ARiadni Real Estate Blog

Golden Visa

13 January, 2020

You can download a summary guide regarding residence permits for property owners in Greece in  Greek, English, Chinese, Russian, and Arabic, written by Enterprise Greece Organisation.

‘GOLDEN VISA’ BENEFITS

Any third country citizen receiving a ‘GOLDEN VISA’, as well as their family members (spouse, children, spouse’s children up to the age of 21, beneficiary’s parents and spouse’s parents), enjoy the following benefits:

Right to enter Greece for five (5) years

Right to reside in Greece for five (5) years

Right to renew the ‘GOLDEN VISA’ every five (5) years under certain conditions.

Right to move freely and reside in European Countries that are part of the Schengen Treaty, within and outside the EU, for 180 days a year (Austria, Belgium, France, Germany, Denmark, Switzerland, Greece, Estonia, Iceland, Spain, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, Norway, the Netherlands, Hungary, Poland, Portugal, Slovakia, Slovenia, Sweden, Czech Republic and Finland)

Access to education like all Greek citizens

 

CONDITIONS FOR THE ISSUANCE OF A ‘GOLDEN VISA’

In order for a third country citizen to receive the ‘GOLDEN VISA’ they must meet the following criteria:

They must have entered Greece legally.

They must have full ownership, possession and occupation, or an indivisible share in one or more properties with a minimum total value of two hundred and fifty thousand euros (€250,000).

Alternatively, they must have signed a time-share lease for a minimum of 10 years at a hotel or furnished tourism residence in tourism accommodation complexes covered in Article 8(2) of Law 4002/2011 (Government Gazette 180, Series I), provided that the minimum amount of the lease also comes to two hundred and fifty thousand euros (€250,000).

Alternatively, they must have purchased a land parcel or plot of land and constructed a building, provided that the total value of the purchase of the plot of land or land parcel and the contracting agreement also comes to a minimum of two hundred and fifty thousand euros (€250,000).
In cases of joint ownership of a property worth two hundred and fifty thousand euros (€250,000) and above, the right of residence is issued only if the owners are spouses who own the property jointly and indivisibly. In all other cases of joint ownership, the right of residence is only issued if each co-owner has invested €250,000.

If the property owner has acquired it through a legal person, they must exclusively own the company shares or stocks.

 ‘GOLDEN VISA’ holders have the right to add their family members to all the rights of the ‘GOLDEN VISA', who will each receive a separate ‘GOLDEN VISA’, by each making a separate application:

Spouse

Children of the holder and their spouse

Parents of the holder and their spouse

For the above cases, the value of the property will be determined by the values of the properties in the contract of sale/purchase or in the leasing contract. It is clarified, that the price of the property, under Law 4251/2014, refers to the amount explicitly recorded in the contract to have been paid for the sale and purchase. The objective value of the property is not of interest, unless it is the amount recorded in the contract as having been paid during the sale and purchase.

 

NECESSARY DOCUMENTS FOR THE ISSUANCE OF A ‘GOLDEN VISA’

1. Beneficiary

Four (4) recent colour passport-specification photographs (dimensions 4x6), as well as a CD with the photograph in digital format.

A copy of a valid passport or other travel document which is recognised in Greece, bearing their entry permit to Greece, when required.

Private Health Insurance with hospital and accident coverage (preferably from a Greek Insurance Company).

A copy of a deed of purchase of a property with a value of at least 250,000 euros. The contract must clearly mention the price paid by the buyer to the seller by bank cheque issued by a Greek bank account or directly from a foreign bank account of the buyer to a Greek bank account of the seller.

A notarial certificate that the property meets all specifications set out in Article 6(2) of Law 4146/2013.

A certificate of entry of the property into the books of the Land Registry.

2. Family members (spouse, children of the beneficiary or their spouse up to the age of 21, parents of the beneficiary, and parents of their spouse)

Four (2) recent colour photographs, as above.

A copy of a valid passport, bearing the entry permit to Greece (and in some cases a birth certificate), as above.

Private Life Insurance with hospital and accident coverage, as above.

A recent family status certificate from a foreign authority, stating the relationship between the Beneficiary and the members of their family (e.g. Family Certificate, Marriage Certificate, etc.) The certificate must be issued by a competent Public Authority and validated with the Hague Convention seal (Apostille), where required, or translated and validated by a competent Greek consulate or the Greek Foreign Ministry.

NOTES
1. If the beneficiary or a member of their family has travelled to Greece via another Schengen Treaty member-state and their passport bears an Entry Permit of that country instead of Greece, the e-tickets and boarding passes proving the complete route of the journey are also required.
2. Lastly, a full list of all family members submitting applications with the Beneficiary is required, indicating the following: first name, last name, father’s name, mother's name, date of birth, place of birth.

 

FREQUENTLY ASKED QUESTIONS

What is the duration of a Residence Permit?

5 years
 

Can the investor’s family members apply for a residence permit?

Certainly. The term ‘family members’ refers to the spouse, the children of the beneficiary or their spouse up to the age of 21, parents of the beneficiary and of their spouse. They can apply for individual residence permits. However, they must submit separate applications. Their residence permit will expire on the same day as that of the investor.


What happens when a legal entity intends to buy a property in Greece?

According to Article 20B(1)(c) of Law 4251/2014, a third country citizen, with full ownership, possession and occupancy of a property in Greece, via a legal entity, who owns all the shares of said legal entity, has the right to apply for a “permanent residence permit for investors”.


Do residence permit holders have the right to work in Greece?

No, they do not. This residence permit does not provide its holder with access to any type of work as a salaried employee. In this case, ‘salaried employee’ does not mean exercising any financial activity as a shareholder or a CEO of companies that were founded prior to the residence permit application. This exception to financial activities concerns third country citizens who are shareholders or directors of any type of private company (S.A., L.L.C., P.C.). Family members have the same restrictions as regards salaried employment.


If I obtain a residence permit, can I add that period to the overall period required in order to gain Greek Citizenship?

Yes, you can. According to Article 8(30) of Law 4332/2015, third country citizens have the right to apply for long term residence if they meet the requirements of Articles 89 and 90 of Law 4251/2014. Obtaining a long term residence permit is a requirement for submitting an application for Greek citizenship by naturalisation, if all other requirements are met.


I would like to apply for a residence permit. Do I need an entry permit to Greece before submitting my application for a residence permit?

Only if you come from a country whose citizens are required to have an entry permit in order to enter Greece.


What advantages does a Greek residence permit provide to holders?

They may live in Greece permanently while it is valid. They may travel to all countries that are part of the Schengen Treaty without an entry permit, as long as they do not stay in those countries for more than 90 days. They may have access to health and education services, just like any Greek citizen.


What is the waiting period for the issuance of a residence permit?

It is usually issued within 2 months from the date on which the completed application is submitted to the Decentralised Administration.


Is the applicant covered from the moment the application is submitted until the residence permit is issued?

Certainly. When all necessary documents are submitted, a submission certificate is issued. At the same time, an appointment is set for the applicant to visit the competent department in order for their fingerprints to be scanned. As soon as their fingerprints are scanned, the application is considered complete and the residence permit application process begins. If applicants are in Greece on the day the application is submitted, they may provide their fingerprints on the same day.


I have submitted my residence permit application and I have received my submission certificate. What can I do with this certificate?

You can travel freely to/from Greece as often as you like. Attention: You are not yet allowed to travel to any other Schengen Treaty member state with the submission certificate. This means that you need to avoid airports in Schengen Treaty member states on your trip.


What is the duration of the residence permit application submission certificate?

One year