General information regarding residency permits for Greek property owners

The following is a guiding summary for residency permit types in Greece if owning property.

This document contains information regarding preceding factors, regulations and originals necessary for obtaining the residency permit types as defined below. Additionally this document contains answers to important questions regarding the new type of residency permit for owners of Greek property.

ATTENTION: Irrespective of our great care to present updated and verified information in this text, our agency cannot guarantee all aspects remaining as is. For your own benefit please refer to legal advice concerning point B of para. 20 of law 4151/2014 as published in the government bulletin No 80 section A, and concerning Joint Ministry Decree No 30825/6-06-2014 as published in the government bulletin No 1528 section B. Additionally please reference Enterprise Greece — investingreece.

Greek government aims to facilitate conditions for foreigners interested in purchasing land and homes, offering residency permits that can be extended every five years for owners of Greek properties valued at or above 250 000 Euro.

Types of Greek residency permits:
A residency permit is by default any document issued by a Greek government division and which allows a foreigner to reside in Greece on legal terms and in accordance to the regulations of the European Union ref. 1030/02 as listed. There are various types of permits with differences between those types, and permission to work will be determined by a specific type of residency permit. Requests to issue a residency permit, whether to obtain or extend, should be submitted directly to the municipal division or otherwise specifically defined government office concerned with foreigners rights and immigration, as assigned to the address of residence of the foreigner. There are exceptions for some permits that are dealt with through the department of migration at the Ministry of Foreign Affairs of Greece.

Types of residency permits for property owners and who obtains a right for these –
This type of residency permit is a new category, applicable to foreigner who legally entered Greece on visa type C or D, or who already are Greek residents – even in case of extending current permit without changes. The right to obtain a 5-year residency permit have foreigners who:

either privately, or through a commercial entity and their shares, own property in Greece valued at no less than 250 000 Euro.

undersigned a time-share agreement for duration of no less than 10 years for hotel apartments and/or visitors’ furnished homes valued at no less than 250 000 Euro and located in a tourist destination in accordance to para. 8 point 2 of law 4002/2011 as published in the government bulletin No 180 section A. Likewise foreigners who undersign a time-share agreement for the duration of no less than 10 years in accordance with law 1652/1986 point 1, wherein property is leased for tourism and payment is made for such lease.
legally reside in Greece already and who purchased property prior to law 4146/2013 taking effect in case of such property being valued no less than 250 000 Euro at the time of acquisition and/or in case of such property currently being valued no less than 250 000 Euro.
have full and absolute property ownership in Greece, in value of no less than 250 000 Euro, as a result of an ownership transfer or inheritance from third parties or parents. In such case the residency permit is applicable only to the person taking full property ownership.
have purchased land in Greece in order to build a property, if the purchase agreement(s) amount(s) to no less than 250 000 Euro for joint land and building plan estimated value.
family members of foreigners falling under aforementioned points – either as a) spouse or b) direct descendants (children) prior to reaching age 21. In accordance with para.36 A, children of foreigners who reside legally in Greece and have surpassed 21 years of age, are eligible to obtain a specific extension of their residency permit.

Preceding factors for obtaining Greek residency permits as owner of property. As follows:
а) The property owner must hold full and absolute right of ownership.
b) In case of joint ownership of a property valued no less than 250 000 Euro, right to residency permit is obtainable only in case where the other owner is a spouse who has unlimited share of ownership. In all other cases one person’s property investment and thus share must amount to no less than 250 000 Euro individually.
c) If a property is purchased by a corporation or legal entity, the owner of business must hold a 100% of business shares of such corporation of legal entity.
d) If a foreigner has full ownership of several properties in joint value of no less than 250 000 Euro, either privately or through a legal entity, a residency permit is also allowed to be issued.
e) When a foreigner intends to obtain a Greek visa type D for reasons of property acquisition in person in Greece, the consulate requests proof of financial independence. This can be submitted in form of originals of bank statements, or other securities such as bonds or shares worth no less than 250 000 Euro total. In addition to be submitted is proof of property acquisition in form of an agreement draft certified by a relevant attorney or real estate agency.
f) In case of an undersigned lease agreement for the duration of no less than 10 years for hotel apartments and/or visitors’ furnished homes valued at no less than 250 000 Euro and located in a tourist destination, such an agreement must state payment in one instalment equivalent to 10 years of lease.

In all aforementioned cases the property value is estimated in accordance with sum payable as stated in the purchase or lease agreement. In reference to law 4251/2014, property value must be paid as stated in agreement for purchase. The real property value is not of interest so long as there is a sum payable under the agreement that satisfies the need to issue a foreigner with a residency permit as stated.

Visa requirements to enter Greece:
Legal entry into Greece is a formal requirement prior to consideration of issuing a residency permit – for many foreigners this means obtaining a visa in the Greek consulate prior to their journey to Greece. After receiving a Greek residency permit, and for its duration time, a foreigner is exempt from a visa. In accordance with law 4251/2014, any foreigner who entered the country legally is entitled to request a residency permit.

Greek residency permit duration for property owners:
Usually five full years per one permit issued.

Extending Greek residency permits for property owners:
Greek residency permits can be extended and renewed, for as many times for the same duration as the foreigner specifies. Mandatory is as follows –
1) Owned property must remain in same full ownership
2) Lease must remain as defined in the 10 year agreement.
Leaving Greek territories is not an obstacle to renewing residency for Greece. However, transfer of ownership rights of a property during residency status prohibits renewal of a future residency permit.

Aslanidis Estate in Crete