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Outline of the Real Estate Owners' Residence Permit in Greece:
By virtue of article 20 of the Greek “Immigration & Social Integration Code” (Law 4251/2014) third-country nationals and their family members (spouses, children and parents) can issue a renewable five-year residence permit in Greece on the basis that they own immovable property in Greece valued at €250.000 for all renewal periods (with each renewal taking place every five years).
Non-EU Nationals obtaining the 5-year residence permit may:
The competent Greek authorities provide the applicants with a certificate of receipt of the application, permitting the third-country national to stay in Greece until the authorities reach a final decision on the application. The resident permit is typically issued by the competent authorities within a period of maximum two months after submitting the application.
CAUTIONARY NOTE WHEN PURCHASING REAL ESTATE IN GREECE:
In recent years some "immigration agencies" (especially in China) and local realtors in Greece have appeared in the market offering "competitive" packages by allocating very cheap properties and selling them at a whopping profit. You need to be cautious as you may end up getting a property that its real value may be much less than 250.000 EUR. Whereas this will still grant you the residence permit (as long as you paid over 250.000), it is not a sound investment if the property's real market value is e.g half of what you paid. Appointing an independent Greek lawyer from is vital in getting your money's worth and protects you from either "immigration agencies" or realtors bloating the property's prices.
Contact our Real Estate and Immigration Lawyers for more info.
Ioannis Valmas is a Greek Lawyer, trial Attorney and Managing Partner at Valmas Associates.