What is Golden Visa Program?
A Golden visa is a type of residence visa with added benefits, offered by several European countries including Greece. It is an investment scheme that ensures visa-free travel in the Schengen zone to non-European investors and their families.
Greece firstly adopted the law No 4146/2013 for the Golden Visa program. The program reintroduced rephrased with the law No 4251/2014 and in particular with the articles 16 and 20, which after continuing changes apply until today, that allows citizens from any non-European countries to acquire a European residence permit by investment, granting them free movement to travel within the Schengen Zone (26 countries).
The Golden Visa Program boasts an extensive list of benefits ranging from financial gains to the freedom of visa-free travel that a real estate investment in Greece offers non-European investors. In order to inspire you further, below we have collected some key points, brought up during our experience with International investors.
The Greek Golden visa program is a scheme launched by the Greek government, offering permanent residence to property buyers or investors of non-EU origin, who purchase property in Greece that exceeds €250.000 in value. Compared to other European countries, Greece offers the most financially beneficial residency permit.
In an attempt to boost the national economy and to stimulate the domestic land market, the national legislator, purports to trigger the investment interest of natural and legal persons domiciled in third countries by facilitating the issuance of a residence permit.
Who does this permit apply to?
Those who have the right to and acquire a permanent residence permit in Greece under this scheme are:
· Non-EU citizens, planning to invest in Greece, either individually or via a legal body, provided the value of the property for sale surpasses €250.000.
· Family members of these non-EU citizens and more specifically
1. The spouse
2. The partner entered civil partnership in Greece with third country citizen
3. The unmarried children up to the age of 21
4. The unmarried children of the dependent or his/her spouse as long as they are not over 21 and legal custody has been approved to either the applicant or their spouse
5. The direct ascendants
What are the criteria for obtaining a golden visa under the law?
Residence permit can be granted as long as the following legal conditions are met:
1. The third country citizen has to 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
2. 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
3. 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
4. Has made an 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. The minimum value of the real estate property and the contractual consideration of leases of hotels or tourist residences is set at two hundred and fifty thousand euros (EUR 250 000).
What are the documents required for applying for a permanent residence permit in Greece?
The documents required for the application include:
· An application
· Recent color photographs
· A certified copy of passport or where needed a copy of VISA permit.
· A fee in the form of an electronic fee in accordance with the provisions of Article 132 of Law 4251/2014, which is up to 500 euros for residence permits up to five years. There is no charge for minors (under 18).
Additionally, where applicable may needed other documents, such as a copy of contract’ record at the Land Registry and Cadastre of Greece.
What is the duration of the residence permit?
The residence permit lasts five years.
Can the residence permit be renewed and what are the conditions?
The above permit may be renewed for an equal period each time and as many times as the interested wants. For the residence permit renewal the conditions that must be met are:
· The real estate property remains in the ownership and possession of the third country national,
· 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.
Finally, it is worth mentioning that the Law, as it stands today, enables third-country nationals residing in our country and having obtained the most mentioned residence permit, to establish and acquire Greek citizenship, thus giving one more -even and long-term – strong motivation.
