Residence Permit in Greece by Real Estate Investment
State investment program
Duration: from 2 months
Since 2005 Greece has provided foreigners with the opportunity to obtain a residence permit in exchange for investing in the country’s economy. You can invest in business or buy real estate of any value. Greek residence permit gives you the opportunity to travel around the world and to forget about the problems with visas and standard conditions of visiting the Schengen countries.
Advantages of Greek Residence Permit
- Greek residence in 2 months
- No need of having to live permanently in Greece
- State guarantees for obtaining a residence permit
- Free entry and movement within the territory of Schengen countries
- Alternative residence, personal security, capital safety
- Legal withdrawal and safekeeping of capital in hard currency of Europe
- Greece has one of the lowest crime rates
- Your children, parents and even grandchildren can join the Program
- Reliable medicine for families
- European education opportunities for your children
- Greece is an ancient paradise for travelers
Conditions and Amount of Investments
Greece offers 3 ways of your participation in the state investment program “Greek residence permit”.
- For financially independent persons. Existence of a Greek bank account from €24 000.
- Economic activity in Greece with a minimum investments of €300 000.
- Purchase of the real estate property for a minimum of €250 000.
The need to stay in Greece for more than 183 days a year, as well as the guarantee of obtaining the residence permit depends on the chosen way.
Residence Permit for Financially Independent Persons
Acquisition of real estate in Greece for any price as well as confirmation of your financial security gives the opportunity to obtain a residence permit. The procedure of obtaining this residence permit consists of two stages:
You must request the Consulate General of Greece in your country of residence for a type D visa (right to stay in Greece for 180 days a year), which allows you to apply for a residence permit in Greece.
Once you have entered Greece with a type D visa, you must apply for a residence permit (as a financially independent person) by the municipal Migration Service of your address in Greece. The balance of your Greek bank account should be at minimum € 24.000, and additionally 20% for your spouse and 15% for each minor child (under 18 years of age) are required. You also need to attest your income of €2000 per month to prove your financial independence. First you will be given a certificate that all the necessary documents have been submitted to the Migration Service, and then you receive a sticker in your passport in a month. A few months after the purchase of the property and confirmation of your financial security, you will receive a residence permit for a period of 2 years with the option to extend it for another 3 years. With this kind of residence permit you have to live in Greece for at least 183 days per year. In addition, there is no guarantee of obtaining this type of residence permit, so we suggest you to pay attention to apply for a residence permit for Greece by the purchase of real estate.
Real Estate Investment
Greece is one of the most popular resorts in Europe. Therefore the real estate on the Mediterranean coast is in enormous demand. You can buy a villa or several properties. But the total amount of at least €250 000 is the main condition. If you want to include parents or grandchildren in the program, apart from the spouse and children, the minimum amount of investment in real estate must be from €500 000.
The residence permit does not oblige you to stay in the purchased apartments. You can rent out your property and receive legal income. You do not need to have €24,000 in your account, to pay extra for your family members and prove your financial independence. Obtaining this kind of residence permit does not require a D visa. You will receive a residence permit for 5 years with the right to extend it for another 5 years just 15 days after applying.
Tax Aspects of Property Purchase in Greece
- The one-time tax on the purchase of secondary real estate in Greece is 3.09%;
- The tax on the purchase of primary real estate with a permission to build is 24% since 31.12.2005;
- Capital gains tax on the sale of real estate is 15% of the profit.
Comparison of Two Options for Obtaining Residence Permit in Greece
|financially independent persons||Real estate investment|
|Need of D-type visa||yes||no|
|Compulsory residence||183 days a year||no|
|Program members without any extra fees||no||spouse, children|
|Program members with an extra fees||spouse, children||parents, grandchildren|
|Time of receipt of residence permit||3-4 months||15 days|
|Duration of residence permit||2 year||5 years (easy extension)|
|Greek bank account||Yes||No|
Guarantees by Law
The Greek government is interested in attracting investors contributing to the country’s economy. The possibility of obtaining various types of residence permits is regulated by the Greek Law of “Entry, Residence and Social Inclusion of Third-Country Nationals on Greek Territory”, as well as the Law of “the Creation of an Enabling Environment for Strategic and Private Investments”.
The residence permit of Greece is ideal for those who want to see the world and save time on visas and other documents for border crossing. But if you want to settle in Greece, you will have to go through the procedure of permanent residence registration and citizenship in general order. You will need to stay in Greece for at least 183 days a year and could apply for permanent residence in 5 years. You can apply for Greek citizenship after 10 to 12 years. But you should take into account some specifics. Neither the main applicant nor family members are allowed to work in Greece, if they apply for residence permit as real estate investors. The period of living in Greece with a residence permit for real estate investors does not count for the application for permanent residence permit and Greek citizenship. But you can extend your residence permit every 5 years as many times as you want even without living in Greece.
Who in Your Family Can Get a Greek Residence Permit
- Spouse and children under 21
- Parents – dependants, grandchildren under 20 (as far as the price of purchased real estate increases)
How Can We Help You Get a Residence Permit
Immigrant Invest is a private immigration agency. We specialize in investment citizenship programs, mainly in the EU countries. Thanks to our partner network we provide information support to investors all over Europe – from the moment of the first consultation to the moment of obtaining your citizenship; and in the case of programs with returnable investment, to the moment of real return of the deposit to the investor.
To learn more about the program, its features and necessary documents download the presentation below.
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