LAW 5100/2024
Article 64
The Immigration and Social Integration Code (Law 5100/2024, article 64) contains provisions that facilitate the stay of third-country investors, whose investments are characterized as strategic investments, through the provision of extended stay time limits for the representatives of investment bodies and their partners.
Moreover, it allows the granting of residence permits to third country nationals and their family members, who purchase real estate property in Greece, the value may start from €250,000, depending on the location and subject to specific conditions (as explained in detail below).
Specifically:
Permanent residence permit of the investor.
1. By decision of the Secretary General of the Decentralized Administration, a residence permit for five years, subject to renewal, is granted to a third-country national who:
- has legally entered the country with any type of visa or legally resides in the country, even if the type of residence permit that he possesses, does not permit change of purpose.
- ***Submission of the application through a proxy, without the obligation of having previously entered Greece: Non-EU citizens who have made an investment through the three options of the Greek Golden Visa program, can apply for a residence permit through a proxy, without the obligation of previously visiting Greece. The Power of Attorney for the appointment of a proxy, must be signed before a Greek Consular authority. The non-EU citizen, must enter Greece within a period of 12 months from the date of the confirmation receipt of the application, in order to submit his biometric data.***
- has full personal ownership, possession and peaceful enjoyment of real estate property in Greece. In the case of jointly owned property, worth 250,000 euro, the right of residence is granted only 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 is granted only if the joint ownership rate of each joint owner’s property is worth at least 250,000 euro.
- has full ownership, possession and peaceful enjoyment of real estate property in Greece via a legal entity, the shares of which are owned solely by him.
- has concluded an agreement for at least a ten year lease of hotel accommodation or furnished tourist residences in tourist accommodation complexes, pursuant to Article 8 par. 2 of Law 4002/2011 (Government Gazette 1, no 180).
- has concluded a time-sharing agreement pursuant to the provisions of Law 1652/1986 "Time sharing agreement and related issues" (Government Gazette 1, no 167), which is in force.
2. a) For the Region of Attica, the Municipality of Thessaloniki of the Region of Central Macedonia and the Regional Units of Mykonos and Santorini of the Region of South Aegean and for islands with a population, according to the last census, of more than three thousand one hundred (3,100) inhabitants the minimum value of the real estate at the time of its acquisition, as well as the total contractual rent of the leases of hotel accommodation or tourist residences of the present, is set at eight hundred thousand (800. 000) and must be paid in full before the submission of the request for the granting of the investor's permanent residence permit. Especially if it is a built-up real estate or a property for which a building permit has been issued, a minimum floor area of one hundred and twenty (120) square meters is required. In the case of investment through the purchase of real estate in the areas referred to this subparagraph, it shall be made in a single property. In the case of investment through the purchase of an undivided co-ownership interest in real estate, the minimum value of the co-ownership interest shall be set at eight hundred thousand (800,000) euros and the investment shall be made in a single property.
b) For the other regions of the country, the minimum value of the real estate at the time of its acquisition, as well as the total contractual rent of the leases of hotel accommodation or tourist residences herein, is set at four hundred thousand (400,000) euros and must have been paid in full before the submission of the application for the granting of the investor's permanent residence permit. In the case of investment through the purchase of real estate in the areas of the first paragraph, it is carried out in a single property. Especially if it is a built-up property or a property for which a building permit has been issued, a minimum floor area of one hundred and twenty (120) square meters is required. In the case of investment through the purchase of an undivided co-ownership percentage of a property, the minimum value of the co-ownership percentage is set at four hundred thousand (400,000) euros, subject to the conditions of the previous paragraphs.
Notes :
- For buildings that currently have a different use and are converted into residences (industrial properties that will be converted to be habitable). The minimum investment amount is set at 250,000 euros. The conversion of use must be completed before submitting the request for the residence permit. Their use as a company headquarters or branch is prohibited.
- The limit is also set at 250,000 euros if it is an investment in a listed building that is to be restored.
- Residence permits can be renewed for the same period of time (five years) as long as the real estate remains in the ownership of the investor. If it is an investment in a preserved building, an additional condition for the renewal of the residence permit is that the restoration of the building has been completed. If the investor sells the property then his residence permit is revoked and the buyer becomes entitled to obtain a residence permit.
- Investors can rent out the properties they acquire, but they are not allowed to dispose of them through short-term rentals .
- In case of violation of the above, the residence permit is revoked and a fine of 50,000 euros is imposed.
- Third-country nationals who will pay the price or pay a 10% advance, or sign a preliminary agreement accompanied by the relevant proofs of crediting the amounts to the seller's account by August 31, 2024, can complete their investment until December 31, 2024 with the conditions that applied until now. In these cases, if the purchase of the property is not completed, the buyer can complete his investment in another property always with the conditions that were in force from the entry into force of this Law, but in any case not after April 30, 2025.
3. The above third-country national may be accompanied by members of his family to whom, at their request, an individual residence permit is issued, which expires together with the residence permit of the sponsor.
The term family members means:
- Spouses
- The other spouse or partner with whom a third-country national has a cohabitation agreement in Greece
- The direct unmarried descendants of the spouses, who are under the age of 21
- The direct unmarried descendants of the supporter or of the other spouse/partner, provided that their custody has been legally entrusted to the sponsor (for his/her children) and to the other partner (for his/her children), under the age of 21
- The direct relatives of the spouses in the ascending line.
4. The above permit may be renewed for an equal duration, provided that each time, the real estate property remains in the possession of the third-country national, or the agreements in paragraph 1 of the present text remain in force and that all other requirements required by law, are fulfilled. Periods of absence from the country will not disrupt the renewal of the residence permit.
"The re-sale of the real estate property during the period of validity of the residence permit, to another third-country national shall provide the right to the granting of residence permit to the new buyer with simultaneous withdrawal of the vendor's residence permit."
The residence permits, having been granted pursuant to paragraphs 1 and 4 of this Article, do not establish the right of access to any form of employment.
Duration: 5 years
SUPPORTING DOCUMENTS
1. An exact photocopy of a valid passport or travel document recognized by our country.
2. Entry Visa (C or D or entry stamp) or residence permit
3. Electronic payment, 2000 euros
4. Insurance contract of a private insurance company
5.
- a) Purchase contract on which it is stated that the contract of purchase and sale of the property is not subject to conditions; and the total price amounts to … (250,000 Euros and more), which was paid in full by a two-line bank check or by deposit of a bank transfer from the buyer to the account of the beneficiary kept in a Greek banking institution or in a credit institution supervised by the Bank of Greece, and proof of transfer of the contract from the competent mortgage office (Attention, if part of the total price of the property is paid differently from the above, the contract will not be accepted) AND a certificate of mortgage or cadastral office from which the absence of encumbrances results,
- or b) Certificate of a notary (in case less than two hundred and fifty thousand (250,000) euros were paid during the purchase of the property but its current objective value exceeds or is equal to the said amount, which should state, “From The audit of the real estate purchase contract No. προ shows that the value of the real estate has been paid in full and the contract is NO longer under conditions and deadlines, and the objective value of the real estate, as it stands today, amounts to… ”AND Certificate of mortgage or cadastral office from which the absence of encumbrances results,
- or c) A copy of a notarial deed for lease of hotel accommodation or furnished residences for tourists in complex tourist accommodation, which proves the one-time payment of the amount of 250,000 euros and that there is a reference to the issuance of a relevant operating signal by EOT and proof of transfer of the relevant lease agreement has been transcribed,
- or d) A time lease agreement for at least ten years, stating the price corresponding to each year, a Transfer Proof from the competent mortgage office and a Certificate from EOT that it has been informed of the preparation of the specific time lease.
- or e) Contract for the purchase of a plot of land or plot and contractor for the construction / renovation of a house submitted to the tax office in accordance with the law and Building permit in the name of the interested party and Invoices of the contractor/s and the corresponding receipts
6. Certificate of the notary who drafted the notarial deeds of transfer / lease agreements, which certifies the details of the parties, the details of the property, the manner of payment of the agreed price / rent and all the specific details of the payment, the existence of any as if the property in question has been used by the seller to issue a permanent residence permit to an investor.
7. Supporting documents for the issuance of the card:
- Four (4) recent, color passport type photographs (40x60mm without frame / high resolution / on white background / neutral expression etc.) as well as in digital format on an optical storage disc (CD) in JPEG 2000 graphic format.
- Fee for a document card 16 euros.
- An official public document of the country of birth or origin officially certified and translated from which the place of birth is clearly indicated. The translation must also indicate the place of birth in Latin characters. (Presented only if the passport does not show the city of birth in Latin characters)
Family Members of Permanent Investors (Spouse / Partner - Minor Children - Relatives of Spouses / Partners)
Duration: 5 years or equal maintenance
1. An exact photocopy of a valid passport or travel document recognized by our country.
2. Entry Visa (C or D or entry stamp) or residence permit
3. Electronic payment, 150 euros (Minors are exempted from this fee)
4. Insurance contract of a private insurance company
5. Responsible statement of the custodian that his / her marital status has not changed (in case of entry with Type D Entry Visa) AND a recent certificate of marital status officially validated and translated (in case of entry type C visa / entry stamp) from which is the kinship
6. Residence permit of the custodian or Certificate of submission of supporting documents
7. Supporting documents for the issuance of the card:
- Four (4) recent, color passport photos (40x60mm without frame / high resolution / on white background / neutral expression etc.) as well as in digital format on optical storage disc (CD) in JPEG 2000 graphic format.
- Fee for document card 16 euros.
- An official public document from the country of birth or origin officially certified and translated from which the place of birth is clearly indicated. The translation must also indicate the place of birth in Latin letters. (Presented only if the passport does not show the city of birth in Latin letters)
Renewal
Permanent residence permit of the investor
Duration: 5 years
1. An exact photocopy of a valid passport or travel document recognized by our country.
2. Residence permit
3. Electronic payment, 2000 euros
4. Insurance contract of a private insurance company
5. The real estate remains in the ownership and prefecture of the interested party or the foreseen leases remain in force.
6. Supporting documents for the issuance of the card:
- Four (4) recent, color passport type photographs (40x60mm without frame / high resolution / on white background / neutral expression etc.) as well as in digital format on optical storage disc (CD) in JPEG 2000 graphic format.
- Fee for a standalone document card 16 euros
- An official public document of the country of birth or origin, officially certified and translated, in which the place of birth is clearly indicated. The translation must also indicate the place of birth in Latin letters. (Presented only if the passport does not show the city of birth in Latin letters)
Renewal for dependent members
Duration: 5 years or equal maintenance
1. An exact photocopy of a valid passport or travel document recognized by our country.
2. Residence permit
3. Electronic payment, 150 euros (Minors without fee)
4. Insurance contract of a private insurance company
5. Residence permit of the custodian or Certificate of submission of supporting documents
6. Responsible statement of the caregiver that his marital status has not changed.
7. Supporting documents for the issuance of the card:
- Four (4) recent, color passport photos (40x60mm without frame / high resolution / on white background / neutral expression etc.) as well as in digital format on optical storage disc (CD) in JPEG 2000 graphic format.
- Fee for a standalone document card 16 euros
- An official public document of the country of birth or origin officially certified and translated from which the place of birth is clearly indicated. The translation must also indicate the place of birth in Latin letters. (Presented only if the passport does not show the city of birth in Latin letters.)
