GOLDEN VISA: conditions for investment in real estate - Legislative Amendment (Statute 5007/2022)

GR Version | RU Version

The "GOLDEN VISA" programme has been successfully implemented in Greece since 2013 for buyers or tenants of real estate, providing them with the possibility of legal residence in Greece on the one hand, and free access and movement in all countries of the Schengen Convention on the other.

STAMOS & ASSOCIATES Law Firm, in order to better serve foreign buyers, has created the service of issuing a 5-year residence permit (GOLDEN VISA) for them and their family members in Greece. Our company, on behalf of the investors, undertakes their full representation in all Greek and foreign public services, collecting and submitting all the necessary documents, submitting the applications and delivering the permit ready to the interested party. Thus, the procedures are simplified and accelerated, relieving the client of unnecessary effort and hassle.

Photo Credits: istock.com

According to the latest changes introduced by Law 5007/23-12-2022:

1. 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 citizen of a third country who:

α) 5.5.5.1. has legally entered the country with any kind of entry visa or legally resides in the country, even if the residence title he/she holds does not allow for a change of purpose.

b) Has full ownership and possession of immovable property in Greece. In the case of an undivided co-ownership of real estate, the acquisition value of which is at least equal to the value defined in sub-para. 2, the right of residence shall be granted only if the joint owners are spouses or 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 specified in sub-paragraph 2. 2.

c) He/she has full ownership and possession of immovable property in Greece of a value at least equal to that specified in sub-para. 2, through a legal person established in Greece or in another Member State of the European Union, whose shares or shares in a company are wholly owned by it.

(d) Has concluded a long-term contract of complex tourist accommodation, in accordance with par. 2 of Article 8 of Law No. 8. 4002/2011 (A' 180) or a timeshare contract for tourist accommodation, in accordance with the provisions of Law No. 4002/2011 (A' 180). 1652/1986 (A' 167), of a value at least equal to the value set out in paragraph (a) or (b) of this Article. 2.

e) He/she is an adult and has acquired full ownership and possession as an heir intestate or by will or as a result of a parental gift, of real estate with an objective value at least equal to the value specified in sub-para. 2.

2. a) For the Regional Units of North, Central and South Athens and the Municipality of Vari Voulas Vouliagmeni of the Region of Attica, the Municipality of Thessaloniki of the Region of Central Macedonia and the Regional Units of Mykonos and Santorini of the Region of South Aegean, the minimum value of the immovable property at the time of its acquisition, as well as the total contractual rent of the leases of hotel accommodation or tourist residences of the present, is set at five hundred thousand (500.000) euros and must be paid in full before the submission of the request for the granting of the investor's permanent residence permit. In the case of investment through the purchase of real estate in the areas referred to in the first subparagraph, it shall be made in a single property. In the case of investment through the purchase of an undivided co-ownership interest in real estate, the minimum value of the co-ownership interest shall be set at five hundred thousand (500,000) euros and the investment shall be made in a single property.

b) For the other regions of the country, the minimum value of the real estate at the time of its acquisition, as well as the total contractual rent of the leases of hotel accommodation or tourist residences herein, is set at two hundred and fifty thousand (250,000) euros and must be paid in full before the submission of the application for the granting of the investor's permanent residence permit. In the case of investment through the purchase of real estate in the areas referred to in the first subparagraph, it shall be made in one or more properties.

3. The minimum value of the real estate at the time of its acquisition, as well as the total contractual rent of the leases of hotel accommodation or tourist residences under this Article, as determined by the notarial deeds of transfer and, in case they are subject to the payment of a credit price, by the respective legally transcribed notarial deeds of redemption and removal of a dissolving condition, or the lease contracts, respectively, determined in accordance with sub-para. 2, shall have been paid in full before the submission of the application for the granting of the investor's permanent residence permit.

STAMOS & ASSOCIATES Law Firm, holding firm to the values of legal science, provides sound legal advice on the necessary steps to purchase real estate in Greece and obtain an Investor's Residence Permit ("Golden Visa").

As a specialized Lawyer in Immigration Law and Real Estate Law, Ms. Anna Ignatenko and members of our legal team will take care of all the necessary steps for the purchase of the property and the issuance of the permanent residence permit - Golden Visa.

Anna S. Ignatenko - Attorney at Law | Head of Legal Dept.