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Source: Invest in Greece All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, or stored in any retrieval system of any nature without prior permission of the publisher. Application for permission for other use of copyright material including permission to reproduce extracts in other published works shall be made to the publisher. Full acknowledgment of author, publisher and source must be given. Nothing in this newsletter shall be construed as legal advice. Professional advice should therefore be sought before any action is undertaken based on this publication. Overview With a new vision for development, Greece aims to attract foreign direct investments in infrastructure, manufacturing, energy, tourism, agriculture and other sectors through flexible and fast administrative procedures, and by promoting its natural resources, well-educated human capital and other unique comparative advantages in the broader South-Eastern European region. Greece has set up a flexible and fast procedure for non-EU/ EEA foreign investors who wish to obtain an entry visa and a residence permit for the purpose of investment activity in Greece. Residence permits can also be granted to company executives involved in the implementation and/or the operation of the investment project. Up to 10 permits may be issued for an investment project (investors and executives), depending on the investment scale. The investment activity may be implemented through the construction of new facilities (greenfield investments) or business acquisitions, restructuring as well as expansion of current activities (brownfield investments), provided that it has a positive impact on the national economy. Residence permits offered to investors and executives can be renewed every five years, as long as they maintain their position in relation to the investment and the investment continues to be active. In addition, they may be accompanied by their family members - spouse, unmarried children up to the age of 21, and the first degree ascendants of the spouses - who are also beneficiaries of the right to enter and obtain a residence permit. For information about the application process contact Valmas Associates in the relevant section of our website. Legal Framework According to Greek Law: A long-term visa (national visa / D-type visa) is an authorization issued by the Greek consulates for the entry and stay on Greek territory of non-EU/EEA citizens for a period exceeding 90 days and up to 365 days, according to the respective national regulations or European Union law. A residence permit is an authorization issued by the Minis- try of Migration Policy for the legal residence within Greek territory of non-EU/EEA citizens, in accordance with the pro- visions of European Union (Council Regulation (EC) 1030/02, as applicable). There are different categories of residence permits and different types of permits within each category. Employment rights depend on the type of permit issued. The legal basis of the program concerned (entry and residence for investment activity) is found in Article 16 of Law 4251/2014, as amended and completed by Article 8 (par. 21) of Law 4332/2015 and Article 84 (par. 1 to 6) of Law 4399/2016. Details concerning the program implementation, such as the minimum required investment, the procedure and the required documentation, are determined by a Joint Ministerial Decision. Beneficiaries of the residence permit for investment activity Beneficiaries of the right to enter and obtain a permanent residence permit under this program are: a) non-EU/EEA citizens who intend to invest in Greece (investors), either personally or through a legal entity, provided that their investment project meets the conditions set by the legal framework, as outlined below. b) non-EU/EEA citizens, company executives, involved in the implementation and/or the operation of the investment project described (upper management, middle management or experts necessary for the project). The above provision for non-EU/EEA citizen company executives also applies with the same preconditions to domestic established enterprises which are currently in operation and implement a new investment. Up to 10 permits may be issued for investors and executives for an investment project, depending on the investment scale. c) Family members of the non-EU/EEA citizen described above who are granted a residence permit and specifically: - The spouse, - The other spouse or partner with whom a third-country national has a cohabitation agreement in Greece, - Their unmarried children up to the age of 21, - The unmarried children of the dependant or his/her spouse up to the age of 21, provided that the right of custody has been legally granted to the sponsor for his/her children and to the other spouse for the children thereof, - The first degree ascendants of the spouses. These family members are granted residence permits for family reunification which does not include access to employment. Duration-Renewal of the residence permit The residence permit for investment activity (for investors or executives) is granted for a five-year period and is renewed every time for an equal duration, provided that the beneficiary maintains the status (investor or executive) in relation to the investment and that the investment continues to be active. For the family members concerned, their residence permit expires upon the expiry of the sponsor’s residence permit. Note that the unmarried children of the applicant who are originally admitted to the country under the terms and requirements of the residence permit for investment activity are granted residence permits for family reunification until the age of 21. Children reaching the age of 21 are entitled to an autonomous residence permit up to the age of 24 without specific preconditions. This permit is not linked to the status of the family sponsor. After the age of 24, further renewal is possible according to pertinent national immigration legislation. Application fee The cost for the issuance of a national entry visa is €180. The fee for the issuance of a five-year residence permit or for its renewal is €2000 for investors and company executives, and €150 for their family members. Minor children (under 18 years old) are exempted from this fee. The fee for the issuance of the electronic residence permit is €16. Conditions for the investment activity Residence permits for investment activity are granted to non- EU/EEA citizens (investors or executives) in the context of the implementation of an investment project following a positive assessment of the investment by the Directorate for Foreign Capital at the Ministry of Economy and Development. a) Investment activity There are no restrictions regarding the sector of activity or the location of the investment project. The requirement that must be met by the investment is to have positive impact on national development and the economy. Investment activity may be implemented through the construction of new facilities (greenfield investments) or business acquisitions, restructuring or expansion of current activities (brownfield investments). Factors taken into account for assessing the impact on national development and the economy are job creation, promotion of domestic resources and vertical integration of domestic production, export orientation, innovation and adoption of new technology. b) Investment cost The legal framework does not set specific limits regarding the total cost of the investment project. However an investor applying for a residence permit under this program should contribute to the investment with an amount of at least €250,000, available through own funds. In addition, the number of permits for executives allowed for each investment project depends on the amount of the total investor contribution. Finally, the total number of residence permits allowed for an investment project cannot exceed 10 (for investors and executives).  Process for granting a residence permit for investment activity a) Entry requirement to apply for a residence permit To apply for a residence permit for investment activity, non- EU/EEA citizens must: - either enter the country on a national visa (type-D) issued for investment purposes by the competent consular authority, which is valid for up to one year; or - already legally reside in the country and hold a residence permit either under a definite residence permit or a visa or a residence permit granted by another EU Member State (in this case Schengen rules for temporary stay in a member state apply) or a long-term residence permit (2003/109/EC) granted by another EU Member State. In this case, the in- vestment activity should have been approved prior to the application for the residence permit and non-EU/EEA citizen should legally reside in the country at the moment of submitting the residence permit’s application. b) Granting an entry visa In order to obtain a national visa (type D) for investment purposes, the non-EU/EEA citizen (investor or executive) or his proxy submits an application to the competent Greek consulate, enclosing the necessary documentation for the applicant and the investment project. Family members have the option of entering the country at the same time with the applicant from whom they derive their residence rights (sponsor) or at a later date, and should also be issued the appropriate entry visa. Documentation for investment project (documents a, b and c) should be submitted in printed and electronic form, in Greek (documents issued in other languages should be accompanied with an official translation). In case of difficulty submitting the above information in electronic form or in Greek, assistance can be provided by the Greek consulates. The consular authority will forward the above documentation to the competent department at the Ministry of Economy and Development for assessment with respect to conditions set by the legal framework. The positive opinion of the above department regarding the investment project is necessary for granting the entry visa. A. GENERAL DOCUMENTATION FOR GRANTING A NATIONAL VISA (type- D) a) A passport or other travel document recognized by Greece, with a period of validity which must exceed by three months the expiry date of the visa, having at least two blank pages and issued within the previous ten years. b) Travel insurance with a duration covering at least the entire visa period and providing coverage of costs which might arise in case of repatriation for medical reasons, urgent medical care and/or emergency hospital treatment. c) Criminal record certificate issued by the foreign authorities certifying the criminal record status of the applicant in the country of his/her residence. In cases where the applicant has lived in a country other than that of his/her origin for more than a year before lodging the entry visa application, the consular authority may request a criminal record certificate issued by the country of origin. d) Medical certificate issued by a recognized state or private institution, showing that the person concerned does not suffer from a disease that could pose a threat to public health, as defined by the international data of the World Health Organization (WHO) and the European Union acquis, nor from any other infectious, contagious or parasitic diseases that impose measures to protect public health. B. DOCUMENTATION FOR INVESTMENT PROJECT a) Presentation of the investment project to include: - Details of the existing company or one to be established to pursue the investment activity (name, type of legal entity, share-holder / corporate structure) - Description of the investment project - The location of the investment project - The investment budget and its financing structure - A timetable for implementation of the investment - The forecasted results for the first five years of investment (feasibility study and cash flow forecast) - The total number of jobs to be created by the operation of the investment b) Information concerning the applicant in relation to the contribution to the investment which includes : - A brief curriculum vitae - The applicant’s position and occupation relative to the investment project - The duration of residence in accordance with the investment implementation The above (a and b) should be presented and documented in accordance with the relevant forms available on the website of the program, taking into account the instructions and notes provided on them. c. Documentation for investors’ own funds The documentation of the investor(s)’ ability to fulfill the requirements for own funds should be based on quarterly statements-certificates of bank deposits or securities for individuals, and balance sheets and other financial statements for legal entities. c) Application for the residence permit A non-EU/EEA citizen who has entered the country with a national visa (type-D) for investment purposes should complete the required process for applying for the residence permit before the expiry of the entry visa. In the meantime, visa holders will be able to undertake legal acts and conduct transactions with the competent authorities. The application and the necessary documentation for a residence permit are submitted in person or by a legal representative to the Directorate for Migration Policy at the Ministry of Migration Policy in Greece. Authorization shall be proven in writing by having the authenticity of the authorizing person’s signature verified by any public authority. Since February 20th, 2017, a new procedure for granting non EU-EEC nationals residence permits in Greece was launched, pursuant to Regulation (EC) 1030/2002, as valid, under which all EU Member States will issue an electronic residence permit, which will replace the sticker, typically affixed in a valid passport. Family members have the same obligation pertaining to the collection of biometric data. The requirement to provide their fingerprints applies to all third-country nationals over six (6) years old, and the digital signature requirement applies to all citizens over the age of twelve (12) years. d) Exceptional Procedures for non EU/EEA citizens who legally reside in Greece (Law 4399/2016) In order to facilitate the process for non EU/EEA citizens who intent to invest in Greece and legally reside in the country, either under a definite residence permit, or a visa, or a long- term residence permit (2003/109/EC) granted by another EU member state, it is possible for them to submit an application with the documentation of the investment project to the authorities in Greece. This application is submitted to the Directorate of Migration Policy (Ministry of Migration Policy), which forwards it to the component department for its required relevant opinion (Ministry of Economy and Development. After the issuance of a positive opinion, the respective non EU/EEA citizen, under the precondition that he/she legally resides in the country, shall submit an application for a residence permit along with all the necessary documentation as described below. e) Provisions during the application processing period The authorities receiving the application and all the necessary documentation issue a certificate valid for one year which constitutes an evidencing document/certificate of legal residence of the person concerned in the country. Until the residence permit is issued Certificate holders are entitled to all benefits of the residence permit they have applied for. Hence, they can proceed with any legal formalities related to their investment and can contact with all the relevant authorities. Once the Directorate for Migration Policy at the Ministry of Migration Policy verifies that the application fulfills all necessary conditions, a five-year residence permit is granted. DOCUMENTATION FOR RESIDENCE PERMIT APPLICATION - Application form - Four (4) printed digital passport photos, also stored in digital form(CD) - A fee paid and obtained through the “e-paravolo” platform ac- cording to article 38 par. 6 of Law 4546/2018, which amounts to €2000 for residence permits of up to a five year duration for investors and company executives (code 2112). For family members the fee amounts to €150 (code 2107). Minor children (under 18 years old) are exempted from this fee; - A positive assessment of the investment by the Directorate for Foreign Capital at the Ministry of Economy and Development. - Certification by the competent national insurance agency that the applicant has applied for the required insurance - A fee paid and obtained through the “e-paravolo” platform ac- cording to provisions of Law 4018/2011 article 1, which amounts to €16 concerning the printing of the separate document (electronic residence permit). - Certified copy of a valid passport or travel documents recognised by Greece and with the relevant valid entry visa, where required; In addition For executives: the contract of employment For family members: Declaration for their marital status Renewal of residence permits The required renewal (every five years) of the residence permit is a simple procedure, as long as the beneficiary maintains his status in relation to the investment, which must continue to be active. The application and required documents are submitted in person or by proxy to the Directorate for Migration Policy at the Ministry of Migration Policy in Greece. DOCUMENTATION FOR APPLYING FOR RENEWAL OF RESIDENCE PERMIT A. GENERAL DOCUMENTATION - Application form - Four (4) printed digital passport photos also stοred in digital form (CD) -Certified copy of a valid passport or travel documents recognized by Greece -Certification by a national insurance agency for the cost of hospitalization and medical care. - A fee paid and obtained through the “e-paravolo” platform according to article 38 par. 6 of Law 4546/2018, which amounts to €2000 for residence permits of up to a five year duration for investors and company executives (code 2112). For family members the fee amounts to €150 (code 2107). Minor children (under 18 years old) are exempted from this fee; B. SPECIFIC DOCUMENTATION For Investor: - Solemn declaration (officially certified) by the applicant or the legal representative of the investment activity that it is still in operation or that the current activity being pursued is a continuation or evolution of the initial business. - Tax clearance certificate - License for the operation of the company/business. For executives - Employment contract - Tax clearance certificate For family members - Declaration by the sponsor that the family status has not changed - Tax clearance certificate and insurance certificate of the sponsor - Copy of the birth certificate for any child born in Greece The submitted foreign documents must be certified and officially translated into Greek. There are two types of certification: a. The apostille stamp provided by the relevant foreign authority on the foreign document for countries that are parties to the Hague Convention, and for which Greece has not is- sued a warning; b. Certification by the Greek consulate in the country of origin of the document for any countries that are not parties to the Hague Convention. Foreign public documents can be translated: a. By the Translation Service of the Ministry of Foreign Affairs in Greece (Athens); or b. By an attorney who is a member of a Greek bar association and whose signature must be certified by the bar association. During the residence permit renewal, the applicant must provide again his biometric data (digital photographs and fingerprints). Third country nationals who have already been provided with a residence permit in the form of a sticker affixed on their passport, do not need to replace it with the electronic residence permit, as this will be acceptable for all transactions both within Greece and in other member-countries of the EU until its expiry. Its re- placement with an electronic residence permit will be carried out either at its renewal or if necessary at the re-issue which can take place due to loss of the passport on which it is affixed. Frequently Asked Questions 1. Is it necessary to hire a lawyer to collect the documentation? There is no legal requirement to collect and process the documents through a lawyer. In cases where the applicant does not speak Greek and/or is located outside Greece, it may be preferable to ask for assistance from a legal representative or a proxy who is in Greece to facilitate the process. 2. Who is considered a family member? According to the law, family members of non-EU/EEA citizens entering the country are: - The spouse, - The spouse or partner with whom a third-country national has a cohabitation agreement in Greece, - Their unmarried children up to the age of 21, - The unmarried children of the dependant or his / her spouse up to the age of 21, provided that the right of custody has been legally granted to the sponsor for his/her children and to the other spouse for the children thereof, - The first-degree ascendants of the spouses. These family members are granted residence permits for family reunification. 3. Can my relatives in the ascending line (namely my parents and my spouse’s parents) or my children who are over the age of 18 accompany me, and be included in the family provision? First degree ascendants of the spouses are included in the provision above. Unmarried children up to the age of 21 are granted a residence permit for family reunification. When they turn up 21, they are able to receive an autonomous residence permit up to the age of 24, renewable under pertinent immigration legislation. 4. Can I travel to other countries within the EU with the residence permit for investment activity? Are there any conditions related to this? Yes. Holders of a residence permit are able to travel to other Member States for up to three months within a six-month period according to Schengen Borders Code. 5. Does the residence permit for investment activity give access to labour market? Can my family members work in Greece? The holders of a residence permit have access to the exercise of investment activity (as legal representative, president, board member or chief executive officer), while the executives of the investment have access to dependent employment for the needs of the investment. The family members of the investor are not granted access to the labor market, while the family members of the executives have the same access to labor market as the sponsor. 6. Does the residence permit give me the right to apply for citizenship? According to the decision of the Minister of Interior no. 130181/6353/27.3.2018, published in the Government Gazette 1208/Β/2.4.2018, the residence permits of Real Estate Owners and Investors have been added to the categories of residence permits that are eligible for the submission of an application for the acquisition of Greek citizenship. In this case, the applicants must fulfill all the preconditions of the Greek Citizenship Code applied for the acquisition of Greek citizenship by naturalization. The above ministerial decision applies only to investors them- selves, and not to company executives and family members, who must first obtain the long-term residence status, which is a prerequisite for naturalization. 7. What is the arrangement regarding access to education and health services? Can the children of the residence permit holder attend a Greek public school? The holders of the residence permit have access to public education equal to nationals. Regarding access to health services, non-EU/EEA citizens and their family members who fall under the regulations of the current immigration law must have national or private -if provided by national legislation- insurance that covers their healthcare and medical care expenses. 8. Can I purchase a car with Greek license plates for my transportation needs in the country? Yes, under the specific regulations of the Ministry of Transport which apply to non-EU/EEA citizens. 9. Is it required by the investor to prove financial adequacy? The appropriate documentation is required for all investors (individuals and legal entities) participating in the financing of the project (not only for the individuals applying for residence permit), proving their ability to pay their own funds. 10. If 8 non-EU/EEA citizens decide to invest €2,000,000 in a business in Greece, are all investors and 2 executives entitled to a residence permit? Each investor who participates in the financing of the project with an amount of his own funds of at least €250,000 is entitled to a residence permit. So if the investors participate equally with the above amount (i.e. each one by €2,000,000/8 = €250,000), all of them are entitled to a residence permit (provided that the total number of permits for investors and executives does not exceed 10). However, if one investor participates more than the others, investors participating with own funds of less than €250,000 cannot be granted a residence permit under this program. According to legislation, for investments (investors’ contribution) from €1,000,001-€3,000,000, 2 residence permits may be issued for executives (provided that the total number of permits for investors and executives does not exceed 10). Therefore, even if residence permits are granted to all eight investors, residence permits can also be issued to 2 executives since the total number (8+2) does not exceed 10. 11. What happens in cases where someone tarnishes their criminal record, either in their country of origin or in Greece, during the period their residence permit is valid? This leads to the revocation of the residence permit. 12. Does the residence permit continue to be valid if the business activity is transferred/terminated? In cases when the business activity is transferred/terminated, the non-EU/EEA citizen loses the right to reside in Greece on the basis of this residence permit. For more information contact Valmas Associates in the relevant section of our website.
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Source: Invest in Greece
All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, or stored in any retrieval system of any nature without prior permission of the publisher. Application for permission for other use of copyright material including permission to reproduce extracts in other published works shall be made to the publisher. Full acknowledgment of author, publisher and source must be given. Nothing in this newsletter shall be construed as legal advice. Professional advice should therefore be sought before any action is undertaken based on this publication. The government of Greece introduced a procedure to obtain residence permits, which can be renewed every five (5) years, for owners of real estate by third-country citizens, the value of which exceeds €250.000, adopting a friendlier stance towards those who wish to own real estate property in Greece. This guide provides information on the preconditions, the process and the supporting documentation required to obtain these residence permits. It also addresses important questions regarding this new type of residence permit for owners of real estate property. SECTION Α General information on residence permits for real estate owners in Greece Residence permits in Greece. 3 A residence permit is any documentation issued by the Greek authorities, according to which a third country citizen is given the right to reside legally within Greek territory, in accordance with the provisions of the European Union (Regulation 1030/02 as applicable). Different categories of residence permits exist, as well as different types of permit within each category. Employment rights depend on the type of permit issued. Applications for the granting and renewal of residence permits are submitted directly to the municipality or the relevant authority of the Aliens and Immigration of the Decentralised Authority in the applicant’s place of residence, apart from certain specific types of residence permits for which applications are submitted to the Department for Migration Policy at the Ministry of Migration Policy. Residence permits for real estate owners and who they apply to. A residence permit for real estate owners is a new type of residence permit, for third country citizens who have entered the country legally on any kind of visa (type C or D) or are legal residents in the country, even if the residence permit they hold does not allow for change of residence scope. Beneficiaries of the right of entry and the permanent residence permit, which shall be renewed every five (5) years, are: a) third country citizens who own real estate property in Greece, either personally or through a legal entity based in Greece or another EU member state, of which they own the total of the company shares, provided the minimum value of the property is €250.000; b) third country citizens who have signed a lease agreement – for a minimum of 10 years – for hotel accommodations or furnished tourist residences in integrated tourist resorts according to article 8, paragraph 2 of Law 4002/2011 (Government Gazette 180 A'), provided the minimum cost of the lease is €250.000; c) third country citizens who either reside legally, with a residence permit, in Greece, or wish to enter and reside in the country, and who have full ownership and possession of real estate property in Greece, which they have purchased before the enactment of law 4146/2013, provided that they had purchased the real estate property for a minimum of €250,000 or the current objective value of their real estate property is at a minimum of €250,000; d) third country citizens who purchase a plot of land or acreage and proceed to erecting a building, provided that the cumulative value of the land purchase and the contract with the construction company is at minimum €250,000. e) third country citizens who have signed a timeshare agreement (lease), based on the provisions of Law 1652/1986. A time share lease, according to the provisions of article 1 of law 1652/1986 is the commitment of the lessor to grant, each year, to the lessee, for the duration of the timeshare, the use of the tourist accommodation and to provide to them the relevant services for the determined period of time according to the contract, and the lessee must pay the agreed rent. Tourist accommodation for the implementation of this law refers to hotel units and generally tourist facilities operating under the permission of the Hellenic Tourism Organization (EOT) and have been subject to the provisions of the law by decision of the Secretary General of E.O.T. Timeshare is agreed for a period of one (1) to sixty (60) years. f) third country citizens who are adults and who fully and legally own real estate property in Greece, the minimum value of which is €250,000, and is acquired through intestate succession, will or parental concession. g) family members of the third country citizens described above. According to the law, family members of third country citizens entering the country are: a. Spouses, b. the other spouse or partner with whom a third-country national has a cohabitation agreement in Greece, c. The direct unmarried descendants of the spouses, who are under the age of 21, d. the direct unmarried descendants of the supporter or of the other spouse/partner , provided that their custody has been legally entrusted to the sponsor (for his/her children) and to the other partner (for his/her children), under 21 years of age, e. the direct relatives of the spouses in the ascending line. Preconditions for a residence permit for real estate owners in Greece. 5 The following conditions must be fulfilled to receive a permanent residence permit of investor, which shall be renewed every five (5) years: 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 or partners with a cohabitation agreement in Greece, 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 10years 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 4251/2014, is the amount stated explicitly on the contract which has been submitted for the purchase of the real estate property. The objective, or assessed, value of the property is not relevant, unless it corresponds to the amount which was, according to the contract, paid for the sale of the property. Entry Visa requirement to obtain a residence permit for real estate owners. An entry Visa, that is, legal entry in the country, is necessary to obtain a residence permit for owners of real estate property. Following the issuance of a residence permit, and for its duration, there is no need for a Visa. Pursuant to Law 4251/2014, any third country citizen who has entered the country legally holding a visa of any type or is a legal resident of the country irrespective of their status or type of residence permit, has the right to apply for a residence permit. Duration of the residence permit for real estate owners. This residence permit is permanent.. The holder of the residence permit is however required to renew it every five (5) years. Renewal of residence permits for owners of real estate - Preconditions. The residence permit shall be renewed every five (5) years. To renew the residence permit, the following conditions must be met: The real estate property must remain in the full ownership of the applicant. The relevant leases/contracts must be ongoing. Absences from the country do not impede the renewal of the residence permit. The resale of the real estate property, during the period when the residence permit is valid, to another third country citizen provides to the new owner the right to a residence permit along with a simultaneous revocation of the seller’s residence permit. SECTION Β Issuing process and the necessary documentation for a residence permit for real estate property owners The process for the issuing of a residence permit for real estate property owners. Step 1: Issuing an entry Visa for Greek Territory The interested party must submit an application for an entry visa to the Greek consulate authority in their country of origin. Step 2: Collecting the documentation for the issuing of the residence permit Applicants for a residence permit for real estate owners, valued at €250.000, must provide the following documents: Two copies of the application document; Four recent colour photos (passport type, printed as well as in Compartible Disc form); Certified copy of a valid passport or travel documents recognised by Greece and with the relevant valid entry visa, where required; A fee paid and obtained through the "e-paravolo" platform according to provisions of article 38 par. 8 of Law 4546/2018, which amounts to €2000 for residence permits of up to a five year duration for real estate owners (code 2112). For family members the fee amounts to €150 (code 2107). Minor children (under 18 years old) are exempted from this fee. A fee paid and obtained through the “e-paravolo” platform according to provisions of Law 4018/2011 article 1, which amounts to €16 concerning the printing of the separate document (electronic residence permit). Certification by an insurance agency for the cost of hospitalisation and medical care. To certify that this condition is fulfilled, the following are accepted: - Insurance contracts which have been signed outside Greece, provided that they explicitly mention that they cover the interested party for the duration of their stay in Greece. - Insurance contracts which have been signed in Greece. In case the seller is a third country citizen, he must submit a certificate from Aliens and Immigration Department of the competent Decentralised Authority, whether this property has been used for issuing a residence permit for real estate owners. The above, applies also to the sale of the property by legal entity. Depending on the specific case, the following documentation may need to be submitted in addition to the above: 1. Residence permits for third country citizens who own and possess, either wholly or jointly, property in Greece. A contract of purchase stating that “the contract of sell and purchase of the property is not subject to conditions or exemptions, the total price amounts to ..... which has been paid in full with a crossed bank cheque to a bank account of the beneficiary, held in a credit institution operating in Greece or with a credit transfer, as defined by Law 4537/2018 article 4, par. 24 (Official Government Gazette Α ́ 84) to a beneficiary’s bank account held in a payment service provider, as defined by Law 4537/2018 article 4 par. 11 operating in Greece. Proof of transfer of the contract by the competent Land Registry and a certificate issued by the Land Registry or national cadastre agency attesting to the non-existence of any encumbrance. 2. Residence permits for third country citizens who own property in Greece through a legal entity, where the applicant owns all shares A contract of purchase stating that “the contract of sell and purchase of the property is not subject to conditions or exemptions, the total price amounts to ..... which has been paid in full with a crossed bank cheque to a bank account of the beneficiary, held in a credit institution operating in Greece or with a credit transfer, as defined by Law 4537/2018 article 4, par. 24 (Official Government Gazette Α ́ 84) to a beneficiary’s bank account held in a payment service provider, as defined by Law 4537/2018 article 4 par. 11 operating in Greece. Proof of transcription of the contract by the competent Land Registry and a certificate issued by the Land Registry or national cadastre agency attesting to the non-existence of any encumbrance. 3. Residence permits for third country citizens who have a lease – for a minimum of 10 years – for hotel accommodations or furnished tourist residences in integrated tourist resorts Notarised copy of the lease for the hotel accommodations or furnished tourist residences in integrated tourist resorts, which demonstrates a single payment of €250.000 and includes a mention of the granting of the relevant operation licence by GNTO (Greek National Tourism Organisation) Proof of title transfer from the land registry where the relevant lease contract has been transferred 4. Residence permits for third country citizens who have purchased real estate property in Greece before Law 4146/2013 came into effect: If the payment submitted before Law 4146/2013 came into effect is smaller than two hundred and fifty thousand euro (250,000) but the current objective (assessed) value of the real estate property exceeds or is equal to this amount, a certification by a notary must be included in the documents that are submitted, stating: “From the verification of the contract with number .for the purchase of real estate property, it can be concluded that the full payment of the cost of the real estate property has been completed, it no longer has any conditions, exemptions or deadlines, and the objective (assessed) value of the real estate property as it stands today is equivalent to the amount of .....”. In this case it is also necessary to submit the contract of purchase for the real estate property or properties, the value of which is at minimum €250,000, proof of title transfer from the Land Registry where the relevant contract has been transferred and a certificate issued by the Land Registry or national cadastre agency attesting to the non-existence of any encumbrance. 5. Residence permits for third country citizens who purchase plots of land or acreage and erect a building. The following additional documents must be submitted: i. contract for the purchase of the plot of land or acreage, and ii. contract with the construction company for the erection/restoration of the residence, which has been submitted to the tax office according to the law iii. building permit in the name of the applicant iv. invoices by the contractors and the corresponding proofs of payment. 6. Residence permits for third country citizens who have signed a timeshare agreement (lease) based on the provisions of Law 1652/1986, for hotel units and generally tourist facilities operating under the permission of the Hellenic Tourism Organization (EOT). The following additional documents must be submitted: i) Timeshare contract for a minimum period of five years which should state the corresponding price per year; ii) Proof of transfer registration issued by the competent Land Registry; iii) A certificate issued by the National Tourism Organisation (EOT) that it has been informed of the conclusion of the particular timeshare contract. 7. Residence permits for family members of the third country citizen Recent family status certificate from foreign authorities which certifies the family relationship Step 3: Submitting the documents Applications for the residence permits must be submitted to the one-stop service of the Alien and Immigration Department at the Decentralised Authority where the property of the interested party is located. For more information on your case, please contact the one-stop shop of the Decentralised Authority where the property is located. Step 4: Procedures until the final issuing of the permit Upon arrival A third country citizen who intends –and has the necessary supporting documentation– to own real estate property or to lease hotel accommodations or furnished tourist residences and has entered the country legally, is required to complete the required actions to apply for the residence permit before the expiry of the entry visa. In this case, the prospective applicant is able to undertake legal acts and transactions with the competent authorities, using their entry visa. Application process Since February 20, 2017, the new procedure for granting non EU-EEC nationals residence permits in Greece was launched, pursuant to Regulation (EC) 380/2008, under which all EU Member States will issue an electronic residence permit, which will replace the sticker, typically affixed in a valid passport. (a) If the investor submits his application in person or accompanied by his attorney, will be called to submit, on top of the application and the related specific documents required by the law (joint ministerial decision 31399/2018 - Category C 3.2.), the following: 4 printed digital passport photos, also stored in digital form(CD) A sample of his digital signature A fee of 16 euro, which covers the cost of supply, printing and secure handling of the e-card, paid through the “e-paravolo” online payments platform Completion of the fingerprinting process (for two fingers) (b) If the application is filed by an appointed attorney, in the absence of the interested investor, then written notification will be given for the applicant to define a specific date for submitting his biometric data, required for the issue of the residence permit, in consultation with his attorney, so that this date is convenient for the applicant. If the applicant’s travel arrangements change and thus cannot attend the biometrics appointment, then he should promptly inform the competent authority through his attorney so as a new date for the appointment is fixed. In any case, since the applications must be handled quickly and should not remain pending for a long time, the attendance of the applicant for submitting his biometric data should be completed within six months from the time of application and in any case before the lapse of 1 year. One of the major advantages enjoyed by holders of permanent investor residence permit, is that following their initial entry into Greece, they have no other obligation to stay in the country for any length of time, without affecting in any way their residence permit. Therefore as the investor, after signing the property purchase contract or even after filing the application for his investor permanent residence permit, may depart from Greece it is necessary to instruct the relevant department, where his application was filed, about the attorney through whom communication between the department and the permit holder will be carried out, whenever necessary. Documentation check The authorities receiving the application will issue a confirmation that the application has been submitted, provided that all the necessary documentation has been submitted with the application. This confirmation is valid for one year and it constitutes an evidencing document until the residence permit is issued. Application processing timeframe The owner of the real estate property is not affected by the duration of the processing of their application, from the moment the application is submitted to the relevant authorities until the issuing of a decision by the Secretary General of the Decentralised Authority regarding their residence permit. After the application has been submitted, the applicant receives a receipt confirming the submission of the application, which is valid for one year. The time required to process the application depends on the authority where it has been submitted yet it may not exceed two months after all the necessary documents have reached the competent authority. Provisions during the application processing period The third country citizen, who has submitted an application and received the confirmation receipt described above, can reside legally in the country for the duration of the confirmation receipt (one year). The holder of the confirmation receipt is entitled to the benefits of the residence permit that they have applied for. Hence, they can proceed with any legal transaction regarding their investment and can transact with all the relevant authorities. Issuing of the decision Once the authority of Aliens and Immigration of the Decentralised Authority has verified that the application fulfils all necessary conditions and, in accordance with the decision of the Secretary General of the Decentralised Administration, they will issue a five-year residence permit. Procedure for residence permits for family members. According the information above, third country citizens can be accompanied by their family members, who will be granted the appropriate entry Visa. Members are: a. Spouses, b. the other spouse or partner with whom a third-country national has a cohabitation agreement in Greece, c. the direct unmarried descendants of the spouses, who are under the age of 21, d. the direct unmarried descendants of the supporter or of the other spouse/partner , provided that their custody has been legally entrusted to the sponsor (for his/her children) and to the other partner (for his/her children), under 21 years of age, e. the direct relatives of the spouses in the ascending line. Family members are not obliged to submit their application for initial residence permit simultaneously with the investor, they have the option to submit it subsequently, whenever they enter the country. These family members are issued with a residence permit of the same duration as the applicant, but this permit does not include access to employment. The children of the applicant, who have been originally admitted to the country under the terms and requirements of residence permit for property owners, are issued with a residence permit for family reunification until the age of 21. After that, it is possible to acquire a renewal as an independent residence permit until they reach the age of 24 and then it is possible to renew it further according to pertinent immigration legislation. Family members have the same obligation pertaining to the collection of biometric data. The requirement to provide their fingerprints applies to all third-country nationals over six (6) years old, and the digital signature requirement applies to all citizens over the age of twelve (12) years. Documents and certificates for the renewal of residence permits. The renewal of the residence permit requires different documents, including: In all cases: A filled-in application Four recent colour photos (passport type, printed as well as in Compartible Disc form); A true copy of a valid passport or travel documents recognised by Greece. A certified copy of the previous residence permit, only in cases where the permit is not attached to the passport that is submitted Certification by an insurance agency for the cost of hospitalisation and medical care. To certify that this condition is fulfilled, the following are accepted: - Insurance contracts which have been signed outside Greece, provided that they explicitly mention that they cover the interested party for the duration of their stay in Greece. - Insurance contracts which have been signed in Greece. Additionally, and depending on the case, the following documents are required to renew a residence permit, provided that real estate property with a value of €250.000 has been purchased: 1. Renewal of residence permits for third country citizens who own and posses, either wholly or jointly, property in Greece the property remains under the possession and ownership of the interested party, or the lease in question is still in force. 2. Renewal of residence permits for third country citizens who own property in Greece through a legal entity, where the applicant owns 100% of the shares the property remains under the possession and ownership of the interested party, or the lease in question is still in force. 3. Renewal of residence permits for third country citizens who have a lease – for a minimum of 10 years – for hotel accommodations or furnished tourist residences in integrated tourist resorts the property remains under the possession and ownership of the interested party, or the lease in question is still in force. 4. Renewal of residence permits for family members, according to article 20, case B, paragraph 4 of Law 4251/2014, of the third country citizen Certification by an insurance agency for the cost of hospitalisation and medical care Declaration by the sponsor that the family circumstances have not changed Copy of the birth certificate for a child born in Greece Under immigration legislation, applications for the renewal of residence permits of all categories must be filed at least two months before the expiry of their active residence permit. Late submission of the renewal application is possible, up to one month from the expiry of the active license, provided that a fine of 100 euro has been paid. During the residence permit renewal, the applicant must provide again his biometric data (digital photographs and fingerprints), through the procedure described above, ie if the request is not filed in person, the person concerned and their family members are invited to attend and complete the procedure at a set date, following consultation with their attorney. Replacement of Residence Permits Third country nationals who have already been provided with a residence permit in the form of a sticker affixed on their passport, do not need to replace it with the electronic residence permit, as this will be acceptable for all transactions both within Greece and in other member-countries of the EU until its expiry. Its replacement with an electronic residence permit will be carried out either at its renewal or if necessary at the re-issue which can take place due to loss of the passport on which it is affixed. Indication of the place of birth (town) of the applicant Recording of the place of birth as a mandatory field during filing the residence permit application. If the birth place is not mentioned on the passport, the applicant must submit an official public document of his country of birth or origin, officially translated and legally authenticated, on which the birthplace will be clearly stated. On the translation of the said document, it is essential that the place name is also written in Latin characters, even if the language of the country of origin does not use the Latin alphabet. Language requirement for the documentation – Translation Authorities. The documents that are required for the application for a residence permit must be submitted in Greek, except for the documents issued by foreign authorities, which need to be certified. There are two types of certification: a. The Apostille stamp for countries that are parties to the Hague Convention b. Certification by the Consular The Apostille stamp: For countries that are parties to the Hague Convention, and for which Greece has not issued a warning, the Public Administration accepts the Apostille stamp which is provided by the relevant foreign authority on the foreign document. Certification by the Consular: For any countries that are not parties to the Hague Convention, a certification by the Greek consular in the country of origin of the document is required. The translation of foreign public documents can be done: a. By the Translation Service of the Ministry of Foreign Affairs, or b. A lawyer, who must be a member of a Greek bar association, with a certification of their signature by the Bar Association. Cost associated with the application process for the residence permit for owners of real estate. Interested parties are subject to the fee for the issuance of a five year residence permit amounting to €2000. At the time of application for the residence permit a fee is paid, which covers the cost of supply, printing and secure handling of the electronic residence permit, set at 16 euro per card. This fee is independent from the respective Application fee, even if the applicant is exempt from paying the fee (eg minors), and collected in the form of electronic fee (e-paravolo). The obligation to pay the fee applies to all third country citizens, whose applications for residence permits are successful and eventually lead to their issue, including children under 6 years old, although fingerprinting is not required. SECTION C Frequently Asked Questions Is it necessary to hire a lawyer to collect the documentation? There is no legal requirement to collect and process the documents through a lawyer. In cases where the applicant does not speak Greek and / or is located outside of Greece, it may be preferable to ask for the support of a legal representative or proxy who is in Greece, to facilitate the process. Who is considered a family member? According to the law, family members of third country citizens entering the country are: a. Spouses, b. the other spouse or partner with whom a third-country national has a cohabitation agreement in Greece, c. The direct unmarried descendants of the spouses, who are under the age of 21, d. the unmarried children of the supporter or of the other spouse/partner, provided that their custody has been legally entrusted to the sponsor (for his/her children) and to the other partner (for his/her children), under 21 years of age. e. the direct relatives of the spouses in the ascending line. Can my relatives in the ascending line (namely my parents and my spouse’s parents) or my children who are over the age of 18, accompany me (in cases of real estate ownership in Greece), and be included in the family provision? What about the children who turn 18 during the period when their parents’ residence permit is valid? Ascendants are included in the provision above but not children over the age of 21. Children of third country nationals, who have been admitted to Greece under the terms and requirements of residence permit for property owners, are granted a residence permit for family reunification until the age of 21. After that, it is possible to acquire a renewal as a 3-year independent residence permit until they reach the age of 24 and then it is possible to renew it further according to pertinent immigration legislation. Are unmarried partners entitled to a residence permit? Family members do not include unmarried partners. Can I travel to other countries within the EU with the residence permit for owners of real estate? Are there any conditions related to this? Yes. The residence permit and long-term visas are valid as far as the free movement of the person in the Schengen area is concerned. Any citizen who holds a long-term visa (such as the residence permits for real estate owners) which has been issued by a member state and are valid for one year, are able to travel to other member states for up to 3 months within a six month period, under the same conditions which apply to the holder of a residence permit, while they are also granted a right for multiple entries. Can the residence permit be considered as a work permit? Can my spouse, the legal representative of my company, my children, or myself, work in Greece? In no case does the residence permit provide access to any type of employment. Employment, according to paragraph 6, article 20, of Law 4251/2014, does not include the exercise of economic activity in the capacity of a shareholder or a Chief Executive Officer for an already existing company. The family members that have been issued a residence permit for the same duration as the sponsor are similarly not granted access to the employment market. Does the residence permit give me the right to apply for citizenship? According to the decision of the Minister of Interior no. 130181/6353/27.3.2018, published in the Government Gazette 1208/Β/2.4.2018, the residence permits of Real Estate Owners and permanent residence permit for Investors have been added to the categories of residence permits that are eligible for the submission of an application for the acquisition of Greek citizenship. In this case, the applicants must fulfill all the preconditions of the Greek Citizenship Code applied for the acquisition of Greek citizenship by naturalization. The above ministerial decision applies only to the real estate owners and investors themselves, and not their family members, who must first obtain the long-term residence status, which is a prerequisite for naturalization. Does the amount of €250,000 include the Value Added Tax? What should the value of the investment be if the ownership / sale document include the name of both spouses? The amount of €250.000 refers to the price indicated on the contract. In cases of joint ownership of the real estate property by spouses, the residence right is granted to both spouses. Can I obtain more than one piece of property, the individual value of which is less than €250.000, if the combined value is equal or greater than € 250.000? You are entitled to residency rights irrespective of whether you own one or more properties, provided that their combined value is equal to or greater than €250.000. Can I buy commercial property or a combination of commercial and residential properties or land? The law states that €250.000 must be the stated price on the contract. It does not distinguish between commercial and residential properties. Are there any restrictions that apply to the real estate market? (e.g. location, size in square meters, or other factors). There are restrictions on properties located in border regions. It should be noted that as border regions are defined the prefectures of the Dodecanese, Evros, Thesprotia, Kastoria, Kilkis, Lesvos, Xanthi, Preveza, Rodopi, Samos, Florina, Chios, and the islands of Thera and Skyros, as well as the former regions of Nevrokipi in the former prefecture of Drama; Pagoniou and Konitsas in the prefecture of Ioannina; Almopia and Edessa in the prefecture of Pella; and Sintiki in the prefecture of Serres. Individual or legal entities, which are affected by the restrictions above, can request the lifting of the ban for the border regions, along with their application, which should clearly state the intended use for the property. The decision to lift the ban is made by the Minister of Defence, following the submission of an application. Can I travel in Schengen countries directly, after my residence permit has been issued, from my country, or do I need to first come to Greece? You can arrive to any Schengen country you wish to. What is the arrangement regarding the access to education and health services? Can the children of the residence permit holder attend a Greek public school? The holders of the residence permit have access to public education, analogously to that of Greeks. Regarding access to health services, third country citizens and their family members who fall under the regulations of the current law, must have insurance that covers their healthcare and medical care expenses. To prove this condition, the following documents are accepted: i. Insurance contracts which have been signed outside Greece, provided they explicitly mention that they cover the applicant for the duration of their stay in Greece ii. Insurance contracts which have been signed in Greece Can I purchase a car with Greek license plates for my transportation needs in the country? Yes, under the specific regulations of the Ministry of Transport, which apply to third country citizens. Can I take a mortgage out on the property in order to receive a loan? You can take a mortgage out on the property, in the same way as Greeks. Is it required of the buyer to prove economic capacity? The income of the applicant must be proven by documentation which proves their capacity (e.g. Certificate by class-A recognised bank or an official financial institution or other recognised institutions to store bonds) and certify the existence of bank accounts or other transferable securities, especially shares or bonds (the above are checked for the issuance of a type D visa). In all cases, before the contract, the price of the real estate is paid via a crossed bank cheque or through another banking transaction. If 8 third country citizens jointly buy a property for €2.000.000, are all the joint owners entitled to a residence permit? Yes, provided that the amount invested by each one is €250.000. What happens in the cases where someone tarnishes their criminal record, either in their country of origin or in Greece, during the period of when their residence permit is valid? This leads to the revocation of the residence permit. If someone holds a long-term Visa for a different Schengen country, does this Visa need to be cancelled to obtain a visa in Greece? A Schengen visa by a different country gives the applicant the ability to enter Greece and settle issues regarding the purchase of the property. Does the residence permit continue to be valid if the real estate property is transferred/reselled? In cases when the real estate (property) is transferred, the third country citizen loses the right to residence. In case of resale of the property during the period of validity of the residence permit to another third country citizen, the right to a residence permit is granted to the new buyer along with a simultaneous revocation of the seller’s residence permit. Is it possible to rent the real estate property to third parties? Third country citizens who own real estate have the right to rent their property. For further information please contact Valmas Associates in the relevant section of our website. |