The government of Greece introduced a procedure to obtain residency permits - which can be renewed every five years - for owners of real estate by third-country citizens, the value of which exceeds €250,000. The Greek government has thereby adopted a friendlier stance towards those who wish to own real estate property in Greece.
The Greece Residency Permit, allows the investor and their direct family, to live, study and work in Greece and other EU member countries provided they meet the necessary requirements.
This permit can be renewed at five-year intervals and is valid for as long as the foreigner has the ownership of the property. In Greece the ownership right is valid for a lifetime.
Due to the economical crisis, the Real Estate market in Greece is considered one of the cheapest in all Europe. Investors are entitled to purchase their property anywhere in Greece – on the mainland or islands – and an amount of €250,000 is sufficient to acquire this new residence. Such priced properties range in size from approximately 80sqm to 110sqm, with 2 or 3 bedrooms, and even bigger for pre-owned residences.
As it only takes approximately 40 days from the time of purchase, to the time the Residency Permit is issued, the Greece Residency by Investment Programme is accessible and time efficient.
Although considered to be in a state of economic crisis at the moment, Greece remains one of the most beautiful and historical countries in the world.
SUMMARY OF THE RESIDENCY PROGRAMME
- You can obtain European Member status with Greek Residency in as little as 2 months
- Any third country national can apply for a Greek Residency Permit through this channel
- Greece recognizes dual citizenship
- Investors can renew their 5-year Residency Permit indefinitely, provided they meet the renewal requirements per the programme
- You, your spouse and children younger than 21 years old can acquire Residency Permits provided they meet certain criteria
GREECE RESIDENCY BY INVESTMENT PROGRAMME BENEFITS
Living & Working: Residents may only live in Greece. Citizens have the right to live and work anywhere within the 34 countries of the European Union (EU)
Freedom to Travel: Residents enjoy visa free travel in 26 Schengen Member Countries; Citizens 191 countries/territories worldwide
Education: Residents and Citizens have the right to attend schools and universities within any EU country; Citizens for free or at heavily subsidized ‘ EU national’ rates
Healthcare: Citizens can also benefit from the world-renowned and leading healthcare systems in the EU
GREECE RBI REQUIREMENTS
The following conditions must be fulfilled to receive a Residency Permit:
- The Real Estate Property must be owned by and be in possession of its owners
- In cases of joint ownership, where the value of the property is €250,000, the Residency Permit is only granted if the owners are spouses with undivided ownership of the property. In all other cases of joint ownership, the residence permit is only granted if the amount invested by each of the joint owners is at least €250,000
- If the owner has acquired the property through a legal entity, the applicant must own 100% of the company shares
- The Residency Permit is also granted in cases where the third country citizen is the owner, either directly or through a legal entity, of more than one