May 28, 2023
Reading Time: 2 min

Greece residence permit for purchasing a hotel on the Aegean coast: a new offer for investors

A hotel is put up for sale on the Greek island of Mykonos. Available for anyone, it will be especially suitable for an investor participating in the residence permit program.

Here is what is known about the project and what makes it a profitable investment.

Albert Ioffe
Albert Ioffe

Legal and Compliance Officer

How to get a Greece residence permit by investing in real estate

Greece residence permit for purchasing a hotel on the Aegean coast: a new offer for investors

What is known about the Greek hotel for sale

The hotel is located on the picturesque island of Mykonos in the Aegean Sea. The island is called the Greek Ibiza: billionaires and celebrities, such as Leonardo DiCaprio and Cristiano Ronaldo, often spend holidays on it.

The island’s most popular tourist attraction, the 16th‑century windmills, is next to the hotel. Tourists also visit nearby ruins of Minoan buildings and ancient Greek churches and monasteries.

How to get a residence permit in Greece for investing in a hotel

View of the windmills of Mykonos. Hotels and tourist accommodations on the island are in demand all year round, making the project can be a profitable investment

The hotel is built in a classic Greek style: white exterior and stonework. The total area of the property is 180 m². There are seven double rooms on two hotel floors. Leisure zones include outdoor terraces and a garden.

An investor can buy a hotel for €1,545,000. The rental yield on the property reaches 18% per annum. The hotel requires renovation.

Greece residence permit by purchasing a hotel on Mykonos island

This is the hotel that investors can buy. Some rooms offer views of the Aegean Sea, windmills and the hotel's inner gardens

How to get a residence permit in Greece by buying a hotel

Greece has a state residence permit program for investment. Investors receive resident cards for purchasing real estate, land plots, or securities.

If an investor chooses a real estate option, they can purchase an apartment, a house, a commercial property, or a hotel. The minimum investment amount is €250,000. After 5 years, they can sell the property and return the investment.

Starting August 1, 2023, the Greek government will change the residence permit program terms: the minimum investment in real estate will double in 36 regions of the country, up to €500,000.

Right now, investors can apply for a residence permit and get the status under the old conditions. To do this, they must sign a purchase agreement and make a deposit.

What investors get if they buy a hotel in Greece

Residence permit for the whole family. Investors can participate in the residence permit program and add their family members to the application: spouses, children under 21, and parents.

Visa-free access to the Schengen countries. With a Greece residence permit card in Greece, holders can freely visit the Schengen Area states and spend up to 90 days out of 180 there.

Tax optimization. Investors can pay a fixed global income tax of €100,000 per year. To do this, they must become a tax resident of Greece by spending at least 183 days a year in the country. Relatives of investors can also take advantage of the benefit and pay €20,000 per year.

For perspective, without the benefits, the global income tax is levied on a progressive scale of up to 45%.

Access to healthcare and education. The investor’s family can be treated in local clinics. Children can study at schools for free and then enrol in a Greek university.

Opportunity to get permanent residence and citizenship. After 5 years of living in Greece, investors and their family members can apply for permanent residency and then for citizenship after another 2 years.

Greek passport opens even more opportunities: with it, investors can travel to 186 countries worldwide and live and work in other EU countries without restrictions.

Immigrant Invest is a licensed agent for government programs in the European Union and the Caribbean. If you want to buy a property in Greece and get a residence permit in the country, consult our investment program experts.