Greece has started a new immigration program in hopes that it will boost its suffering due to the economic crisis real estate market by encouraging investments.
According to the new Law 4146/2013, third-country citizens (non-EU citizens), who buy property in Greece, the value of which reaches or exceeds the amount of €250.000, may obtain 5 year residence permits. Furthermore, third country citizens, who have signed rental agreements for hotels or touristic facilities for the amount of €250.000 or more, may also acquire 5 year residence permits. Only the immediate family members of the person making the investment have the right to obtain said permits. A husband and wife can purchase one said property in joint tenancy, of €250.000 value. For more than one co-owner who are not married, each person’s interest in the property should be at least €250.000.
It should be clarified that if a person of a third country decides to invest in Greek property pursuant to this Law, they can only obtain a Greek residence permit (renewable every five years for as long as they continue to own the property), but not a Greek passport/citizenship. The process involves first applying for an entry permit to the Consulate of the applicant’s place of residence.
In general, the documents that should be presented to the Consulate in order to procure the entry permit are an agreement with an attorney or a real estate agent and the documents necessary for the residence permit application are:
1) Αcertificate of an A class bank or of any other financial institution, which certify the existence of at least 250.000 Euro and also the intention of the applicant to purchase the property.
2) Two application forms. The aforementioned application must be submitted by the applicant himself of by an attorney at law, but at the time of the submission the applicant must be present in Greece.
3) Three resent color photos.
4) A certified copy of the applicant’s passport.
5) A health certificate issued by a Greek hospital verifying that the applicant has no health issues that would pose a danger to public health.
6) A certified copy of the purchase Deed.
7) A Notary’s Confirmation that the purchase Deed fulfills the provisions of law for obtaining a residence permit.
8) A Land Registry certificate.
9) An Insurance Policy proving that the applicant can cover his medical expenses while in Greece.
10) A 75 € application fee.
The aforementioned documents should be drafted in Greek, except from those which are issued in a foreign country and bear the proper authentication (an apostille or certification by the consulate).
Disclaimer: While every effort has been made to ensure the accuracy of this publication, it is not intended to provide legal advice as individual situations will differ and should be discussed with an expert and/or lawyer. For specific technical or legal advice on the information provided and related topics, please contact the author.