Residence-for-investment programmes are among the simplest ways to get a residence permit abroad. Greece’s Golden Visa programme was launched in 2013, and since then over 4,000 applicants have received residence permits. The golden visa holder can stay in Greece permanently, travel visa-free within the Schengen Area and use social services like local residents do.
Under this program, an investor may choose from three options to obtain a Greece residence permit:
- Buy property in Greece above €250,000.
- Enter into a timeshare contract stipulating to use hotel apartments for at least 10 years, subject to rent of not less than €250,000 (payable as a lump sum).
- Invest €250,000 in any sector of the Greek economy.
Advantages of the Greek Golden Visa programme:
- The lowest barrier to entry among countries with similar programmes, such as Latvia, Malta, Portugal and Spain.
- A permanent residence permit is issued if the applicant owns the property (subject to renewal every five years).
- The applicant is not required to live in Greece.
- Residence permits will be issued for all family members of the applicant: spouse, children under 21 years old, parents and grandparents of applicant and spouse.
- Potential for profits: the property can be rented out for short-terms to generate an income of 5–7% per annum after tax and expenses.
Unlike other residence permit programmes in Europe, under the Greek programme the investor can purchase several real estate assets or participate in the acquisition of a more expensive asset, provided the investments are above €250,000 in total. Both individuals and companies may register as the owner of real estate.
How to obtain a residence permit when buying real estate?
Step 1. Obtaining a Greek entry visa
The investor submits an entry visa application to a Greek consulate in their country of residence. The visa should be valid for the entire period needed to process and submit documents for the transaction.
Step 2. Preparation of documents
The investor can prepare the documents required independently. However, if the investor does not speak Greek and is outside Greece, an attorney will facilitate and speed up this process. The package of documents includes:
- duplicate application form;
- two recent colour photographs;
- certified passport copy;
- receipt confirming that a €500 stamp duty fee has been paid (it can be paid online);
- real estate purchase agreement;
- certificate confirming registration of the agreement with the authorised land registry; and
- insurance policy covering the cost of hospitalisation and medical care in Greece.
All documents must be in Greek except for documents issued by foreign authorities, which must be either notarised by affixing an apostille stamp (this is applicable for documents issued by member states of the Hague Convention) or certified by a consulate. The documents can be translated by the translation service of the Ministry of Foreign Affairs, or by an attorney who is a member of the Bar Association of Greece, which will certify the attorney’s signature.
Step 3. Submission of documents
The documents can be submitted personally or by proxy (provided that the applicant’s representative has entered Greece earlier) to the Directorate of Foreign Citizens and Immigration of the Decentralized Administration where the property to be purchased is located. If the applicant chooses to use a proxy, he or she should enter the country to appoint a lawyer (either by request for representation, provided that the applicant’s signature has been certified, or by a notarised power of attorney). After this, the applicant can leave the country and does not need to be present to apply and receive the residence permit.
After submitting the documents, the investor receives a certificate confirming their acceptance, which is valid for one year. The holder of the certificate may legally stay in Greece during this time and is entitled to all the benefits provided by the residence permit, which the holder is applying for.
The Secretary-General of the Decentralized Administration is in charge of processing the application. This process can take a few weeks to two months long, depending on the municipality. The investor will receive the residence permit once the Secretary-General confirms that the application meets all necessary requirements.
Photos: https://tranio.com/greece/adt/1686396/ – This flat, going for €150,000, has a projected yield of 10% per annum.
Julia Sterkhova real estate writer and content strategist at Tranio.com
Tranio.com is an international real estate platform with a network of 700 partners worldwide and a catalogue of more than 110,000 listings in 65 countries. The company publishes daily news, high quality analysis on foreign realty, expert advice, and notes on laws and procedures related to buying and leasing properties abroad so that readers can make their property decisions with confidence.
