What’s the Golden Visa Program in Greece?
If a foreign investor purchases a property in Greece of value 250.000 € or more, then he and all his family member are entitled to Residence Permit in Greece and free access to all Schengen Countries.
We are focusing in each case separately on how to satisfy the client the better possible way, while our relationship of trust must remain stable and strong. Our team proceeds as quickly as possible with all separate issues.
As far as the client decided the preferable property to buy, we proceed with the legal review of this property and we fix the due diligence report, which we send to the client. So, the client knows the basic info of building’s history and if there are any pending legal issues, which have to resolved.
Further to this, we cooperate with notaries all over Greece in order to proceed with the final contract as soon as possible. It’s also on vendor’s part to be quick too. Clients have the possibility to provide as with a POA (power of attorney) whether to the Greek Embassy of their residence place or in Greece, in front of a notary.
Summary of the Legal Steps for Acquisition of a real estate property:
- Due Diligence of the property based on the legal documents provided to PAPALOIS & ASSOCIATES LAW FIRM in order to investigate the identity of the property registered owner (title deeds) and the existence of registered charges and encumbrances, if any;
- Request of Tax Registration Number before the Tax Authorities; Settlement of any necessary payments before the Greek Tax Authorities in respect to property acquisition (property transfer taxes, VAT, Stamp Duties, etc) and Notary Public fees;
- Execution of the deed of purchase and sale before the Notary Public.
- Registration of the property’s purchase contract at the Land Registry Office.
- Appointment to the Competent Immigration office for submitting the application for Residence Permit. At the same day of the appointment the clients get the Blue paper-temporary residence permit and they can give their biometrics. The residence permit will be issued at least within 2 to 6 months maximum (depending on the competent Immigration Office) after they give biometrics.(For the appointment in the Immigration Office , we need the clients to come in Greece and sign POA before a Greek Notary at least a day before the appointment date )
Under Law 4251/2014, article 20, as it has been modified and is in issue, foreigner who buys a property of at least 250.000 euros in Greece gains the right to obtain a permanent residence permit as an investor. If the owners are a married couple, they can buy together the property of 250.000 euros. If 2 (not married) persons choose to buy a property together, each one of them needs to invest at least 250.000 euros.
As family, the following people are recognized by immigration law :
- Spouse or partner with whom main applicant has signed a cohabitation agreement in Greece
- Parents of client (owner of property)
- Parents of client’s spouse
- Children (till the age of 21 years old – after this limit, there is possibility to renew under circumstances, such as permanent living in Greece)
Residence permit after 21 years old for children
Children who manage to apply before their 21 year old will issue residence permit till their 21 year old. Though, they can renew even after this age as far as they stay at least 6 months per year in Greece. Under the new residence permit after 21 year old, they will be able to work in Greece.
In order the residence permit to be totally finished, clients need to give their biometrical information to responsible immigration department (especially finger prints). This can be completed only at the day of the application (when we receive the blue paper – temporary residence permit, with which the clients can travel only to Greece and their home country) or within 6 months after that day. Finger prints right now can only be completed in immigration offices in Greece. When the residence permit is issued, the clients can travel freely in all Schengen countries.
Golden visa and Schengen Area
Golden visa, when issued, will give to the clients the possibility to travel without visa requirements, such as European citizens, to all Schengen Area.
Golden visa and citizenship
According to the new policy, golden visa residence permit is permitting the client to obtain Greek citizenship. Main provisions are the permanent living in Greece for at least 7 consecutive years and learning Greek language/culture/history.