Necessary steps to invest in Greece are the following:
- Entrance in Greece with Visa C.
- Tax Identification Number at the relevant Tax Authority.
- Bank account in a bank in Greece.
- Purchase of the property and signing of the main contract.
- Submission and registration of the purchase contract at the Land Registry and Cadaster.
- Application for granting of residence permits to investors’ and their family members. Documents needed for the application are:
- Copy of Passport.
- Copy of Visa C Document
- Copy of the main contract.
- Copy of contract’s registration at the Land Registry and Cadaster.
- Evidence of residence in Greece.
- State fee of 500 € for Residence Permit.
- State fee of 16 € for Residence Permit’s card.
- Photographs (4x6 cm).
The value of the property in Greece is calculated in two different ways: commercial value of the property is the price that the parties agree in the purchase contract, while objective value of the property is the price set from the Greek Government. This fact is important because if objective value is equal or higher to the commercial one then objective value is used for tax calculation. But if commercial value is higher to the objective one then commercial value is used for tax calculation.
Article 20 - Other reasons for the issue of residence permits
A third-country national who has been granted a visa for one of the reasons referred to in this Article shall be granted a residence permit accordingly.
B. Owners of property in Greece
1. By decision of the secretary general of the decentralized administration, a five-year residence permit subject to renewal shall be 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 residence instrument in his possession does not permit change of purpose;
(b) Personally has the full ownership, possession and peaceful enjoyment of real estate property in Greece. In case of joint ownership of a property to the
Value of EUR 250 000, the right of residence shall only be granted 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 shall only be granted if the joint ownership rate of each joint owner equals to the value of EUR 250 000;
(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 such national;
(d) Has made a agreement with a minimum term of ten years for the lease of hotel accommodation or furnished tourist residences in tourist accommodation
Complexes pursuant to Article 8(2) of Law 4002/2011 (Government Gazette, Series I, No 180);
(e) Has made a time sharing agreement pursuant to the provisions of Law 1652/1986 regulating time sharing agreements and related matters (Government Gazette, Series I, No 167), as in force.
2. The minimum value of the real estate property and the contractual consideration of leases of hotels or tourist residences referred to in this Article is set at two hundred and fifty thousand euros (EUR 250 000) and must be fully paid up on the signing of the agreement.
The consideration is paid by crossed bank cheque or other bank transaction, the particulars of which must be solemnly stated by the contracting parties before the notary who prepares the agreement and declared in the agreement. 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 value of the property stated in the contract or of the lease agreement.
3. Third-country nationals who own real estate property may lease that property.
4. Such third-country nationals may be accompanied by their family members to whom an individual residence permits shall be issued following a relevant
Application, which shall expire together with the residence permit of the sponsor.
Family members shall mean:
(a) the spouse;
(b) the lineal descendants of the spouses or either spouse, who are under 21 years old.
5. The above permit may be renewed for an equal period each time, provided that the real estate property remains in the ownership and possession of the thirdcountry national, or the agreements referred to in paragraph 1 above remain effective and all other requirements provided for by law are met. Periods of absence from the country shall not hinder the renewal of the residence permit. Resale of real estate property during the period of validity of the residence permit to another third-country national shall not entitle the buyer to the issue of a residence permit.
6. The residence permits issued pursuant to paragraphs 1 and 4 of this Article shall not grant the right of access to any form of employment.
7. The period of residence referred to in the provisions of part B hereof shall not be taken into account for inclusion in the status of long-term resident and the granting of nationality to the relevant residents.
8. The residence permit shall be issued within two months from procurement of all file information to the issuing authority.