After being signed, the contract needs to be registered with the local Land Registry or Deeds Registry.
Greece Golden Visa Residency Permit For Real Estate Owners
According to the Residence permit through investment in real estate (for 5 years) (Article 20 p. A law 4251/2014) the Greek Immigration and Social Integration Code has decided to grant an Immigration Permit residence permit for five (5) years, subject to renewal, to third country nationals (and their family members) who invest in Greece by purchasing a property of at least 250.000 EUR + VAT.
Advantages
- Visa-Free entry to all the countries of the Schengen without time limitations
- The whole family (including parents and in-laws) have the right to live in Greece and any country of the Schengen area during the period of visa validity
- There is no residence requirement in Greece for a certain period of time
- The right to study in any of the Schengen countries
- The right to obtain the permanent residence after five years from the date of obtaining residence permits
- The right to apply for citizenship after five years from the date of obtaining permanent residence
- Residence permits with only €250.000 investment
- Fast and transparent procedure (within 2 months)
- Family members can accompany applicant (including in-laws)
- No language criteria
- Interview is not required
- Joint ownership allowed (up to 2 owners)
- Multiple ownership allowed (more than one property)
- The Property can be rented to 3rd parties
Investment Requirements & Criteria
- Investment in a residential property for a value of at least 250.000 EUR (+ VAT). The applicant can also purchase several housing units, which total value is not less than 250 K (+ VAT). The real estate purchase can be jointly with a spouse, or made in the name of a legal person, provided that the applicant and/or his/her spouse are the sole shareholders, or
- The applicant has concluded an agreement for minimum of 15 years lease of hotel accommodation or furnished tourist residences in tourist accommodation (complexes) for the amount of at least 250.000 EUR payable in advance prior the submission of the application, or
- The applicant has concluded a time sharing agreement pursuant to the provisions of the Law, as in force for the amount of at least 250.000 EUR payable in advance prior submission of the application.
- The applicant and his family have legally entered the country with any type of visa or legally reside in the country.
- The applicant and the members of his/her family did not have a criminal record in the past and are not included in the Greece Undesirable Persons Catalog.
Approved Investment Options
- Personally, or
- Through a company/ companies in which he/ she participates as a sole shareholder, or
- Through investments done by his/her spouse or jointly with the spouse (the stake each spouse buys need not be equal), or
- Property can be purchased Jointly with 2, or more other 3rd country nationals, provided that the stake each of them acquires is worth € 250.000 or more
Application Forms And Required Documents
- to be submitted with the application
Dependent Persons
- The applicant covers his/her spouse, children under the age of 21, applicant parents and in-laws.
Extension Of Residence Permit
- The Residence permit must be renewed every 5 years. For the renewal the documents must be submitted with the Immigration Department at the place of registration 2 months before the expiration of the residence permit
Qualitative Criteria
The holder of an Immigration Permit is obliged to acquire ID card in Cyprus within one (1) year from the date of the issuance of Immigration Permit Certificate. For that purpose the applicant and his/her dependents must visit Cyprus to give Biometrical details.
All holder of such a permit (including dependents) are obliged to visit Cyprus at least ones every two (2) years. Otherwise, the Immigration Permit is automatically cancelled.
Procedure For The Submission And Examination Of An Application
Applications accompanied with the required documents must be submitted directly to the Civil Registry and Migration Department (CRMD), personally or through an authorized representative.
The submission of the application for the issuance of the residence permit, and any additional documentation, as well as the receipt of the residence permit or of a rejection, can be done either in person by the third country citizen, or through a proxy. Third country citizens who have never visited Greece are not allowed to submit an application for a residence permit through a proxy. The applicant is allowed to enter the country, to assign their representation to a lawyer, either with a proof of authenticity of their signature issued by a police authority, or with a notarized power of attorney. The authorities receiving the application will issue a confirmation that the application has been submitted, provided that all the necessary documentation has been submitted with the application. This confirmation is valid for one year. The third country citizen, who has submitted an application and received the confirmation receipt described above, can reside legally in the country for the duration of the confirmation receipt. Once the authority of Aliens and Immigration of the Decentralized Authority has verified that the application fulfills all necessary conditions and, in accordance with the decision of the Secretary General of the Decentralized Administration, they will issue a five-year residence permit.
Step By Step Procedure
Registering the Sale & Purchase Contract with the local Land Registry or Deeds Registry
Pre-Contract Taxes
Pre-contact property taxes are payable by the buyer prior to signing the sale and purchase contract
Lawyer’s Fees
The Legal Fees are charged on case to case bases according to the complexities of the case. Usually lawyers charge 1% plus VAT (24%) on the contract value of the property.
Notarial Fees
The notarial fees (including VAT) are calculated incrementally upon the property value, and generally range between 1.3 % -1.5%., according to the services included.
Timeframe For Issuing An Immigration Permit
Provided that all the criteria of the above stated policy are met and there are no reasons with regard to either the criminal record of the applicant, or to public order and/or public security issues, the application shall be examined in a positive manner and an Immigration Residency Permit shall be issued.
- The procedure for the examination of the application shall not exceed two (2) months for registration through VISA D.
- In cases where the submission is made directly to the Immigration Department in Greece the process will take up to 1 month
Required Documents For The Obtaining Of Visa D
- Copy of valid passport of the applicant with a valid VISA recognized in Greece. The validity must be at least three months after the expiration of the VISA and to be issued the last decade. The passport must contain at least 2 blank pages.
- Real Estate notarized purchasing agreement
- Certificate confirming the registration of the Purchasing Agreement in the Land Registry
- Receipt for the payment of Governmental Fees in accordance with Art. 132 Law №4251 / 2014
- Certificate issued by the Notary confirming that the purchased Real Estate is in line with the Law Requirements
- Health Insurance Policy for the applicant and depended family members
- Marriage Certificate (if applicable)
- Birth Certificate of the applicant and dependents duly certified (official and certified translation).
- Engagement Agreement on the purchase of real estate signed with a Lawyer or Realtor in case the property is still not transferred on the name of the applicant and documents confirming the availability of funds in the amount of at least 250.000 EUR (e.g. bank account statement).
For The Owner Of The Property
- Power of Attorney
- Four (4) photos as well as a CD with the photos
- Copy of a valid passport (all pages)
- If client enter Greece via another Schengen country- Travel Documents such as copy of air ticket or online booking shall be submitted
- A fee paid and obtained through the “e-paravolo” platform:
- €500 for residence permits of up to a five- year duration and
- €16 for the issuance of the residence permit card
- Certification by an insurance agency for the cost of hospitalization and medical care
For The Spouse Of Applicant
All documents as for main applicant plus the additional:
- Kinship Certificate (double legalized)
- Marriage Certificate (double legalized)
- Sponsor’s Written statement for the validity of marriage:
- If the statement is signed abroad, the declaration shall be Notarized, double legalized and dully translated in English.
- If the Statement is signed in Greece – a statement at KEP shall take place in Greece.
For Minors Kids
All documents as for main applicant plus the additional:
- Kinship Certificate (double legalized)
- Birth Certificate of the child (double legalized)
- If parents are divorced: Documents that prove who has the custody of the child (double legalized)
For Parents And In-laws
All documents as for main applicant plus the additional:
- Kinship Certificate (double legalized)
Extension Of Residence Permit
The Residence permit must be renewed every 5 years. For the renewal the following documents must be submitted with the Immigration Department at the place of registration 2 months before the expiration of the residence permit:
- Application for the extension of residence permit;
- Two color photos;
- Copy of the valid travel passport;
- Copies of all pages of the passport for the period of valid residence permit;
- Certified copy of the current residence permit;
- Receipt for the payment of governmental fees;
- Documents confirming the private or rental (commercial) real estate.