GOLDEN VISA “Permanent investor residence permit”.

This means that:

By decision of the Secretary General of the Decentralised Administration, the residence permit for five years, subject to renewal, is issued to a third-country national who:

(a) has entered the country legally with any type of visa or is legally residing in the country, even if the type of residence permit he holds does not allow the change of purpose.

2. b) Owns, in full ownership and possession, real estate in Greece. In the case of undivided joint ownership of immovable property, an acquisition value at least equal to that defined in para. 2, the right of residence is granted only if the co-owners are spouses or cohabitants who have entered into a civil partnership. 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 para. 2.
3. c) Has full ownership and possession of immovable property in Greece, with an acquisition value at least equal to that defined in para. 2, through a legal entity established in Greece or another EU Member State, whose shares or company shares it owns in its entirety.
4. d) Has concluded a long-term contract for complex tourist accommodation, in accordance with para. 2 of article 8 of Law 4002/2011 (A’ 180) or timeshare contract for tourist accommodation, in accordance with Law 1652/1986 (A’ 167), of a value at least equal to that defined in par. 2.

(e) Is an adult and has acquired full ownership and possession as an intestate or testamentary heir or as a result of parental provision, immovable property of objective value at least equal to that defined in para. 2.

2A) For the Region of Attica, the Regional Unit of Thessaloniki of the Region of Central Macedonia, the Regional Units of Mykonos and Thira of the Region of South Aegean and for the islands with a population, according to the last census, of more than three thousand hundred (3,100) inhabitants, the minimum acquisition value of the immovable property at the time of its acquisition, as well as the total contractual rent of the contracts of per. (d) of para. 1 are set at eight hundred thousand (800,000) euros. In the case of investment by purchase of immovable property in the areas referred to in the first subparagraph, it shall be carried out in a single immovable property. Especially if it is a structured real estate property or a property for which a building permit has been issued, a minimum area of main spaces of one hundred and twenty (120) square meters is required. In the case of investment through purchase in a percentage of undivided joint ownership of immovable property, the minimum value of the percentage of joint ownership is set at eight hundred thousand (800,000) euros, subject to the terms of the previous paragraphs.

1. b) For the rest of the country, the minimum acquisition value of the immovable property at the time of its acquisition, as well as the total contractual rent of the contracts of approx. (d) of para. 1 are set at four hundred thousand (400,000) euros. In the case of investment by purchase of immovable property in the areas referred to in the first subparagraph, it shall be carried out in a single immovable property. Especially if it is a structured real estate property or a property for which a building permit has been issued, a minimum area of main spaces of one hundred and twenty (120) square meters is required.

In the case of investment through purchase in a percentage of undivided joint ownership of immovable property, the minimum value of the co-ownership percentage is set at four hundred thousand (400,000) euros, subject to the terms of the previous paragraphs.

1. c) Especially in cases of investment through purchase in real estate and if its main premises change into a residence, the minimum acquisition value at the time of its acquisition is set at two hundred and fifty thousand (250,000) euros. The conditions of the first subparagraph shall also apply in cases of investment by purchase in immovable property consisting of an industrial building or part of an industrial building or in which an industrial building is located, only if for at least the last five (5) years, no industry has been established and operating there.

The investment referred to in the previous subparagraphs is made in a single property and the change of use must have been completed before the submission of the application for the granting of the permanent residence permit of an investor

1. d) Especially in cases of investment through the purchase of immovable property consisting of a listed building to be restored or reconstructed or part of a listed building or in which a listed building is located, the minimum acquisition value at the time of its acquisition is set at two hundred and fifty thousand (250,000) euros. The investment referred to in the first subparagraph shall be made in a single immovable property.’;
2. The minimum value of 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 it results from the notarial deeds of transfer and, in case they are conditional on the payment of a credited price, from the corresponding legally recorded notarial acts of redemption and termination termination,  or lease agreements, respectively, determined in accordance with para. 2, must have been paid in full before the submission of the application for the permanent residence permit of an investor.
3. Third-country nationals – holders of an investor’s permanent residence permit may renew their residence permit for an equal duration each time, provided that the real estate remains in their ownership and possession or the contracts of para. 1 and the other conditions hereof are met. Exceptionally, for cases of third-country nationals – holders of a permanent residence permit of an investor who implemented an investment of approx. (d) of para. 2, an additional condition for the first renewal of their residence permit is the completion of the complete restoration of the elements of immovable property or their total reconstruction, regardless of the cause, which causes the alteration or collapse or demolition of the buildings or parts thereof. Periods of absence from the country shall not constitute an obstacle to the renewal of the residence permit.
4. The agreed price or rent shall be paid in full in the following ways: (a) by two-line bank cheque to the payee’s payment account held with a credit institution operating in Greece, (b) by credit transfer, as referred to above. 24 of article 4 of Law 4537/2018 (A’ 84), and
5. c) via POS installed by a payment service provider, operating in Greece, by debiting the buyer’s bank credit or debit card, to the payee’s payment account held with a payment service provider, as per 11 of article 4 of Law 4537/2018, which operates in Greece. The above payment may also be made by a spouse or relatives by blood or marriage up to the second degree of the buyer. All the above provisions also cover payments made with the above payment methods from 1.1.2017 until today. All specific details of the payment effect, including in particular the identification of the seller, the buyer and any third party payer, the payer’s payment account number, his address, his official personal document number, the payer’s identification number or his date and place of birth, the payment method and the relevant payment accounts debiting the payer and crediting the payee;  as well as the solemn declaration of the buyer for the marital relationship or kinship with a third payer, are declared and solemnly submitted by the parties before the notary drawing up the contract and are indicated on it.
6. The third-country national, when submitting the application for the granting of the permanent residence permit of an investor, submits a certificate from the notary who drew up the notarial deeds of transfer or the lease agreements of per. (d) of para. 1, which certifies the details of the contracting parties, the details of the property, the method of payment of the agreed price or rent and all the specific details of making the payment, in accordance with the provisions hereof, the existence of any dissolution condition, as well as whether the specific property has been used by the seller for the issuance of a permanent residence permit for an investor. In cases of acquisition due to transfer, a copy of the investor’s real estate declaration (E9) is submitted.
7. Third-country nationals who own immovable property are offered the possibility of renting them.

7A. Immovable property acquired in full ownership and possession by third-country nationals for the initial granting or renewal of an investor’s residence permit shall not be leased on a short-term basis in the sharing economy, as well as sublet. In addition, real estate acquired in full ownership and possession by third-country nationals for the initial granting or renewal of an investor’s permanent residence permit under the terms of per. (c) of para. 2, may not be used as the head office or branch of an undertaking. In case of non-compliance with the provisions of the first and second subparagraphs, the residence permit is revoked and an independent administrative fine of fifty thousand (50,000) euros is imposed on the owners and/or holders of the property. In case of non-compliance with the condition of the second subparagraph of para. 4, an independent administrative fine of one hundred and fifty thousand (150,000) euros is imposed on the owners and/or holders of the property. In case a real estate transfer contract is concluded despite the prohibition of per. (d) of para. 2, the residence permit is revoked and an independent administrative fine of one hundred and fifty thousand (150,000) euros is imposed on the owners and/or holders of the property. The fines herein constitute public revenue and are collected in accordance with the Public Revenue Collection Code (Law 4978/2022, A’ 190).

8. The resale of immovable property during the period of validity of the residence permit to another third-country national entitles the new buyer to a residence permit with simultaneous revocation of the seller’s residence permit.
9. Residence permits issued in accordance with this Article shall not establish a right of access to any form of work.
10. The residence permit shall be issued within two (2) months from the receipt of all the data in the file to the issuing authority.
11. In case of conclusion of a contract for the sale of immovable property at any price, the seller, a third-country national, must provide a certificate from the competent Aliens and Immigration Service of the Decentralized Administration, regarding whether the specific property has been used for the issuance of a permanent residence permit for an investor. The above shall apply accordingly in the case of sale of immovable property by a legal person, the shares or company shares of which are wholly owned by a third-country national, in accordance with per. (c) of para. 1.»
12. The para. 49 of Article 176 of the Immigration Code, on enabling provisions, is replaced by the following:

“49. A joint decision of the Ministers of Migration and Asylum, National Economy and Finance, Environment and Energy and Development may determine the supporting documents to be submitted when submitting the application for the permanent residence permit of an investor referred to in Article 100, as well as the manner of certifying the assistance of the above. (c) and (d) of para. 2 at the time of submission and verification of that application. A joint decision of the Ministers of Migration and Asylum, National Economy and Finance, Environment and Energy and Tourism and the Governor of the Independent Authority for Public Revenue defines the procedure and bodies for carrying out the audit for the application of the conditions and restrictions of article 100, determines the procedure for establishing and collecting the fines referred to in para. 7A of the same article and any related matter.’

3. Investor residence permits issued to third-country nationals under para. B’ of article 20 of law 4251/2014 (A’ 80), the special terms of article 92 of law 5007/2022 (A’ 241) or the conditions that were in force before the entry into force of the present, remain in force and are renewed, provided that the conditions that were in force at the time of their granting continue to be met.
4. Without prejudice to article 92 of Law 5007/2022, third-country nationals may complete until 31 December 2024 their investment under the regime in force until the entry into force of the present, provided either that an advance payment of ten percent (10%) is paid on the purchase price or the total contractual rent of the contracts of per. (d) of para. 1 of article 100 of the Immigration Code (Law 5038/2023, A’ 81) or payment of the agreed price or rent in accordance with par. 5 of article 100 of the same Code either signing a notarial preliminary agreement or signing a private agreement of certain date and relevant proof of credit of the buyer’s bank for sending the amount of the advance payment to the seller’s account by August 31, 2024.

If the purchase of the immovable property or properties referred to in the first subparagraph is not completed, the third-country national may complete his investment in another property or properties under the conditions that applied before the entry into force of the present, without prejudice to article 92 of Law 5007/2022, and in any case not beyond April 30, 2025.

Therefore, on the basis of para. C and D, we see that the minimum investment amount remains at € 250,000 in the following cases:

Property where change of use to residence is allowed

Property that is an industrial building or part of an industrial building, if it has not operated as such in the last five (5) years

A listed building or part of a listed building to be restored or reconstructed and if the restoration or reconstruction is completed

The consideration is paid by bank cheque or by bank transfer to the beneficiary’s account held in a Greek banking institution or in a credit institution under the supervision of the Bank of Greece, the specific details of which must be officially declared by the contracting parties before the notary, who draws up the agreement.

The above third-country national may be accompanied by his/her family members who, upon their request, are issued with an individual residence permit, which expires together with the investor’s residence permit.

Family members mean:

(a) the spouse
(b) the descendants of the spouses or spouses, who are under 21 years of age.
(c) the ancestors of the spouses.

The above permit may be renewed for an equal duration, each time, provided that the property remains in the ownership and possession of the third-country national and all other requirements provided by law are met. Periods of absence from the country will not disrupt the renewal of the residence permit.

Visa entry requirement to obtain a residence permit for property owners.

The Entry Visa, i.e. legal entry into the country, is necessary to obtain a residence permit for property owners. After the issuance of a residence permit and for its duration, there is no need for a visa. According to Law 4251/2014, any third-country national who has entered the country legally with a visa of any type or is a legal resident of the country regardless of his status or type of residence permit, has the right to apply for a residence permit.

So, once you have entered the Greek Territory with a valid entry visa (regardless of type), you can make a purchase. If you complete the purchase of the properties and apply for the residence permit, before the visa expires, you get a temporary document (calling the blue document because of the color) and you can stay legally, until the final residence permit.

DOCUMENTS NEEDED FOR BANK :

• Photocopy of passport,
• Greek tax identification
• Certification for the Greek telephone,
• Employment letter with full company details, including full address, phone number, zip code, annual salary
• In case of self-employed persons, certificate of commencement of profession or professional card or certificate used by a competent association
• Bank statements for three years or wealth source certification
• Certification of your ID number (your official tax number);
• A certification with your home address in your home country – something certified by a competent Public Authority, i.e. a recent utility bill

All these documents need Consulate Certification: For countries that are not parties to the Hague Convention, certification by the Greek consular authority in the country of origin of the document is required. If it’s in English, that’s fine. 

GOLDEN VISA DOCUMENTS: (except those we are preparing)

Marriage certificate, marital status certificate, birth certificate for children, photocopy of the passport of all family members that must be valid (photo can also be taken in Greece).

In this step we may need to translate documents to the official translation service of the Ministry of Foreign Affairs of Greece, depending on whether you receive documents in Chinese or English. So, for the documents you bring for China we need Certification from the Consulate: For countries that are not parties to the Hague Convention, certification by the Greek consular authority in the country of origin of the document is required.

Power of Attorney: We draw up the power of attorney for all your necessary representation orders to us.

About the procedure:

We go with all the documents on the day we have the appointment, submit the documents and give fingerprints. We get a blue certificate.

When the card is ready, we will need an original passport to get it.