Visa & Residency

Which are the preconditions for obtaining a residence permit for real estate owners in Greece?

Welcome Me Europe: An established and experienced law and real estate firm with offices in Athens, Thessaloniki and Volos (central Greece) is pleased to provide the following information.

Select any property in Greece independently or via our real estate services (with properties handpicked for the Golden Visa criteria) and let us do the rest.

The following conditions must be fulfilled to receive a residence permit in Greece and Europe:

a) The real estate property must be owned by and be in possession of its owners.

b) In cases of joint ownership, where the value of the property is €250,000*, the residence permit is only granted if the owners are spouses with undivided ownership of the property. In all other cases of joint ownership, the residence permit is only granted if the amount invested by each of the joint owners is at least €250,000*.

c) If the owner has acquired the property through a legal entity, the applicant must own 100% of the company shares.

d) The residence permit is also granted in cases where the third country citizen is the owner, either directly or through a legal entity, of more than one real estate property with a combined value of at least €250,000*.

e) In cases where the applicant wants to enter the country with a type D visa, the documented intention to own property should be supported by documentation which prove the financial capacity (e.g., certificate of an A-class certified bank, or other recognised financial institution), which certify the existence of bank accounts or other mobile assets, such as bonds or shares, which can cover the cost of the investment of at least €250,000*, and which certify the intention of the applicant to purchase the property (contract with a law firm or with a real estate office).

f) In the case of third country citizens who have signed a lease of at least 10 years for hotel accommodations or furnished tourist residences in integrated tourist resorts, provided the minimum value of the lease is €250,000*, the contract must require a single payment of the lease for the equivalent of the ten year leasing of the property.

In all cases outlined above, the value of the real estate property will be determined based on the value of the property, or the lease, indicated in the contract of purchase. The value of the property, according to law 4146/2013, is the amount stated explicitly on the contract which has been submitted for the purchase of the real estate property.

The objective, or assessed, value of the property is not relevant, unless it corresponds to the amount which was, according to the contract, paid for the sale of the property.

Can someone obtain more than one piece of property, the individual value of which is less than €250.000*, if the combined value is equal or greater than €250,000*?

A third country citizen is entitled to residency rights irrespective of whether he owns one or more properties, provided that their combined value is equal to or greater than € 250,000*.

Are there any entry visa requirements to obtain a residence permit for real estate owners in Greece?

An entry Visa is necessary to obtain a residence permit for owners of real estate. Following the issuance of a residence permit, and for its duration, there is no need for a Visa. Primarily in order to serve interested parties, obtaining a type D visa was chosen, because of the advantages that this visa provides to the holder (free movement in the Schengen area, duration for up to one year, right to multiple entries and the like). It was shown in practice that the majority of interested third country citizens choose a type C visa to enter the country. Based on this fact, the right to submit an application for a residence permit is available to any third country citizen who legally resides in Greece, irrespective of their status or the type of residence permit they possess. This includes those who hold a type C Visa and those applying for asylum.

Welcome Me Europe: An established and experienced law and real estate firm with offices in Athens, Thessaloniki and Volos (central Greece) is pleased to provide the following information. Select any property in Greece independently or via our real estate services (with properties handpicked for the Golden Visa criteria) and let us do the rest.

Which is the duration of the residence permit for real estate owners?

This residence permit is valid for 5 years.

Can the residence permits for owners of real estate be renewed?

The residence permits may be renewed for the same duration and for as many times as the applicant requests. To renew the residence permit, the following conditions must be met:

(a) The real estate property must remain in the full ownership of the applicant.

(b) The relevant leases must be ongoing.

Which is the issuing process and the necessary documentation for a residence permit for real estate owners?

Depending on the specific case, the following documentation may need to be submitted in addition to the above:

1. Residence permits for third country citizens who own and posses, either wholly or jointly, property in Greece:

(a) A copy of the contract for the purchase of the property or properties which have a minimum value of €250,000*

(b) Notarisation stating that the contract fulfils the conditions required by the law for the granting of residence permits to real estate owners in Greece (article 6 paragraph 2 of law 4146/2013), and a confirmation by the notary that “the contract for the purchase of the real estate property does not have any conditions, exemptions or deadlines according to the provisions of paragraph 2, article 6, of law 4146/2013, and the full payment has been made”.

(c) Proof of title transfer from the competent land registry.

(d) Certification by an insurance agency for the cost of hospitalisation and medical care. To certify that this condition is fulfilled, the following are accepted:

– Insurance contracts which have been signed outside Greece, provided that they explicitly mention that they cover the interested party for the duration of their stay in Greece.

– Insurance contracts which have been signed in Greece.

2. Residence permits for third country citizens who own property in Greece through a legal entity, where the applicant owns all shares:

(a) A copy of the contract for the purchase of the property or properties which have a minimum value of €250,000*.

(b) Notarisation stating that “the contract for the purchase of the real estate property does not have any conditions, exemptions or deadlines according to the provisions of paragraph 2, article 6, of law 4146/2013, and the full payment has been made”.

(c) Proof of title transfer from the competent land registry.

(d) Copy of the statute of the legal entity which clearly indicates that the third country citizen owns all company shares.

(e) Certification by an insurance agency for the cost of hospitalisation and medical care.

3. Residence permits for third country citizens who have a lease – for a minimum of 10 years – for hotel accommodations or furnished tourist residences in integrated tourist resorts:

(a) Notarised copy of the lease for the hotel accommodations or furnished tourist residences in integrated tourist resorts, which demonstrates a single payment of
€250.000* and includes a mention of the granting of the relevant operation licence by GNTO (Greek National Tourism Organisation).

(b) Proof of title transfer from the land registry where the relevant lease contract has been transferred.

(c) Certification by an insurance agency for the cost of hospitalisation and medical care.

4. Residence permits for third country citizens who purchase plots of land or acreage and erect a building:

(a) Contract for the purchase of the plot of land or acreage, and
(b) contract with the construction company for the erection/restoration of the residence, which has been submitted to the tax office according to the law.
(c) Building permit in the name of the applicant.
(d) Invoices by the contractors and the corresponding proofs of payment.

5. Residence permits for third country citizens who have a timesharing lease of at least ten year duration, for hotel accommodations or tourist furnished accommodations in integrated tourist resorts:

(a) Contract for the timeshare of at least ten years duration, which states the exact amount to be paid every year.
(b) Proof of title transfer from the competent land registry.
(c) Certification by the Greek National Tourism Organisation that they have been informed of the establishment of this timeshare lease.

6. Residence permits for family members of the third country citizen:

(a) Certification by an insurance agency for the cost of hospitalisation and medical care.
(b) Recent family status certificate from foreign authorities which certifies the family relationship.

According to the law, family members of third country citizens entering the country are:

– Spouses.
– The direct descendands of the spouses , who are under the age of 21.

Where the relevant documents have to be submitted?

Applications for the residence permits must be submitted to the one-stop service of the department in the Decentralised Authority in the place of residence or the Municipal authorities in the location of the property in the cases where the transfer of residence by the Aliens and Immigration authority of the Decentralised Administration has not been completed.

Are there any language requirements for the documentation?

The documents that are required for the application for a residence permit must be submitted in Greek, except for the documents issued by foreign authorities, which need to be certified. There are two types of certification:

(a) The Apostille stamp for countries that are parties to the Hague Convention
(b) Certification by the Consular

Wish is the cost associated with the application process for the residence permit for owners of real estate?

Interested parties are only subject to the Visa fee, which is €75, except in cases where bilateral agreements provide for a reduced fee or a waiver.

Welcome Me Europe: An established and experienced law and real estate firm with offices in Athens, Thessaloniki and Volos (central Greece) is pleased to provide the following information. Select any property in Greece independently or via our real estate services (with properties handpicked for the Golden Visa criteria) and let us do the rest.

For official guidelines and up-to-date information please visit the following link of the official investment and trade promotion agency of the Greek State, operating under the auspices of the Ministry of Foreign Affairs:
https://www.enterprisegreece.gov.gr/en/greece-today/living-in-greece/residence-permits
and the Brief Guide to Residence Permits for real estate owners in Greece in the following languages: English and Greek (May 2023).

* Please note that for some areas of Greece, some of the islands and major cities, the threshold is 500,000 Euros for one property.