Greece Permanent Residency
You a Non-EU citizen Who Wants to Live in Greece?
Ways to Get Permanent Residency in Greece
Nowadays more and more people choose to move permanently in Greece due to the advantages that Greece provides. Greece is one of the sunniest countries in Europe and offers a modern and high-quality lifestyle. Greece is a member of the European Union and the Schengen Zone, which means that every holder of a Greek residence permit can travel visa-free to all the Schengen countries for 90 days every semester.
In Greece the cost of living is lower compared to the rest of Europe and every resident can enjoy a sunny life, combined with an unparalleled beauty and diversity in landscape & vegetation. People in Greece are friendly and hospitable and residents of Greece can enjoy a relaxed lifestyle, including outdoor activities, modern culture and active social activity.
There are numerous ways to obtain Permanent Residence in Greece. These include indicatively:
– Residence permit for non-EU family member of Greek or other EU citizens,
– Residence permit for financially independent people (FIP),
– Residence permit for students at Greek universities,
– Residence permit for self-employed entrepreneurs,
– Residence permit for non-EU spouse or child (younger than 21) of a non-EU citizen living and working in Greece for two years (family reunification),
– Residence permit for executives, administrators or board members,
– Residence permit for foreign investment etc.
In this article, we are going to describe the most common and popular types of residence permit, i.e. the residence permit for property owners (Golden Visa) and the residence permit for financially independent people.
I. Golden Visa Program
One of the most popular ways to obtain a residence permit in Greece is via the Golden Visa Program. The recent Law 4251/2014 (Article 20) has established a new type of residence permit for real estate owners (Golden Visa). In order to obtain a residence permit for real estate owners, the following preconditions must be fulfilled:
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 proper.
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