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Permanent Residence Permit for Investors in Greece

Greece at Glance

Greece has the best of both worlds: a historical legacy paired with a rich modern culture. Conveniently situated at the crossroads of Europe, Asia and Africa, Greece is known for its unparalleled natural beauty, scattered throughout 6,000 stunning islands. It has a long, stunning coastline adorned with beautiful beaches that can be enjoyed all year round thanks to 300+ days of annual sunshine.

In addition to its natural splendors, Greece offers a vibrant cosmopolitan life as well. Exquisite fine dining, luxurious villas, great shopping and a wealth of historical landmarks, all punctuated by a passionate and fun-loving local population that revels in enjoying life.

The Greek Permanent Residency Program offers a pathway to secure permanent residency in Europe via an affordable real estate investment in Greece. This program was introduced by the Greek government in 2013 to encourage foreign investment in Greece. Of all European residency by investment programs, Greece offers the most cost-effective investment. As a Greek resident, you’re allowed to live in Greece permanently and travel visa-free across the Schengen Zone.

Investment Options

The Greek Permanent Residency Program is the most cost-effective program currently available to secure residency in Europe via investment. This program currently has two different investment options:

Real Estate Investment

Invest at least €250,000 into a real estate in Greece. This can be accomplished in several different ways:

  1. The property can be residential or commercial and located anywhere on the mainland or surrounding islands.
  2. You can invest in multiple properties whose combined value amounts to the €250,000 minimum investment
  3. You can invest the €250,000 in a timeshare (lease) for a minimum of 10 years. This includes hotel accommodations or furnished tourist residences in integrated tourist resorts.
  4. You can own the property personally, or through a legal proxy in which you own all the shares.

You can set up joint ownership, but each person must invest €250,000, unless the joint ownership is between spouses, in which case it’s €250,000 between the couple.

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General Investment

The other option for securing permanent residency in Greece is more open-ended when it comes to the investment project. The only requirement is that the investment must have a positive impact on Greece’s national development and economy. This is determined by factors such as job creation, innovation, domestic production, production of domestic resources, etc.

This avenue requires a minimum investment is €250,000 into an endeavor of your choice. The higher the contribution, the more resident permits (for executives) you can secure.

For more information about this, please feel free to contact us.

Qualifications & Conditions to Apply

  • Entry Visa obtained from your local Greek Consulate
  • Purchase of real estate property in Greece which costs €250,000 or more
  • Clean criminal record
  • Certificate of health from a Greek medical professional and medical insurance to cover any length of stay in Greece

No minimum stay requirement and the residency visa can be renewed after five years so long as the investment and requirements are maintained

Application Process

The application process for the Greek Residency Program is straightforward and should take about 1-2 months. The general steps are as follows:

  1. Apply for entry visa through Greek Consulate in your home country.
  2. Visit Greece to select your property of choice and open a bank account.
  3. Obtain health certificate from a Greek medical professional.
  4. Make an investment of at least €250,000 in Greek real estate prior to application.
  5. Apply once you have the entry visa, proof of real estate investment and health certificate secured.

The cost for application is €500 and can include your spouse, parents, and any unmarried children under 21 for no additional cost. There are also applicable legal and advisory fees, which we will go through prior to starting the application process.

 

Application Requirements for the Family Members

  • Valid insurance contracts proving that each family member has full coverage for health care and hospitalization for the entire duration of their stay in Greece.
  • Recent certificate from foreign authorities certifying the familiar relationship.

Your family members’ residence permits are directly linked to your permit, as the investor. If your residence permit expires, your family members’ permits will too.  

Your children are issued residence permits that are valid until they are 21 years old. After that, they can request a renewal for an independent residence permit until they are 24, after which point they can apply to renew again according to applicable immigration laws.

 

Required List of General Documents

  • Two copies of the application document
  • Two recent color photos
  • Certified copy of a valid passport or travel documents recognized by Greece and including the relevant valid entry visa, when required
  • Health certificate issued by a Greek hospital or valid health certificate issued in your home country
  • Medical insurance provided by a Greek insurance company or a foreign firm with international coverage
  • Current family status certificate from valid foreign authorities which certifies the familiar relationship
  • €500 fee paid and obtained through the “e-paravolo platform

 

Depending on the specific case, the following additional documentation may be required:

 

  • Contract of property purchase
  • Notarized copy of the lease for hotel accommodations or furnished tourist residences
  • Proof of title transfer from the land registry where the relevant lease contract has been transferred
  • Contract for the purchase of the plot of land or acreage
  • Contract with the construction company for the erection/restoration of the residence
  • Building permit in the name of the applicant
  • Contract for the timeshare for at least ten years duration

 

 

Translation and Certification Requirements

All of the documents required for the residence permit application must be submitted in Greek, except for the documents issued by foreign authorities, which need to be certified. There are two forms of certification:

  • The Apostille stamp - for countries that are parties to the Hague Convention.
  • Certification by the Consular - for countries that are not parties to the Hague Convention, a certification by the Greek consular in the country of origin of the document is required.

The translation of foreign public documents can be done by either of the below:

  • The Translation Service of the Ministry of Foreign Affairs
  • A lawyer who is a member of Greek Bar association, with a certification of their signature by the Bar Association

 

Conditions of Residence

Once your application is approved, you receive a residence permit for 5 years. This permit can be renewed indefinitely as long as you:

  • Maintain full ownership of the original investment property

or

  • Maintain the relevant leases/timeshares/contracts for the original investment property
  • Maintain clean criminal record in Greece and your home country
  • Residents and their applicable family members must have insurance that covers their healthcare and medical care expenses while in Greece.
  • Residents and their applicable family members cannot seek employment in the Greek labor force, but can start their own businesses and work within those enterprises, or make investments.
  • Applicants who live in Greece can apply for citizenship and a passport after seven years. Once applicants get citizenship then they are free to dispose of their investment since further visa renewals are not necessary.
  • Applicants who choose not to live or spend time in Greece can still maintain and renew their residence permits so long as they hold their investment property.

If you sell your real estate to another non-EU resident in the future, they can then apply for a residence permit.

Benefits - Why invest and reside in Greece?

Securing a Greek permanent residency brings a wealth of benefits for you and your family including freedom to travel, attractive tax policies, great quality of life and rewarding business opportunities, among others. Most notably, Greek permanent residence by investment is the most cost-effective route to residency and visa-travel in Europe. It is a fast and affordable program, and that in itself is a huge advantage. If you’re looking for more compelling reasons, we’ve compiled a list below:

Financial

  • Investing in real estate offers ROI potential – there is a favorable likelihood to get financial returns by owning your own property in Greece
  • Tax treaties with many nations in Europe and around the world which provide generous incentives
  • Non-residents are taxed only on Greek-sourced income
  • Tax incentives available for companies making profitable investments into Greece
  • Capital gains tax (CGT) is 15% on property sale

 

Lifestyle

  • Visa-free travel across the Schengen area (26 countries) for up to 3 months during a 6-month period
  • The family-friendly application can include your spouse, children under 21, and even parents for no extra cost – all are eligible to receive a residence permit
  • No restrictions on dual citizenship
  • Many different languages are spoken in Greece with English being the most widely used second language
  • High standards for education – excellent English-speaking private and public schools
  • Much lower tuition costs to attend universities in European countries
  • Though you are not required to live in Greece, you might want to! This gorgeous country is steeped in a rich history and features a lovely climate, stunning beaches, and tons of cultural attractions including world class restaurants, shopping, renowned thermal baths, and abundance of historically significant sites
  • Greece has more than 320 sunny days a year and 6,000 islands to enjoy them
  • World's healthiest diet – exquisite local cuisine & wines
  • Hospitable people, fun-loving relaxed lifestyle

 

Business

  • Your permit enables you to live in and establish businesses in Greece (though you can’t seek employment)
  • Great investment: rising property prices, high capital gains, growing rentals
  • Low cost of living and running a business
  • Educated and skilled workforce
  • Many business opportunities in developing sectors including tourism, food and beverage, IT, energy, life sciences, export-based manufacturing, and logistics and transportation
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Greece is country of thousands of island, where an ancient civilization meets a rich modern culture. Where endless blue skies meet pristine beaches. Where music, nightlife and delicious cuisine all come together in a rich culture with an incredible legacy. When it comes to expanding your mobility, protecting your wealth, increasing your freedom and improving your quality of life, securing permanent residency in Greece is one of the most affordable and efficient ways to do so.

If you are interested in learning more about Greek permanent residency, please contact us today for your free initial consultation.

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