Registry all necessary fees will be paid as calculated by the Land Registry and you will receive the finalized contract.
Preparing the application
Before filing in your Application
- We will prepare all the required documents regarding the Golden Visa application.
- We will assign a lawyer as this is essential because all the paperwork is extremely complicated.
File Application for Residency
- Make sure you have all necessary documents available such as: birth certificates, marriage and divorce certificates, as well as police clearance that must be submitted with the application. Start the process by filling in the necessary documents for the Golden Visa, and by gradually obtaining all supporting documents: Endorsed photocopy of your passport, 3 pictures, recent and coloured, copy of a contract or contracts of a total value of €250,000 and the transfer certificate issued by the Land Registry.
- All documents need to be in Greek, officially translated at the Translation Department of the Ministry of Foreign Affairs, or by a Lawyer who is a member of the Bar Association. This usually takes about two weeks.
Application Review
- All applications are reviewed by the Greek government within two months from the date of filing. However, the applicant does not need to stay or be present during that time. The application can be processed without the applicant being in attendance. In the meantime, the applicant may use a receipt of application as a temporary permit, which is issued by the authorities. This temporary permit is valid for one year.
Golden Visa Issuance
- The permanent residency document "The Golden Visa" is issued after successful checks of the application documents which have been submitted to the authorities.
Expenses
- All government filing fees and attorney fees are in addition to the investment cost. You will have a clear picture of all expenses at the very start of the process.
Benefits of a Greek Investment Visa
This programme is extended to all members of the family; the parents, children under 18 and even children up to 24 years of age who are dependent on their parents. The parents of both spouses may also obtain permanent residence in Greece within 3 months from the time the actual purchase of a real estate property takes place.
Significant benefits include access to Greek educational institutions, healthcare and medical care systems, and insurance policies regarding pensions.
The Golden Visa Programme also allows holders to travel throughout the 26 countries of the Schengen Zone, for periods of 90 days in every 180 days.
Finally, there is the option of getting an EU passport, through citizenship, after 7 years of having the residency visa.
If for any reason buyers decide to sell the property before the 5-year period, they can do so but they will lose their residence permit and consequently any of their rights as residents of the country.
Greek Citizenship by Investment Program - The Ultimate Guide
Conclusion
Feel free to contact SPACEERS™ for consultation regarding your Greek Investment Visa. The purchase agreement as well as the submission of the application regarding the Residence Permit as such could be processed by one of our lawyers and assigned by proxy.
Fill this form and we’ll get back to you and arrange a complimentary consultation.
