Residencies in Greece
The government of Greece introduced a procedure to obtain residence permits, which can be renewed every five (5) years, for owners of real estate by third-country citizens,
the value of which exceeds €250.000, adopting a friendlier stance towards those who wish to own real estate property in Greece. This guide provides information on the
preconditions, the process and the supporting documentation required to obtain these residence permits. It also addresses important questions regarding this new
type of residence permit for owners of real estate property.
If you would like more information or clarifications, please contact the General Secretariat of Migration Policy at the Ministry of Migration Policy (Tel: + 30 213 136 1029 – 30 – 31, Fax: +30
213 136 1388, E-mail: GRinvestors@immigration.gov.gr). Alternatively, you can visit our website (http://www.immigration.gov.gr/idioktites-akiniton)
Residence permits in Greece
A residence permit is any documentation issued by the Greek authorities, according to which a third country citizen is given the right to reside legally within Greek territory,
in accordance with the provisions of the European Union (Regulation 1030/02 as applicable). Different categories of residence permits exist, as well as different types of
permit within each category. Employment rights depend on the type of permit issued. Applications for the granting and renewal of residence permits are submitted directly
to the municipality or the relevant authority of the Aliens and Immigration of the Decentralised Authority in the applicant’s place of residence, apart from certain
specific types of residence permits for which applications are submitted to the Department for Migration Policy at the Ministry of Migration Policy. Residence permits for real estate owners
and who they apply to.
A residence permit for real estate owners is a type of residence permit, for third country citizens who have entered the country legally on any kind of visa (type C or D)
or are legal residents in the country, even if the residence permit they hold does not allow for change of residence scope.
Beneficiaries of the right of entry and the permanent residence permit, which shall be renewed every five (5) years, are:
- a) third country citizens who own real estate property in Greece, either personally
or through a legal entity of which they own the total of the company shares,
provided the minimum value of the property is €250.000; - b) third country citizens who have signed a timeshare agreement (lease) – for a
minimum of 10 years – for hotel accommodations or furnished tourist residences
in integrated tourist resorts according to article 8, paragraph 2 of Law 4002/2011
(Government Gazette 180 A’), provided the minimum cost of the lease is €250.000;
4 c) third country citizens who either reside legally, with a residence permit, in Greece, or wish to enter and reside in the country, and who have full ownership and possession of real estate property in Greece, which they have purchased before the enactment of law 4146/2013, provided that they had purchased the real estate property for a minimum of €250,000 or the current objective value of their real estate property is at a minimum of €250,000;
- d) third country citizens who fully and legally own real estate property in Greece,
the minimum value of which is €250,000, and which they acquired through a
donation or parental concession. The right to a residence permit in this case can
only be exercised by the receiver of the donation or parental concession. - e) third country citizens who purchase a plot of land or acreage and proceed to
erecting a building, provided that the cumulative value of the land purchase and
the contract with the construction company is at minimum €250,000. - f) third country citizens who have signed a ten-year timeshare agreement (lease),
based on the provisions of Law 1652/1986. A time share lease, according to the
provisions of article 1 of law 1652/1986 is the commitment of the lessor to grant,
each year, to the lessee, for the duration of the timeshare, the use of the tourist
accommodation and to provide to them the relevant services for the determined
period of time according to the contract, and the lessee must pay the agreed rent. - g) family members of the third country citizens described above.
- “Permanent residence permit of the investor.” (Article 20)
- By decision of the Secretary General of the Decentralized Administration, residence permit for five years, subject to renewal, is granted to a third country national who:
(a) has legally entered the country with any type of visa or legally resides in the country, even if the type of residence permit that he possesses, does not permit change of purpose.
(b) has personally the full ownership, possession and peaceful enjoyment of real estate property in Greece. In the case of jointly owned property, worth 250,000 euro, the right of residence is granted only if the owners of the property are spouses with indivisible shares in the property. In all other cases of joint ownership, the right of residence is granted only if the joint ownership rate of each joint owner is worth 250,000 euro.
(c) has the full ownership, possession and peaceful enjoyment of real estate property in Greece via a legal entity, whose shares are fully owned by him.
(d) has concluded an agreement for at least a ten year lease of hotel accommodation or furnished tourist residences in tourist accommodation complexes, pursuant to Article 8 par. 2 of Law 4002/2011 (Government Gazette 1, no 180).
(e) has concluded a time sharing agreement pursuant to the provisions of Law 1652/1986 “Time sharing agreement and related issues” (Government Gazette 1, no 167), which is in force.
- The minimum value of the real estate property, as well as the contractual consideration of hotel accommodation or tourist residences leases of this Article, is determined at two hundred and fifty thousand (250,000) euro and must have been paid in full upon the signing of the contract.
“ The consideration is paid by a crossed bank cheque to a bank account of the beneficiary, held in a credit institution operating in Greece or with a credit transfer, as defined by Law 4537/2018 article 4, par. 24 (Official Government Gazette Α΄ 84) to a beneficiary’s bank account held in a payment service provider, as defined by Law 4537/2018 article 4 par. 11 operating in Greece”.
By joint decision of the Ministers for the Interior and Finance, the value of the above real estate property may be adjusted and shall result from the property value stated in the contracts or from the lease agreements.
- Το third country nationals, real estate property owners, the possibility of leasing that property is granted.
- The above third-country national may be accompanied by the members of his family to whom, at their request, an individual residence permit is issued, that expires together with the residence permit of the sponsor.
Family members shall mean:
- Spouses
- the other spouse or partner with whom a third-country national has a cohabitation agreement in Greece
- The direct unmarried descendants of the spouses, who are under the age of 21
- the direct unmarried descendants of the supporter or of the other spouse/partner , provided that their custody has been legally entrusted to the sponsor (for his/her children) and to the other partner (for his/her children), under 21 years of age
- the direct relatives of the spouses in the ascending line.
- The above permit may be renewed for an equal duration, each time, provided that the real estate property remains in the ownership and possession of the third-country national or the agreements of paragraph 1 of this remain in force and all other requirements, provided by law, are fulfilled. Periods of absence from the country shall not disrupt the renewal of the residence permit.
“The resale of the real estate property during the period of validity of the residence permit, to another third-country national shall provide the right to the granting of residence permit to the new buyer with simultaneous withdrawal of the vendor’s residence permit.”
- The residence permits, being granted pursuant to the paragraphs 1 and 4 of this Article, do not establish the right of access to any form of employment.
Residence permit in Greece for financially independent persons
A residence permit in Greece for financially independent persons is issued to foreign citizens who can prove their legal and stable income from foreign / passive sources in the amount of € 2,000 per month. The conditions for granting the status are stated in the Law on «Immigration and Social Integration» 4251/2014, article 20.