The Greece Residency by Investment Program was introduced by the Greek government in 2013 in order to enable genuine investors to acquire residency in Greece by investing in real estate.
The Program provides five-year residence permit that may be renewed every five years thereafter, provided the applicant still owns the property.
The process regarding the application is quick and straightforward with further opportunities to apply citizenship after a set period.
Investment Options
By this Investment Program, Greece offers the most affordable option, within Europe, to acquire the resident permit. The application is fast, lasting just 2 months.
Real Estate Acquisition: Minimum Value of €250,000
- Residence Permit granted for 5 years
- The investor has the option to invest in one or several properties to a total value of 250,000
- Residence permit renewal for another 5 years each time, given the fact that the applicant still owns the property.
Real Estate Lease or Timeshare: Minimum Value of €250,000
Residence permit granted for 5 years
Lease for at least 10 years or invest in a timeshare for hotel accommodation or furnished tourist residencies in a combined tourist facility, as the above facility must be registered with Greek national Tourism Organization (GNTO)
Method of payment
One of the thorniest issues regarding Golden Visa Law, which has been subject to consecutive amendments of the Law within the last years, is the method of the payment.
Greek Law provisions are very strict regarding the payment methods that have to be respected. S&P contracts not indicating that the amount was paid via one of the below methods will not be approved by the competent authority for the issuance of the Golden Visa. The above excessive formalism of the Law has led to the amendment of the Art. 20B par. 2 with the Art. 226 of L. 4635/2019 introducing amongst other options the capability of payment via POS.
The Art. 20B par. 2 as it was very recently amended by the Art. 226 of L. 4635/2019 stipulates that “The agreed payment or lease is paid totally by crossed bank cheque in bank account of the beneficiary (seller) which is held in a credit institution operating in Greece or via credit transfer, pursuant to the definition 24 of the Art. 4 of L. 4537/2018 (A’84) or via POS established by a payment service provider operating in Greece, via charge of a bank credit or debit card of the buyer to the bank account of the beneficiary (seller) pursuant to the definition 11 of the Art. 4 of L. 4537/2018, operating in Greece. The above methods of payment could be concluded by the spouse and/or by blood or marriage relatives of second degree of the buyer.
Furthermore, the Art. 226 of L. 4635/2019 introduced the capacity the payment to be deposited by the close relatives of the applicant (blood or marriage relatives of second degree), a provision which makes the Golden Visa regime even more friendly to investors.
For any further information and clarifications please do not hesitate to contact our qualified legal team, ready to provide you with further personalized information according to your needs and your profile.
