Greek Government offers residency permits for foreign citizens that buy real estate in Greece
Greece can grant residence permits, for Non-EU citizens and their families with the acquisition of property above 250.000 Euros.
The residence permits are renewed every five years, as long as the Non – EU citizen keeps the ownership of the property. It is not a work permit. Once the non – EU citizen acquires a residence permit in Greece, then he is allowed to live in Greece, exit and re-enter Greece any time without a visa and travel to all Schengen countries without further documentation other than his passport.
Granting residence permits to property owners in Greece
By decision of the General Secretary of Decentralized Administration, a residence permit for five (5) years is issued to a third-country citizen, if he/she has obtained a visa, if required, and legally owns, either personally or through a legal entity whose shares are wholly owned by him/her, property in Greece, or has, at minimum, a ten – year time – sharing contract under Law 1652/1986: “Time – Sharing and Regulations on Related Issues” (A’ 167) as applicable, or a 10 – year lease of hotel accommodations or furnished tourist accommodation (houses) in tourist accommodation complexes according to Article 8, par. 2 of Law 4002/2011 (A’ 180).
The aforementioned residence permit may be renewed for the same duration (five years), if the property remains unchanged in its legal ownership status as described above and the contracts of ownership remain in effect, and other statutory conditions detailed above are met.
The minimum value of the property and the contract price of the time -share leases and the leases for hotel accommodations or tourist furnished accommodations (houses) in tourist accommodation complexes, according to this Article, shall be two hundred fifty thousand (250,000) Euros.
By joint decision of the Ministers of Interior and Finance, the value of the above-mentioned property may increase or decrease, and will be determined in accordance with the stated prices of the sale documents of the properties, or leases as per their contracts, or as determined by ministerial objective values.
The period of residence, under these specific conditions, is not taken into account in cases of granting citizenship to said residents.
The aforementioned third-country citizen (property owner) may be accompanied by the members of his/her family, as specified under paragraph 1 of Article 54 of Law 3386/2005. Upon their own request, family members may be granted a personal residence permit that is renewed and/or expires concurrently with the residence permit of the sponsor (property owner).
The residence permits do not allow a right to employment of any type.
More details at the official site of Invest in Greece Agency with the new immigration law translated in English: click here.