Real estate in Greece is not only a profitable investment for many years to come, but also an opportunity to obtain a residence permit in this country. Greece remains one of the few EU countries that has maintained a program for obtaining a residence permit for foreigners who have bought apartments or villas here.
The program stands as one of the most enticing opportunities available. Often referred to as the 'Golden Visa,' it offers more than just a property near the serene sea. It extends the privilege of residency in Greece and grants freedom of movement throughout the European Union.
Highlights of Golden Visa in Greece
- Investment innovations. In popular destinations in Greece, such as Attica, Thessaloniki, Mykonos, Santorini, the investment threshold increases to 800,000 euros, while in other regions real estate must be purchased for an amount of 400,000 euros.
- Investors must purchase real estate with an area of at least 120 sq.m. For industrial buildings converted into residential buildings, the required amount is 250,000 euros, and for investments in a historical building - 250,000 euros.
- Validity. The residence permit is issued for 5 years with the possibility of extension.
- Right of residence. The holder of a residence permit has the right to reside in Greece and travel around Europe, without necessarily being permanently in the country.
- Extension to family members. The right to obtain a residence permit is available to the spouse, children under 21 years of age and parents of both partners.
- No need to provw finances. For this type of residence permit, it is not necessary to demonstrate the presence of a certain amount in a bank account.
- Guarantee for obtaining. A residence permit is 100% guaranteed if you buy real estate in Greece for the appropriate amount.
- Possibility of citizenship. If you live in Greece for more than 183 days a year for seven years, you have the opportunity to apply for citizenship.
In the earlier article, we talked more about different kinds of residence permits in detail.
Steps to obtain a real estate residence permit
The whole process can be divided into several steps.
1. First, there's the selection of properties. It's crucial to pick the right real estate based on your objectives, preferred region, and budget."
2. Next in line is the selection of the object and completion of paperwork. This involves property inspection, price negotiations, opening a bank account, and acquiring a Greek Taxpayer Identification Number (TIN). Your presence is needed to grant power of attorney to the lawyer."
3. Then, it's time to sign the purchase and sale agreement. This step ensures the legal integrity of the property, along with fulfilling government payments and agreement registration duties.
4. Preparation of documents for residence permit.
5. Following that, the residence permit application is submitted to the Department of Migration Affairs, along with fingerprinting.
6. Lastly, comes the final stage of obtaining the residence permit. You'll be issued a 5-year valid document, granting you the right to reside in Greece and travel freely across Schengen countries.
How to select property and stay current with law updates
The Greek government is currently reviewing the conditions for a residence permit of the Golden Visa type. New amendments are being discussed, as well as nuances for renting out such real estate for short-term rent.
For complete assurance of details, updates, and to ensure a profitable investment, consider reaching out to Greece Invest specialists for expert guidance. The company has been successfully selling real estate in Greece since 2002.
Our experience allows us to offer only high-quality properties, including cottages, villas and apartments. We are all about finding the perfect fit for you, whether you're after a dream vacation spot, a new permanent home, a residency setup, or a smart investment
Moreover, we prioritize the discerning selection of locales, exclusively showcasing properties within Greece's premier resort destinations. Among our distinguished portfolio, prominent regions include the picturesque Halkidiki peninsula, the cosmopolitan hubs of Athens and Thessaloniki.
Advantages of collaborating with Greece Invest
Comprehensive support. We've got your back every step of the way, from finding the right property in our database to handling paperwork for residence permits. This integrated approach ensures that you can entrust us with every facet of your transaction, ensuring its smooth and successful execution.
Decades of know-how. With 20+ years in Greece's real estate scene, our team knows the ins and outs of the market and the best places to invest. Benefit from our wealth of experience as we guide you towards sound investment decisions.
Property management simplified. Our rental property management services offer a complete concierge experience. Let us take care of the details so you can optimize your Greek property's potential and receive a reliable rental income, all without the stress of day-to-day management.
