5 Year Residence Permit in Greece – Buying Immovable Property Valued at €250,000.00


5 Year Residence Permit in Greece – Buying Immovable Property Valued at €250,000.00

According to the new Immigration and Social Integration Code, the Greek government gives the option to third-country nationals and their family members to issue a five-year residence permit in Greece on the basis that they own immovable property in Greece of minimum value €250.000.

Once the non-EU citizen is granted a residence permit in Greece, then, he is allowed to live in Greece, exit and re-enter Greece without a visa and travel to all Schengen countries without further documentation other than his passport and his Greek residence permit.

Between others Article 21B of the abovementioned Code provides the following:

1.By virtue of a decision of the General Secretariat of the Prefecture, a residence permit shall be issued for five years with a right of renewal to a third-country national, who has entered legally the country, with any type of visa or resides legally in the country, and satisfies one of the below three conditions:

a. has the full ownership and possession of immovable property in Greece, or

b. has the full ownership and possession of immovable property in Greece, through a legal entity, or

c. has leased hotel or touristic residences for a period of at least 5 years.

2. The minimum value of the immovable property, as well as the lease price of the hotels or touristic residences of the present article, is determined at €250,000.00 and has to be paid in full at the signing of the contract with a bank cheque or any other bank transaction, mentioned in the contract.

3.The above third country national may be accompanied by his family members, under article 54 par.1 of Law 3386/2005, to whom an individual residence permit shall be issued, which shall expire together with the resident permit of the person supporting them.

4.The above residence permit may be renewed for the same 5 year duration every time, provided that the immovable property remains as above to the applicant’s ownership and possession and that the other requirements of the law are being met.

It is important to note that residence permit is issued within 2 months by the time that all documentation is filed with the competent authorities.

Documentation for 1st issuance (5 years)

1. Application form in two (2) copies

2. Three (3) recent coloured photographs

3. True copy of valid passport or equivalent travel document recognized by Greece, together with valid visa.

4. Health Certificate issued by a Greek state hospital, certifying that the applicant does not suffer from any disease which, according to the international standards and the World Health Organization (WHO), could pose a risk to the public health.

5. Copy of the contract for the purchase of immovable property or properties, of minimum value of €250.000,00.

6. Certificate issued by a Greek Notary Public that the purchase contract meets the requirements of Art. 21B.

7. Certificate of Registration of the contract, issued by the competent Land Registry.

8. Certificate that the applicant have applied to a medical insurer for full coverage of his medical care and expenses.

After the submission of the necessary documentation, the competent Greek authorities provide the applicants with a certificate of receipt (blue paper with photo) proving that that they have submitted all necessary documents.

Upon the receipt of the above certificate, the third-country national is permitted to stay in Greece until the authorities reach a final decision on his application for the resident permit. The third-country national is allowed to travel to his homeland and return more than once, according to a decision of the Ministry of Citizen Protection.