What does Greece offer to real estate buyers or investors of foreign origin:
• Permanent Residence (in Greece) Visa which is automatically renewed every 5 years, while the real estate property remains in the buyers ownership, therefore forever. This affects 1. the residence owner 2. the husband/wife 3. the biological parents and parents in law 4. the children up to 21 years old (which can be extended until the age of 24).
• Movement and installation in 26 European countries for 3 months every 6 months, with no extra obligations, because this is a Schengen Visa.
• Our wonderful weather
Groups of people affected:
a) Citizens of non-European countries intending to invest in Greece (investors), either personally, or through a legal entity, under the condition that their investment plan does not contradict the conditions stated in the legal framework, as it appears further in this document.
b) Citizens of non-European countries, companies’ executives, that are a part of the investment plan in question (higher and average administration executives or specialists that are indispensable for this investment). The above regulation for the non-European countries and companies’ executives, also applies, under the same conditions, to native companies, already active and effectuating a new investment. Each investment plan can have up to 10 visas for investors and executives, depending on the amount of money invested.
c) family members of a non-European citizen.
a) Investment. There are no restrictions concerning the investment sector or the location of the investment’s installation. The condition that must be fulfilled by each investment is its positive effect on the national development and economy. The investing activity can take place through the building of a new facility (greenfieldinvestments) or through a business acquisition, restructuring or extension of an existing activity (brownfieldinvestments). The factors taken under consideration for the investment’s effect on the national development and economy are the creation of work positions, the exploitation of national resources and the vertical integration of the national production, the orientation towards exports, the innovation and integration of modern technology.
b) Amount of money invested. The legal framework does not define a certain limit concerning the total amount of the investment plan. Nevertheless, an investor applying for a residence permit through this program will be obliged to contribute to the investment at least €250.000, deriving from equity capitals. Moreover, the number of visas provided for the executives of each investment plan, depends on the total amount of money invested. Finally, the number of residence permits granted to each investment plan cannot exceed the number of 10 (including the investors and executives).
Cost of Application
The cost for the issuing of a national entry visa is €180. The cost for the issuing of a five year residence visa or its renewal is €500.
The issue of a residence permit takes up to two months starting from the moment of the acquisition of all the information needed from the issuing authority.
The process of issuing a residence permit is relatively easy, since the new owner provides the necessary documents to the Greek Authorities. The process takes place with the help of skilled consultants and legal experts of the company.