Immigration Law

Immigration

Asylum

Golden Visa – Specifying documents for article 20B of Law 4251/14 (Initial permanent residence permit for investors)

Article 64 of Law 5100/2024 introduced changes to the provisions of the residence permit linked to real estate investments (“Golden Visa”).

By decision of the Secretary of the Decentralized Administration, a residence permit is granted for five (5) years, with the possibility of renewal, to a third country citizen who:

1. Has legally entered the country with any entry visa (stamp).

2. He/she has, in full ownership and possession, a property in Greece. In the case of an undivided co-ownership of real estate with an acquisition value at least equal to the one defined below, the right of residence is granted only if the co-owners are spouses or cohabiting partners who have entered into a cohabitation agreement. Otherwise, the right of residence shall be granted only if each co-owner’s share is of a value at least equal to that set out below.

3. It has full ownership and possession of real estate in Greece, with an acquisition value at least equal to the one defined below, through a company with its registered office in Greece or another EU Member State, whose shares or shares of the company are held entirely by it.

4. It has concluded a long-term contract for a complex tourist accommodation or a timeshare contract for tourist accommodation of a value at least equal to that set out below. (e.g. 5-star hotel lease).  The thresholds for the investment amounts have been changed, broken down into 3 bands and are as follows:

• • a) 800.000€ – For the Region of Attica, the Regional Unit of Thessaloniki of the Region of Central Macedonia, the Regional Units of Mykonos and Thira of the Region of South Aegean and for the islands with a population, according to the last census, over three thousand one hundred (3.100) inhabitants. In particular, if it is a built-up property or a property for which a building permit has been issued, a minimum area of one hundred and twenty (120) square meters of main premises is required
• • b) 400.000€ – For the other regions of the country. In particular, if it is a built-up property or a property for which a building permit has been issued, a minimum surface area of one hundred and twenty (120) square meters of main premises is required
• • c) 250.000€ – For the whole country and only for real estate that:

• • • (i) changes use for the main premises and is converted into a dwelling. This includes shops, offices, but also real estate consisting of an industrial building or part of an industrial building or within which there is an industrial building, exclusively if, for at least five (5) years, no industry has been installed and operating therein. The change of use must have been completed prior to the submission of the application for a residence permit. Their use as a headquarters or branch of a business is prohibited.

• • • (ii) consists of a listed building or part of a listed building to be restored or reconstructed or within which a listed building exists.

5. The minimum value of the immovable property at the time of its acquisition, as well as the total contractual rent for leases of hotel accommodation or tourist residences, must be paid in full before the submission of the application for the granting of the investor’s permanent residence permit.

6. Third country nationals – holders of an investor’s permanent residence permit may renew their residence permit for an equal period of time each time, provided that the conditions are met. Except in cases of restoration or reconstruction of a building, an additional condition for the first renewal of their residence permit shall be the implementation of the complete restoration of the real estate elements or their total reconstruction, regardless of the cause of the deterioration or collapse or demolition of the buildings or parts thereof. Periods of absence from the country shall not constitute an obstacle to the renewal of the residence permit.

7. The agreed price or rent is paid in full in the following ways: a) by bank cheque in a payment account of the beneficiary held in a credit institution operating in Greece, b) by credit transfer, and c) through a POS installed by a payment service provider operating in Greece, by debiting the buyer’s bank credit or debit card to a payment account of the beneficiary held in a payment service provider operating in Greece. The above payment may also be made by the spouse or relatives by blood or affinity up to the second degree of the buyer.

All the particulars of the payment, including in particular the identification of the contracting parties, shall be declared and responsibly submitted by them before the notary drawing up the contract and shall be recorded therein.

8. Submission of a certificate from the notary who drew up the notarial deeds of transfer or lease contracts.

9. Third country citizens, holders of real estate are provided with the possibility of leasing it.

9Α. Real estate may not be leased out on a short-term basis or subleased. In addition, the properties may not be used as the headquarters or branch of a company.

10. The resale of real estate during the period of validity of the residence permit to another third country citizen entitles the new buyer to a residence permit with the simultaneous revocation of the seller’s residence permit.

11. Residence permits granted shall not establish a right of access to any form of work.

12. Submission of a certificate from the locally competent Aliens and Immigration Department of the Decentralized Administration, regarding whether the particular property has been used for the issuance of a permanent residence permit for an investor.

13. The residence permit shall be issued within two (2) months from the receipt of all the information in the file.