Doubling of Golden Visa minimum investment in Greece from €250,000 to €500,000 in early 2023

Α. Beneficiaries of the right of entry and permanent residence permit, which is subject to renewal every five (5) years, are:

• citizens of third countries who personally or through a legal entity, provided that they own the shares or company shares in their entirety by full ownership, possession and tenure, real estate in Greece, the minimum amount of which amounts to two hundred and fifty thousand (250,000) euros.
• citizens of third countries who have entered into a ten-year time share lease of hotel accommodation or tourist furnished houses in complex tourist accommodation under article 8 par. 2 of Law 4002/2011 (Official Gazette Issue A΄180), as long as the minimum amount of the lease amounts to €250,000.
• citizens of third countries who either reside legally, with a residence permit, in Greece or wish to enter and reside in the country and who have full ownership, possession and tenure of immovable property in Greece, which they purchased before the entry into force of Law 4146/2013, if the price they paid during the purchase amounted to two hundred and fifty thousand euros or the current objective value of their real estate amounts to two hundred and fifty thousand (250,000) euros.
• citizens of third countries who have full ownership, possession and tenure of immovable property in Greece, the minimum amount of which amounts to two hundred and fifty thousand (250,000) euros and which property came to them by gift or parental provision. The right of residence in this case is exercised only by the gift recipient or the recipient of parental benefit.
• citizens of third countries who purchase a plot of field or a building ground and raise a building, if the sum of the value of the purchase contract and the construction contract amounts to at least two hundred and fifty thousand (250,000) euros.
• citizens of third countries who have entered into a ten-year timeshare lease based on the provisions of Law 1652/1986. A timeshare contract according to the provisions of article 1 of Law 1652/1986, is the assumption of an obligation by the lessor to grant annually, for the duration of the contract, the use of tourist accommodation to the lessee and to provide him with related services for a period determined by the contract and the lessee to pay the agreed rent.
• the members of the families of the above citizens of third countries.

Β. Conditions for Obtaining a Golden Visa Investor Residence Permit:

In order to obtain the “permanent investor residence permit”, which is subject to renewal every five (5) years, the following conditions must be met:

1. a) The properties should belong to their owners by ownership, possession and tenure.
2. b) In the case of co-ownership of a property, worth €250,000, the right of residence is granted, only if the owners of the property are spouses who own the property in undivided ownership. In all other cases of co-ownership, the right of residence is granted only if the amount invested by each co-owner amounts to €250,000.
3. c) If the owner of the property has acquired it through a legal entity, the shares or corporate shares should be owned entirely by him.
4. d) The right of residence is also granted in cases where the citizen of a third country is the owner, either personally or through a legal entity, of more than one property, with a total value of at least €250,000.
5. e) In the event that the interested party wishes to enter the country with a type D visa, the documented intention to purchase a property should be proven with documents proving the financial ability (e.g. a certificate from a recognized A class bank or an official financial organization or other recognized securities custody organization) certifying the existence of bank accounts or other securities, especially bonds or shares, to cover the capital of the investment, at least €250,000 and the applicant’s intention to purchase the property (assignment contract to a law firm or real estate agency).
6. f) For citizens of third countries who have entered into at least a ten-year lease of hotel accommodation or tourist furnished houses in complex tourist accommodation, as long as the minimum amount of the lease amounts to €250,000, the one-time payment of the rent corresponding to in the ten-year lease of the accommodation or the tourist furnished houses.

For the above cases, the amount of the real estate will result from the values ​​of the real estate or the contracts stated in the contract lease. It is clarified that the price of the value of the property for the purposes of Law 4251/2014 means the amount expressly stated in the contract as being paid for the purchase and sale. The objective value of the property is not estimated unless it is the amount stated in the contract as having been paid for buying and selling.

C. Duration and renewal of Golden Visa residence permit for property owners

The Golden Visa residence permit is permanent and lasts for ever.

However, the holder of the residence permit is obliged to renew it every five (5) years. For its renewal, the following conditions must be met:

1. a) The immovable property remains in the ownership and possession of the interested party
2. b) That the contracts or leases on which it has been based remain in force.

Any periods of absence from the country do not constitute an impeding reason for the renewal of the residence permit. If during the validity of the residence permit the real estate is resold to another citizen of a third country, the right is granted to grant a residence permit to the new buyer with the simultaneous revocation of the seller’s residence permit.

D. Benefits of Golden Visa permit

The owner of golden visa has the right to live anywhere in the European Union as an EU resident. Furthermore, the Greek passport allows for 90 days of visa-free travel to the United States each year. Greece has a sound tax system. Investors who plan to spend most of the year in Greece will pay a lump sum of 100,000 EUR to cover their foreign income tax liability.

The Greek Golden Visa Program is arguably one of the most competitive in the entire European Union, however, its benefits are many, which makes it quite alluring for investors and their family members. Some of these benefits are:

• Residence permits are extended to the entire family (including children under the age of 21, siblings, and parents of both the applicant and their spouse)
• Access to Greece’s excellent healthcare and education systems
• Visa-free travel in Europe’s Schengen Zone (26 countries)
• No minimum or maximum stay requirements in Greece
• Tax reductions through Double Taxation Agreements (with 57 countries)
• Option to rent out the purchased investment property
• Option to hold shares in a company registered in Greece, and receiving dividend income
• Citizenship by naturalization is possible after seven years of living in Greece

E. Procedure of issuance Golden Visa

To obtain a Greek residence permit, the investor must first have visited Greece 3 times for any reason (business, tourism). The whole process lasts from three to six months, depending on the time required for the collection and processing of the necessary documents needed for the transfer of the property and how quickly the interested party will submit the application for the granting of a residence permit. Obtaining a Greek residence permit can be done as below:

During the investor’s first visit to Greece, he should:

• To choose a property.
• Validate all necessary documents.
• To issue Tax Identification Number
• To open a bank account in any Greek bank
• To transfer the required amount to the new account
• To sign the final property transfer contracts.

One and a half to two months later during his second visit he should

• To apply for a residence permit.
• One to two months after his application he should visit Greece with a purpose
• To record his fingerprints and
• To obtain the residence permit.

F. Changes coming in early 2023

It is important to note that the Greek government is raising the minimum investment sum to €500,000 for real estate investments to grant priority purchase to Greek locals and increase the affordability of real estate for Greek. The government still did not announce when the change will take place, however, the Greek Prime minister expects it to happen in early 2023.

Greece Golden Visa property acquisition investment amount is currently €250,000 and one of the lowest amounts among Europe’s popular residency by investment schemes.

• The investment amount for Greece Golden Visa property acquisition route will be increased to €500,000 from €250,000.
• With this change, the Greek government aims to make Greece’s real estate market more affordable for the locals.
• No geographical changes or restrictions for property acquisition have been announced.
• The exact date when the changes will come into effect is to be clarified soon.

While the upcoming change on Greece Golden Visa aims to make property acquisition more affordable for the locals, it’s expected that foreign investors will speed up their application to benefit from the current €250,000 threshold.

That means all residence permit applications submitted until the new framework comes into effect will be made with the former limit of €250,000. In fact, it is possible this differentiation will lead to a proliferation of applications, as the number of interested investors who will want to take advantage of this “window” and acquire a cheaper property will increase dramatically.

G. 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.