- August 5, 2020
- Posted by: Editor
- Category: Law
Greece is one of the countries that successfully implemented a residence by investment program, also known as the golden visa Greece. The key feature of the program is that it allows investors from third countries to gain permanent residence when they make a substantial real estate investment.
A minimum property value is important when discussing the manner of acquiring residence proposed in the program for the golden visa Greece. The permanence of the investment is also important: the owner will need to keep the property so that he will be able to renew the permit after it expires.
A residency by investment program can be a suitable manner for moving to Greece for foreign nationals who can comply with the minimum investment. Not only do they gain permanent residence for themselves, but they are also able to bring their family members to Greece.
When deciding to make such an investment, it is always advisable to start with a preliminary market research, followed by thorough property due diligence once a choice is made. These steps are important in order to guarantee the minimum value but also for ensuring that the property is a sound one, and one that could be used either for personal purposes or for rent, as this can also be an option.
Our immigration lawyer in Greece can help you apply for the golden visa program and comply with all of the ongoing requirements.
What are the most important conditions for the golden visa Greece?
The first and foremost condition for the golden visa in Greece is the minimum value of the purchased real estate. The residence permit will be granted for a period of five years to a third-country national who has complied with the following conditions:
- Legal entry: the investor has legally entered Greece with a type of temporary visa or is already a legal resident;
- Minimum real estate value: the golden visa is awarded to those investors who purchase a property with a minimum value of 250,000 euros;
- Full ownership: the foreign national needs to be the full owner of the real estate or, in case of joint ownership, the value of the applicant’s share must be worth 250,000 euros;
- Paid in full: the property needs to be paid in full when the permit application is submitted and this is shown by proper bank documents.
The permit can be renewed for another equal period, under the condition that the property remains in the possession of the third-country national. Our immigration lawyer in Greece can provide more details about these conditions, as well as the manner in which the applicant’s family can also obtain a residence permit of the same duration.
What are the main documents required for the application?
For the purpose of applying for a golden visa in Greece, the documents that prove the investment and its value are indispensable. A list of general documents required for granting this type of visa includes the following:
- a valid passport or travel document;
- travel insurance covering the entire duration of the stay;
- criminal record certificate;
- medical certificate;
- documents related to the real estate investment (sale/purchase agreement, etc.).
Please keep in mind that additional documents may be required for the golden visa in Greece. Our team of Greece immigration agents can help investors prepare the required documents.
What are some other important issues to take into consideration?
Apart from the nationality conditions for applicants and the minimum real estate investment value, our team also recommends taking into consideration the application fees for the golden visa in Greece. These can include the following:
- the national entry visa required for investors is around 180 euros;
- the 2,000 euros issuance fee for the investment visa and an additional fee per each family member;
- the issuance fee for the electronic residence permit of 16 euros.
All of these costs can be added to the minimum investment value. We recommend checking any fee updates with our team of immigration lawyers in Greece.
The golden visa Greece program can be attractive for investors around the world, especially since Greece is a beautiful country with a rich culture and developed industries such as tourism and the food and beverage sectors, among others.
Purchasing real estate in the country under the golden visa Greece program can be a springboard for investors who are interested in entering the European market or for those who are simply interested in Greece immigration and thus obtain permanent residence for themselves and their families.
Non-EU/EEA nationals who are interested in investing in Greece can contact us for more information about the residence permit for investment activity. All other foreign nationals who wish to know more about the types of visas or residence permits can reach out to our immigration lawyer in Greece.