What is the Greek “Golden Visa”?
It is the granting of a five-year residency visa in
Greece, potentially leading to the acquisition of Greek citizenship, to
citizens of third countries (outside the E.U.) legally entering or living in
Greece and buying real estate property in the country exceeding 250.000
Euros.
Can this 5 year period be extended?
Yes, it can be renewed every five years, provided the
property stays under the ownership of the visa holder throughout the duration
of visa, irrespective whether the holder had been physically present in Greece
or not.
Is this property transferable?
Yes and the new owner is entitled to a visa; however,
the seller's visa will be revoked.
Should the ownership Title be under the
name of the applicant?
Yes, but it can also be under the joint name of
the spouses, or even under the name of a legal entity,
the shares of which belong to the applicant by 100%.
Does the property need to be currently
purchased or can it already be under the ownership of the applicant?
The latter, provided that its value had been or
currently is at least 250.000 Euros.
Are there any other alternatives to the
purchase of property?
Yes, long term (10 years or more) leases of hotels or
tourist resorts and time – sharing leases, of equivalent rent value (of 250.000
Euros) paid up.
How should the sale or rent price be
paid?
Through a personal non-transferable bank check or a
bank transfer to the seller's account in Greece. Details of payment should be
mentioned in the conveyance Deed.
Does the property need to qualified as a
residence or as a commercial property?
It can be either.
How about the purchase of a vacant lot
that will be developed?
Fine, provided that the total value of the land and
the contract with the developer/builder, exceeds 250.000 Euros.
Can two or more persons buy a property
(Title in multiple names) and qualify for the Visa?
Yes, provided the threshold of 250.000 Euros is met
for each one.
Can more than one properties be
purchased, each one valued for less than 250.000 Euros, but of total value more
than this?
Yes, irrespective of whether they are characterised as
residential, commercial, property to be renovated, or even vacant land.
Can the buyer rent the property or does
he/she have to live in it? Can he get a mortgage on it?
It can be rented out or get a mortgage on it.
Are family members of the main applicant
entitled to the Visa?
Yes, including the spouse, children of either spouse
under 21 years of age and the (spouses') parents.
Can the visa holder travel to the EU?
Yes, the visa holder and the family members may travel
in the European Union Schengen area for up to 3 months every 6 months time
period with multiple entrances.
Can the visa holder work in Greece?
No, but he can set up a company as a shareholder or be
a CEO.
Other documents required?
A clear criminal record, private
hospital/medical insurance and evidence of family status (for the family
members). Foreign documents need to be “apostil” certified or consularised and
translated into Greek by the Greek Ministry of Foreign Affairs or a qualified
Greek lawyer.
How long does it take for the visa to be
granted?
Approximately two months or more after the
accomplishment of the purchase and the submission of the full file to the
competent Public Authority.
Do I have to employ a Greek lawyer for
the above procedure?
It is not compulsory but lawyers may definitely assist
the procedure to become effective and fast.
January 2018
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