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How are third-country nationals entitled to a Greek residence permit?

Third-country Nationals may fall within the provisions of the Code: Law 4251/2014, Government Gazette 1, no. 80 (Law of Immigration and Social Integration), either by making an investment or by acquiring real estate property.

More specifically, Art. 20 of the Code tries to stimulate the domestic land market by regulating the granting of a Greek Residence Permit to third-country nationals investing in real estate properties in Greece with a value of at least €250,000 through sales, leases, or timesharing agreements. The amount of €250,000 must have been paid in full upon the signing of the respective contract.

The above-described residency permit (Golden Visa) can be renewed every five years indefinitely. as long as the property remains entirely in the ownership of the main applicant.

Family members of the main investor may be granted a personal residence permit that is renewed and/or expires concurrently with the residence permit of the investor (property owner).
Family members considered: the spouse, children up to 21 years of age, the applicant’s parents, and the spouse’s parents.

Periods of Absence from the country does not constitute a reason for refusal.

The Greek Governmental Amendment: Addition of the Permanent Residence of Investor (Golden Visa), paragraph B of Article 20 of the legislation 4521/2014 (A 80), is revised as follows:

The minimum investment after 30/07/2023 will be €500,000, and all investments in the aforementioned locations must be for one property.

This applies to provinces in the North, Central, and South Athens Attica areas. as well as municipalities in Thessaloniki, Mykonos, and Santorini, as the following map shows:

The rest of the country remains under the provisions of the Code: Law 4251/2014, regulating the granting of a Greek Residence Permit to third-country nationals investing in real estate properties in Greece with a value of at least € 250,000 by making an investment or by acquiring one or more real estate properties.

Legal Details about Greek Golden Visa Application

Financial Criteria and Conditions
Property ownership in Greece will allow owners to obtain a Golden Visa for the following categories of owners:
Any non-EU national who acquires property worth €250.000 or more in their name

• Any non-EU national who acquires property worth € 250.000 or more in the name of a company or other entity of which the said non-EU national is the sole shareholder
• A couple (husband and wife) of non-EU nationals who jointly buy property worth €250.000 or more The stake each spouse buys need not be equal
• Two or more non-EU nationals who buy property, provided that the stake each of them acquires is worth € 250.000 or more
• A non-EU national who has entered into a leasing contract for hotels or other tourist accommodation for a minimum term of ten (10) years, provided that the lease is worth € 250.000 or more
• A non-EU national who has entered into a time-sharing agreement for a minimum term of ten (10) years.

When can someone apply?
The purchase process must have been completed (i.e., the sale and purchase contract must have been registered and the relevant registration certificate must have been issued) before someone can apply for a residence permit.

Duration:
The Golden Visa can be valid indefinitely, provided the holder still owns property that meets the criteria granting him the right to obtain it. This is verified every five years and it is the holder’s responsibility to provide the supporting documents, provided that he or she is still entitled to keep the permit. Failure to do so may result in its revocation.

Family members:
The members of the buyer’s immediate family (wife and children) are also entitled to a residence permit, as are now their parents and in-laws. 

Issue process duration:
Provided that all due documents are in order before submission, the golden visa should be issued within two (2) months of submitting the application with supporting documents. Provided the biometric process has been completed, all documents are available at request.
Documents issued by a foreign authority should be translated either in English or Greek and duly authenticated.

Employment:
It needs to be clarified that the Golden Visa itself does not grant its holder the right to work in Greece. However, he or she can be a shareholder or stakeholder in a company based in Greece, as well as a member of its Board of Directors or Managing Director. 

Visa-Free Travel in the Schengen Area, The World’s Largest Visa Free Zone

Through the Schengen Area, borders between European countries are only visible on maps. Over 400 million Nationals of 27 member countries enjoy the freedom of traveling. Passport checks and border controls within the area are nonexistent since every country shares common travel and movement rights.

1. Nationals of any world country, when in the Schengen Area, can liberally cross the internal borders of the Schengen countries, free from border checks
2. Shared standards for crossing the external borders of Schengen countries
3. Harmonized entry and short-stay Visa conditions for all Schengen countries
4. Schengen Area covers most of the EU countries, except Ireland, and the countries that are soon to be part of the Schengen Area: Romania, Bulgaria, and Cyprus. Although not members of the EU, countries like Norway, Iceland, Switzerland and Lichtenstein are also part of the Schengen zone.
5. There is no need to travel through Greece; it is possible to or from any Schengen Area Airport.
   

2023 Michael Perantonis