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Greece Residency Permit

Greece (officially called the Hellenic Republic and historically also known as Hellas) is a country located in southeastern Europe, situated on the southern tip of the Balkan peninsular. Greece marks the crossroads of Europe, Asia, and Africa, and is home to some of the oldest architecture on the planet.

Greece has a rich history as the birthplace of democracy, Western philosophy, the Olympic Games, Western literature, political science, major scientific and mathematical principles, and Western drama.
Today, Greece is a democratic and developed country with a high standard of living and a member of the European Union.

On 18’th April 2013, Greece introduced Law 4146/2013 giving Non-EU citizens and their family members the right to obtain Residency Permits by investing in Real Estate in Greece. According to Article 36A of the Law, a five-year Residency Permit can be granted to Non-EU citizens who own or purchase real estate in Greece, the value of which exceeds € 250,000.
The duration of this type of Residence Permit is 5 years and it can be renewed indefinitely (for a 5-year period each time) provided that the real estate property is still owned by the applicant.

View the detailed leaflet for Greece Residency Permit.

An Investor can acquire the Residency Permit of Greece by purchasing a real estate worth minimum €250,000.

Additional costs attached would be property tax and application fees. Below is the breakdown of the costs:

  • Property transfer tax : 3%(or VAT 24% for newly built projects) on the total value of the Real Estate.
  • Property transfer fees & Expenses: 3% on the total value of the Real Estate.
  • Residency permits application fees: €2,000 (Main Applicant) & €150 (each dependent).
  • Health insurance: €300 (this may vary comparing to the health plan & family members).
  • Legal fees: To be discussed depending on the project and the number of applicants.

The process is straight-forward with minimum travel requirement before the application. The Investors needs to visit Greece in order complete the purchase and once the investor is the owner of a real estate in Greece, they can apply for the Greece Residency.

Phase 1: Property Selection

  • The investor visits Greece with a valid Schengen visa and choses his real estate investment.
  • Signs a Power of Attorney (PoA) with the lawyer and pre-sales agreement with the seller.
  • Issuance of Tax ID and opening bank account for ease of purchase and transfer of funds (optional).

 

Phase 2: Property Purchase

  • At this stage, the investor can return to home-country and the lawyer in Greece will complete the legal check and formalities of the transfer of the property ownership.
  • After completion of purchase, the registration of the new ownership is registered in the land registry authorities.

 

Phase 3: Submission of the Residency Permit Application

  • The investor (along with family if required) will visit Greece again to provide their biometric information (digital photo, finger-print scan, signature, etc.)
  • Along with the completion of the ownership registration, the application is submitted for Residency of Greece.

The Investor and the family can return to the home-country and the Residency Permit will be sent to them through the lawyer’s office. The Validity of the Residency permit is 5 years and can be renewed every 5 years if the real estate investment is maintained.

Documents required for Residency Permit Application:

  • Original Passport + Certified Color Copy.
  • Certified Birth Certificate of Main Applicant.
  • Certified Birth Certificate of Dependents.
  • Marriage Certificate (if Applicable).
  • Police Clearance Certificate*(from country of residence for applicants aged 16 & above).*
  • Health insurance for each applicant (if the applicant does not have an international health plan insurance, a new plan can be registered in Greece with minimal fees).

Note: Documents provided must be Certified at the Greek Embassy of your country of residency (or Apostilled) and in Greek (or legally translated.

*Police Clearance Certificate is required for selected islands of Greece only. Depending on the location of the real estate investment, this document may be required.

 

Investors can also opt for opening a bank account prior to completion of their real estate purchase. This is an optional process and documents may vary comparing to the bank policies.

Documents required for opening bank account (Optional):

  • Passport.
  • Employment certificate.
  • Proof of current address.
  • Bank reference letter.
  • Tax Identification Number (if applicable).

Note: Documents provided must be Certified at the Greek Embassy of your country of residency (or Apostilled) and in Greek (or legally translated)

Benefits of Residency:

  • Residency Permit valid for 5 years from the beginning. Renewed every 5 years if the investment is maintained.
  • Residency permit for all family members including dependent children up to the age of 21. Dependent parents of the investor and the spouse can also be included.
  • No Requirement to stay/visit. No donation required, complete funds into investment.
  • Possibility of applying for Citizenship after 7 years of living in Greece.
  • Ability to operate a business in Greece. Real estate Investment can also be rented out.
  • Free movement among Schengen states.
  • Lowest Investment required among other Schengen states.
Greece Residency Permit holders travel freely within Schengen states
Austria Netherlands
Belgium Norway
Czech Republic Poland
Denmark Portugal
Estonia Slovakia
Finland Slovenia
France Spain
Germany Sweden
Greece Switzerland
Hungary
Iceland
Italy
Latvia
Liechtenstein
Lithuania
Luxembourg
Malta

* Please note that the information is subject to changes. Kindly contact the concerned consulate for updated information or check KNOW YOU BEFORE GO

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