Areas where the amount of investment in the purchase of real estate is doubled for the acquisition of a permanent residence permit according to the New Law 5038/2023

According to article 100 “Investments in real estate (permanent investor residence permit) (“Type B.5” residence permit) of the new Law No. 5038/2023 (Government Gazette A’ 81/01.04.2023) on the Immigration Code, PART E, PROVISIONS ON RESIDENCE PERMITS FOR INVESTMENT REASONS (RESIDENCE PERMIT TYPE “B”), CHAP. B’ under the title “RESIDENCE PERMITS FOR INVESTMENT REASONS (RESIDENCE PERMIT TYPE “B”):

1. By decision of the Secretary of the Decentralized Administration, a residence permit for five (5) years, with the possibility of renewal, is granted to a citizen of a third country, who:

a) He has entered the country legally with any entry visa or resides legally in the country, even if the residence permit he holds does not allow a change of purpose.

b) Has, by full ownership and county, immovable property in Greece. On an undivided co-ownership property, with an acquisition value at least equal to that defined in par. 2, the right of residence is granted, only if the co-owners are spouses or cohabitants who have entered into a cohabitation agreement. Otherwise, the right of residence is granted only if the percentage of each co-owner is of a value at least equal to that defined in par.

c) Has full ownership and possession of immovable property in Greece with an acquisition value at least equal to that defined in par. 2, through a legal entity based in Greece or another EU member state, whose shares or corporate shares he owns in full.

d) Has entered into a long-term complex tourist accommodation contract, according to or a timeshare rental contract of tourist accommodation, of a value at least equal to that defined in par. 2.

e) He is an adult and acquired full ownership and jurisdiction as an intestate or testamentary heir or as a result of parental support, immovable property with an objective value at least equal to that defined in par. 2.

2. a) For the Regional Units of the Northern Sector (Municipality of Penteli, (Melissia, Penteli, Nea Penteli), Kifisia (Kifisia, Nea Erythraia, Ekali) Metamorfosi, Lykovrysi – Pefki, Amarousiou, Psychiko – Philothei, (Psychiko, Neo Psychiko, Philothei) Cholargou – Papagou, Heraklion , Nea Ionia, Vrilissio, Agia Paraskevi, Chalandrio), Central Sector (Municipality of Athens, Philadelphia – Chalkidona, Galatsi, Zografou, Kaisariani, Byronos, Ilioupoli, Dafni – Ymitto) and Southern Sector of Athens (Municipality of Glyfada, Elliniko – Argyroupoli, Alimos, Nea Smyrna, Moschato – Tavros), Kallithea, Palaio Faliro, Agios Dimitrios) and the Municipality of Vari – Voula – Vouliagmeni of the Attica Region, the Municipality of Thessaloniki of the Central Macedonia Region and the Mykonos and Santorini Regional Units of the South Aegean Region the minimum value of the real estate at the time of its acquisition, as well as the total contractual rent of hotel accommodation or tour rentals residences herein, is set at five hundred thousand (500,000) euros and must be paid in full before submitting the request for the granting of the investor’s permanent residence permit. In the case of investment through the purchase of real estate in the areas of the first paragraph, it is carried out in a single property. In the case of investment through the purchase of an undivided co-ownership percentage of a property, the minimum value of the co-ownership percentage is set at five hundred thousand (500,000) euros and the investment is made in a single property.

b) For the other regions of the country, the minimum value of the real estate at the time of its acquisition, as well as the total contractual rent for the leases of hotel accommodations or tourist residences herein, is set at two hundred and fifty thousand (250,000) euros and must have been paid in full before submitting the request for the granting of the permanent investor residence permit. In the case of investment through the purchase of real estate in the areas of the first paragraph, it is carried out in one or more properties.

3. The minimum value of the immovable property at the time of its acquisition, as well as the total contractual rent of the leases of hotel accommodation or tourist residences herein, as derived from the notarial acts of transfer and, in case they are subject to the payment of a credited price, from the corresponding legally transcribed notarial acts of payment and removal of the dissolution clause, or the lease agreements, respectively , determined in accordance with par. 2, must be paid in full before submitting the request for the granting of the permanent investor residence permit.

4. Citizens of third countries – holders of an investor’s permanent residence permit may renew their residence permit, for the same duration each time, as long as the properties remain in their ownership and county or the contracts of par. 1 remain in force and the other conditions herein are met. Periods of absence from the country are not an obstacle to the renewal of the residence permit.

5. The agreed price or rent is paid in full in the following ways: a) by two-line bank check to the beneficiary’s payment account held in a credit institution operating in Greece, b) by credit transfer and c) through a POS installed by a payment service provider operating in Greece, by charging the buyer’s bank credit or debit card, to the beneficiary held in the beneficiary’s payment service in Greece. The above payment can also be made by the buyer’s spouse or blood or blood relative up to the second degree. All the above provisions also cover the payments that have been made with the above payment methods from 1.1.2017 until today. All details of the payment, including in particular the identity of the seller, the buyer and any third-party payer, the payer’s payment account number, their address, official personal document number, the payer’s identification number or date and place of birth, the payment method and the relevant debit and credit payment accounts of the payer, as well as the statement of the buyer’s payment relationship with the third party. parties in front of the notary who draws up the contract and are written in it.

6. The citizen of a third country, when submitting the application for the granting of the investor’s permanent residence permit, provides a certificate from the notary who drew up the notarial deeds of transfer or the lease contracts of par. 2, which certifies the details of the parties, the details of the property, the method of payment of the agreed price or rent and all the special details of payment, in accordance with the provisions hereof, the existence of any clause of dissolution, as well as if the specific property has been used by the seller to issue an investor’s permanent residence permit.

7. It is possible to rent to citizens of third countries, property owners.

8. The resale of the property during the validity of the residence permit to another citizen of a third country gives the right to grant a residence permit to the new buyer with the simultaneous revocation of the seller’s residence permit.

9. The residence permits granted under this article do not establish a right of access to any form of work.

10. The issuance of the residence permit is granted within two (2) months from the receipt of all the file information at the issuing authority.

11. In case of entering into a contract for the sale of a property at any price, the seller, a citizen of a third country, should provide a certificate from the competent Aliens and Immigration Service of the Decentralized Administration, as to whether the specific property has been used for the issuance of a permanent investor residence permit. The above also applies accordingly in the case of the sale of a property by a legal entity, the shares or shares of which belong entirely to a citizen of a third country, in accordance with paragraph c of paragraph 1.

According to article 178 of the aforementioned Law (Repealed Provisions): “From the entry into force of this law, articles 1 to 138 of Law 4251/2014 are repealed”.

Assumption of the project of issuance Golden Visa by our Team

Our expertised team of professionals legal partners and real estate advisors undertakes the handling of the entire process of both the issuance of golden visa and the process of finding property, searching titles and transferring the real property to the interested investor.

The full range of services provided by our team of partners includes specifically and indicatively the following:

• Find the suitable assets for the investor’s plan
• Provide assistance throughout the negotiation process
• Property search Services and selection Procedure Services
• Property Selection And Reservation
• Property Valuation
• Issuing Tax Identification Number (TIN)
• Draft any Power of Attorney
• Ensure anonymity and confidentiality via Non – Disclosure agreements
• Initial collection and official translation of all documents required
• Open a Bank Account
• Legal search via the Land Registry Office regarding the property to be purchased
• Checks regarding all the permits that have been obtained for the construction of the property in question
• Study and preparation of the contract of sale and negotiations with the Vendor as for the fair terms/ clauses of the contract
• Make all the payments on behalf of the client
• Ensure secure transfer of funds
• Signing the Sale Agreements on behalf of the client
• Filing of Application at the Council of Minister for a permit to register the immovable property on client’s name, when the separate title deed is issued.
• In general Legal Advise according all the above
• Correspondence, letters, emails with clients.

We provide Legal Performance concerning the Golden Visa process

• Legal advice and examination of the documents required to accompany an application for a permanent residence permit
• Legal advice on the procedure that must be followed in order to obtain a permanent residence permit
• Preparation of a Special Power of Attorneys in order to act on my behalf of the client for the application process
• Initial collection and official translation of all documents required for the application process
• Assistance with all tasks that must be carried out in Greece until the issuing of the Residence permit
• Preparation and signing of the Application
• Submit the application at the civil Registry and Migration Department at the competent authorities in Greece
• Collect the temporary residence permit (the “blue paper”)
• Letters to the Civil Registry and Migration Department
• Following upon the case of the client until the Civil Registry and Migration Department decide upon the application
• Manage the Golden Visa process, receive and deliver the final Residence permi

Contact us and talk to one of our experienced team members to help you with any and all your questions before Greece Golden Visa changes.