The Golden Visa scheme in Greece
Investing on property in Greece for non-EU citizens
On April 2013, the Greek Government enacted Law 4146/2013, with the scope to provide opportunities and encentives for foreign investors to make business in Greece. In order to promote the real estate market and within an open and friendly approach towards foreign nonE.U. investors, they enacted article 6 of Law 4146/2013 which substitutes article 36A of Law 3386/2005 "Entrance, residence and social accession of citizens of third countries in Greece". According to this, the Secretary General of Internal Affairs grants a 5 year residential visa to a non-EU citizen, in the case that the person has acquired, either personally as a natural person or as a corporation (whose shares belong to him completely), property in Greece or he has signed a lease of at least 10 years duration or a 10year duaration lease for hotel resorts or furnished touristic residences. The above grant may be renewed for an equal period, if the property remains at the acquisition of the person or the leases remaining or being renewed. The least sum of investment as well as the contractual sum of the leases is 250.000 euros. The above sum may change in accordance to the decision of the Ministries of Internal Affairs and Finance.The person who acquires the VISA may be escorted from members of his family, to whom it is also granted a similar VISA which is renewed in accordance with the main person's VISA. Note that the above visas do not establish a working permit. The scope of the law is mainly the investment on real estate. Further, the above duration of the visa cannot be encountered for the right to citizenship.
As a firm, the way we deal with the process of the law is as follows:
a. We sign a pre-agreement with the interested person ("Investor") which includes the provision of our services, namely legal services, notary services, accounting services, real estate brokerage services, for an agreed total fee.
b. When the pre-contract is signed, our brokers initiate their research and make proposals on the property the Investor is looking for.
c. The process starts with a legal research on the property and its contracts. Then if everything is fine, we proceed with the purchase before a notary and all the necessary notarial actions are performed for the transfer of the property to the new owner and the acquisition of the deeds. Note that in Greece it is imposed the presence and representation of the parties in the purchase by a lawyer. Of course, for the completion of the purchase, the price for the property is fully paid.
e. Having the deeds at hands, the lawyers register the property under the name of the new owner at the Registries.
f. The second part begins for the grant of the residential VISA. We then submit petition of the Investor and equal petitions for the members of his family and represent them before the Board of the Ministry of Interior Affairs in order to submit the related file and provide all the necessary explanations.
g. When he have the residential permit, then the Investor will be provided with the original deeds for the property he purchased as well as the residential VISA(S).