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Our updated Golden Visa Greece Guide is ready to download. if you seek an expert Greek Golden Visa Lawyer to represent you or if you require general information click on the link: Golden Visa Greece guide
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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.
Our Android App is ready for download: 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.
Ioannis Valmas was invited by Enterprise Greece and participated on an international forum jointly hosted by the Investment Immigration Council and Enterprise 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 following report was drafted by Ioannis Valmas in January 2017 and serves academic reference purposes only. By no means does it constitute business or legal advice. Click Forecasting the dry bulk capesize sub-sector to download 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.
Ioannis Valmas currently advises an international Oil & Gas company on the acquisition of a Togolese registered tanker vessel from a BVI company. 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.
Ioannis Valmas has authored the chapter on Greece for Corporate Jet Investor's Guide on Aircraft Registration and Tax. 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.
Ioannis Valmas and team represented a foreign Airline on a cross-border dispute against a Greek airline before the Greek Courts for a claim of over 700.000 EUR. 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.
You can download our new brochure form the following link: Valmas & Associates Company Presentation (newer version has been released) 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.
I. Valmas has just been admitted to Plymouth University and is currently studying and researching towards a MSc in Shipping via part-time Distance Learning. Continuous education has been at the forefront of our firm's principles and focus since the beginning. Our vision is to strengthen our office's presence in the services sector of the Shipping Industry by: 1. gaining a broad and deep understanding of the Shipping Industry's functions and workings (that is by studying Shipping beyond a mere study and interpretation of legal rules) and 2. applying this knowledge to our existing strong background in International Business and Trade Law. During the course of this study, several articles and essays related to Shipping will be released from our blog. 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.
Arbitration & ADR International Centre for Settlement of Investment Disputes Organisation for Mediation and Arbitration Banking & Regulatory Authorities Hellenic Capital Market Commission Bank of Greece The World Bank Competition (Greece & EU) General Consumers' Federation of Greece Hellenic Competition Commission General Secretariat for Consumer Affairs European Commission Corporate & Commerce General Secretariat for Commerce Region of Attica Administration International Chamber of Commerce Court Authorities Supreme Civil and Criminal Court of Greece The Council of State European Court of Justice European Court of Human Rights Investments Enterprise Greece Real Estate Hellenic Cadastre Hellenic Republic Asset Development Fund 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.
Valmas Associates will be participating in the upcoming 9th International Conference of Maritime Law which will be held in Piraeus from 13 to 15 October 2016 and will deal with Maritime Safety and Security: Legal implications to ships, cargo and the human element. 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.
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. 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.
GREEK INHERITANCE LAW: Valmas & Associates - Greek Law Firm is a law practice with legal experience for clearing up Greek inheritances on behalf of expatriates and foreign nationals. Greek Inheritance Law is regulated by the Hellenic (Greek) Civil Code, Art. 1710 – 2035. It is similar to French and German Inheritance law, but it is radically different from English and American inheritance law. Our Greek Inheritance lawyers provide legal assistance in Greek inheritance issues which include tracing property titles anywhere in Greece; investigating the legal and actual status of the property to be inherited, providing full legal reports including documentation & evidence such as photographs. Greek Inheritance Law (part of the Hellenic (Greek) Civil Code) provides the passing of the deceased's property to his legal heirs in two ways: by virtue of a will or through the rules related to intestacy. 1. WILLS: In case that the deceased has left a Greek will, the bequest of the inherited property, i.e. the transfer of the property under the names of his heirs, appointed by the deceased, and to what property parts they are entitled to, is arranged according to the provisions of the Greek will. The law provides three types of Greek wills: • The Holographic Will: It is written entirely by the hand of the testator, who writes the date of the Will, and signs same, verifying its content. • The Public Will: It consists of the testator's last will and testament and is executed before a Notary Public under the presence of three witnesses. • The Mystic/Secret Will: It is validly executed as follows: The testator delivers the document to the Notary Public, stating that the document consists of his last Will and testament, under the presence of three witnesses. Upon the passing away of the testator, the will has to be probated before the competent Court or before the competent Embassy or Consulate in order for the Greek Will's content to become known to anyone. Every person holding a Greek will is obliged to take care of its probate. The Greek will is probated, only if the original document can be submitted before the competent Probate Court or Consulate, regardless of its validity. Copies of wills cannot be probated. 2. INTESTACY RULES: In case that the deceased has not left a will, or in case that the will has been nullified or in case that the will settles only parts of the deceased's inheritance, the succession is settled by law through the rules of intestacy. As aforesaid, If the deceased has not left a will of any kind, or the will is void for any reason or settles only a part of his/her property, this person is considered to be in intestacy, and its succession is regulated by provisions of the law. The legal heirs are organized by the law in categories, called “classes” or "ranks". Classes of heirs exclude the classes below them i.e. class 1 excludes class 2 and so forth. 1. The first class includes children and grandchildren of the deceased. The latter are called to the inheritance only if the former have predeceased. 2. In the second class shall be called together the parents of the deceased, his brothers and sisters, as well as children and grandchildren of his predeceased brothers and sisters. Parents and brothers and sisters shall inherit by equal portions while the children or grandchildren of predeceased brothers and sisters per stripes. Children of a predeceased brother or sister shall exclude grandchildren of the same stripes. Half-brothers and half-sisters when concurring with parents or full brothers and sisters or children or grandchildren of the latter (of full brothers and sisters) shall receive one half of the portion attributable to full brothers and sisters. Children or grandchildren of predeceased half-brothers and half-sisters shall also receive one half portion. 3. In the third class shall be called the grandfathers and grandmothers of the deceased and among the descendants of such grandparents their children and grandchildren. Children inherit by equal portions and exclude grandchildren of the other stripes. Grandchildren inherit per stripes. 4. In the fourth class shall be called the great grandfathers and the great grandmothers of the principal. Great grandfathers and great grandmothers living at the time of devolution shall inherit by equal portions irrespective of whether or not they belong to the same or to different lines. A surviving spouse shall be called as heir in an intestacy together with the other relatives of first rank for one fourth and with the relatives of other ranks for one half of the estate. The spouse shall in addition receive as accretion, independently of the rank of his calling, the furniture, utensils, clothes and other similar domestic objects that were being used either by the surviving spouse alone or by both spouses. However, where there are children of the spouse who died, the needs of such children shall also be taken into consideration in so far as this is prescribed by special circumstances or on grounds of indulgence. 5. In the fifth class, where there are no relatives of the first, second, third and fourth rank a surviving spouse shall be called as heir in intestacy for the whole of the estate. 6. In the sixth class in he absence of all the above, the State inherits the estate of the deceased. ACCEPTING THE GREEK INHERITANCE: Greek Inheritance Law does not provide of a specific deadline for accepting an inheritance. On the contrary, the law provides a specific deadline for the renouncement of the Greek inheritance right on a deceased's Greek estate. This deadline expires within four (4) months upon the deceased's passing or after the Greek will's probate by the competent Court or Consulate. Said deadline expires a year after the deceased's passing or after the Will's probate, in case that the deceased's last domicile was abroad or if his heir became aware of the passing while he was residing abroad. After the passing of the above deadlines for renouncement, it is conferred that the heir has accepted the estate and has substituted into the rights and obligations arising from the Greek Inheritance. The heir has the right to accept the Greek Estate by stating clearly that he accepts same, finalizing the Acceptance of Inheritance proceedings. However, in case that the Greek Inheritance consists of real estate property, the Acceptance of Inheritance is accomplished through the execution of an Acceptance of Inheritance Deed before a Notary Public, which has to be registered before the competent Greek Land Registry (Ypothikofilakeio/ Υποθηκοφυλακείο) of the property's location and in some cases maybe the Greek Cadastral Land Registry (Ktimatologio/ Κτηματολόγιο) as well. The heirs, (in intestacy or by virtue of a Will), must file an inheritance tax statement within 6 months, if Greece domiciled, or within 12 months, if they live abroad. The time limit for the submission of the tax statement in principle begins as of the passing; and/or the Greek will's probate date. The inheritance tax obligation is subject to an assessment of the Estate's tax value in consideration of consanguinity levels to the deceased and applicable tax exemptions. The procedure of the Probate and the Acceptance of an Greek Inheritance, may be accomplished through a Special Power of Attorney to a specialized Greek Lawyer, like Valmas & Associates - Greek Law Firm. MINIMUM FORCED INHERITANCE SHARE (Nomimi Mira/Νόμιμη Μοίρα) In Greece the minimum forced inheritance share (“Nomimi Mira/ Νόμιμη Μοίρα”) employed by the Hellenic (Greek) Civil Code so that it limits a testator’s right to dispose of his estate freely. The underlying purpose of the minimum forced inheritance share is the safeguarding of the testator’s close relatives and spouse. In practice, according to the Hellenic Civil Code, a testator is prohibited from excluding from his will his children, spouse and parents. A part of the testator’s estate must be distributed to the above relatives. The minimum forced inheritance share must be equivalent to half of the inheritance share that each individual family member would be legally entitled to, had the testator died intestate (i.e. without leaving a will). However, the minimum forced inheritance share is reduced accordingly where any contributions that the testator may have granted to each of the above heirs while living, are found. Please contact us for more information on our services, rates and cost for advice and representation.
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BREXIT, EU & INTERNATIONAL ARBITRATION: 1. The Legal Instruments Utilized on International Arbitration in the UK: A very important point that needs to be made as an introductory note is that the legal instruments governing international arbitration at the London seat are: 1. the New York Convention on the Recognition and Enforcement of Arbitral Awards 1958 and 2. the English Arbitration Act 1996, the law that provides the framework for international and domestic arbitration in the UK Both are not connected to EU law and the Act of 1996 does not incorporate EU law in any sense whatsoever. Also, English Law has traditionally been the law of choice for contracts and International Agreements particularly Contract Law which has remained virtually untouched by EU legislation and developed/evolved through the passage of centuries. In the light of the above it seems unlikely that London will be affected as an International dispute resolution centre of choice. 2. Strengths of London Arbitration Seat: London is one of the most reputable, popular and trusted arbitral seats in the world. The reasons for this reputation have never depended on membership of the EU. The reasons for this have been the following: a. The UK arbitration legislation is modern, comprehensive, concise and clear, as it provides a framework for resolving a dispute by arbitration, it does respect the parties’ choice of arbitration, limits judicial intervention and is in line with international treaties. b. The UK possesses a high level of experienced, independent and efficient judiciary c. The UK provides the ability to parties to be represented in arbitration by lawyers from anywhere in the world London has all of these important qualities. None requires membership of the EU or is dependent on it. Also, other leading centres for international arbitration, including Hong Kong and Singapore and those in Switzerland have thrived wholly outside of the EU. 3. The Example of Switzerland: International Dispute Resolution in Asia and Switzerland have been thriving despite the fact that neither Hong Kong, Singapore or Switzerland have acceded to the EU. Switzerland is a neutral country and hosts many international organizations, fora or dispute settlement institutions/centres, including the United Nations, the World Trade Organisation (WTO), the World Intellectual Property Organisation (WIPO), the International Federation of Consulting Engineers (FIDIC), the International Air Transport Association, the Court of Arbitration for Sport (CAS/TAS), the International Olympic Committee (IOC) and major international sports organizations such as FIFA and UEFA. Many international contracts referring to arbitration in Switzerland are governed by Swiss law, as a neutral law, easily accessible for lawyers. Contract negotiators and drafters from all over the world are attracted by the clear and concise legal framework Swiss law provides. UK and London provide equally the same quality in resolving international disputes with the London Court of International Arbitration. In essence the UK can keep its leading position as an International Arbitration Centre at the dawn of Brexit and for years to come. Published by Ioannis Valmas on: http://kluwerarbitrationblog.com/2016/07/08/guest-posts-on-brexit/ 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. Golden VISA Program in Greece and buying property in Greece or buying a house in Greece have now been made easy. Visit the relevant pages in our website and get information or contact one of our Greek Lawyers for more info.
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.
Which is the main regulatory framework in Greece concerning aviation? The principal enactment which applies to aviation regulation in Greece is the Code of Aviation Law (KAD), implemented by Law 1815/1988 as amended by Law 2065/1992 and subsequently Law 3333/2005. Furthermore, EC Regulation No. 1008/2008 applies to the operation of airlines in the European Union and Law 393/1976 applies to the operation of travel agents, which are further regulated by the Hellenic Tourism Organization (EOT). Regarding suppliers, EC Regulations No. 300/2008 and EC Regulation No, 185/2010, along with HCAA Regulation No. D15/A/18070/1501, apply to airport suppliers and in-flight suppliers. Also Ministerial Decision No. D1/D/30817/2180 applies to air charters and air transport services. How many airports are located in Greece? There are 45 airports that are regulated by the Hellenic Civil Aviation Authority (HCAA). They are further divided in three main subcategories. Only the Athens Airport is operated by a separate entity (Athens International SA). A. INTERNATIONAL AIRPORTS (15) Athens Airport "El.Venizelos" Thessaloniki Airport "Makedonia" Rodos Airport "Diagoras" Heraklion Airport "N.Kazantzakis" Kerkyra Airport "Ioannis Kapodistrias" Kos Airport "Ippokratis" Alexandroupoli Airport "Dimokritos" Mytilini Airport "Od.Elytis" Limnos Airport "Ifestos" Chania Airport "I. Daskalogiannis" Kefallinia Airport Zakynthos Airport "D.Solomos" Samos Airport "Aristarchos of Samos" Kavala Airport "M.Alexandros" Kalamata Airport "Captain Vassilis Constantakopoulos" B. NATIONAL AIRPORTS (26) Astypalaia Airport Ioannina Airport "King Pyrros" Chios Airport "Omiros" Mykonos Airport Skiathos Airport "A.Papadiamantis" Kozani Airport "Filippos" Agrinio Airport Kastoria Airport "Aristotelis" Karpathos Airport Santorini Airport Kythira Airport "Αlexandros Aristotelous Onassis" Milos Airport Skyros Airport Nea Anchialos Airport Aktio Airport Sparti Airport Paros Airport Andravida Airport Epitalio Airport Syros Airport "Dimitrios Vikelas" Araxos Airport Kasteli Airport Naxos Airport Kalimnos Airport Ikaria Airport "Ikaros" General Aviation Services Unit-Pahe M.E.G.A.P C. MUNICIPAL AIRPORTS (4) Kastelorizo Airport Kasos Airport Leros Airport Sitia Airport What are the steps an air carrier is required to take in order to acquire an operating license? 1. First there are a series of certificates, licenses and approvals required such as: Written approval of the base airport; Certificates of noise (where applicable); Approval of the lease of aircraft; Flight capability license; Registration; Licensing of aircraft’s station. 2. The above documents have to be submitted along with a written application to the H.C.A.A. 3. Had there been documents missing, the H.C.A.A. is obliged to notify the applicant in writing within twenty days of the filing of the application. The applicant must submit the requested documents within 30 days. 4. The H.C.A.A. will then examine the documentation. 5. The final answer from the H.C.A.A. must be communicated to the applicant within 120 days following the submission of all documents. How are charter agreements and air charters regulated in Greece? Articles 83-93 of the Code of Aviation Law (K.A.D.) and Ministerial Decision D1/D/30817/2180 regulate charter agreements and air charters in Greece. In which way could an aircraft obtain the Hellenic nationality? The Hellenic Code of Aviation Law sets out the precondition of an aircraft obtaining the Hellenic Nationality on Articles 18 and 19. According to Paragraph 1 Article 18 of the Code of Aviation Law, Law 1815/1988 (K.A.D.) the condition for registering an aircraft as Greek is that a person that is a nationality holder of one of the countries of the European Economic Area possesses 50 percent or greater of the aircraft to be registered as Greek. According to Paragraph 2 of Article 18 of the Code of Aviation Law (K.A.D.) an aircraft can also obtain the Hellenic Nationality as long as it belongs to Hellenic Companies (companies registered in Greece) on the condition that the company possesses over 50 percent of the aircraft. Companies that are eligible to register a Hellenic Aircraft on the relevant Registry include the following (subject to the conditions set out by Article 18 Paragraph 2 of the Code of Air Law):
What is the H.C.A.A. (Y.P.A.)? The Hellenic Civil Aviation Authority (HCAA) is a Civil Service under the Ministry for Infrastructure Transport and Networks, directed by its Governor and Deputy Governors. Its mission is the organization, development and control of the country`s air transport infrastructure, as well as the study and laying of proposals to the Minister of Infrastructure, Transport and Networks concerning the overall policy formulation in air transport. Which are other activities of the H.C.A.A.? The H.C.A.A. is the body responsible for the handling and development of air transport inside the country and abroad. This also includes the development of international aviation relations, participation in international Organizations, the organization of the Hellenic Air Space and the exercise of Air Traffic Control. C.A.A. also controls the flights of the aircrafts in the (national) Greek airspace, under the direction of the Greek Government, supervises the application of safety rules in the airspace, inspects aircrafts and civil aviation crew suitability and grants the relevant certificates (to pilots of aircrafts and helicopters and crew). Why does H.C.A.A. provide the flight licenses? The H.C.A.A. is appointed by the Hellenic Republic in order to grant flight licenses. As Article 2 of C.A.D. provides “The Hellenic Republic exercises full and exclusive control over the Hellenic airspace”. Accordingly, the H.C.A.A. is the body appointed to be responsible for such grants of flight licenses. The H.C.A.A. is operating under the aegis of the Ministry for Infrastructure Transport and Networks. Which are the Registries being kept by the H.C.A.A.? How is the registry certification granted? There are the following Registries and Books held at the headquarters of the H.C.A.A. They are set out by Article 17 of the Code of Aviation Law (KAD):
Following application to the H.C.A.A. the registration is granted to the owner of an aircraft or an aircraft engine (Article 26 K.A.D.). An aircraft should be deregistered from the Registry of the State with which it has originally registered prior to its Hellenic registration being granted by the H.C.A.A. Is the deregistration possible and what would be the reasons for that? Article 31 (K.A.D.) sets out the reasons for compulsory deregistration of an aircraft from the H.C.A.A. Registry. They are the following:
Is seizure and auction of an aircraft possible? The Code of Civil Procedure (K.Pol.D.) which was recently amended and has undergone major changes by virtue of Law 4335/2015 (changes to come into effect from the 01/01/2016) sets out the procedure for seizure/confiscation related issues and sales of aircrafts at auctions. Articles 992 on, 1014 and 1015 (K.Pol.D.) (set out the conditions for seizure/confiscation and auctioning of aircrafts). Also Articles 709 & 713 (K.P.ol.D.) set out the preconditions for temporary seizure in cases where an interim measure is requested. What are the types of Mortgages on aircrafts and how are they Registered? Articles 50-73 of the Code of Aviation Law (K.A.D.) set out the legal framework for mortgages on aircrafts. Furthermore, there are two types of aircraft mortgages.
Mortgage types can be fully agreed between the contracting parties and shall compulsorily be registered with the Mortgage Registration Book kept at the Headquarters of the H.C.A.A. with the process described above. What is the current tax payable to the Hellenic Tax Authorities for the acquisition of an Aircraft? Article 3 of Law 3842/2010 which replaced Article 16 of Law 2238/1994, sets out the tax requirements for owners of aircrafts. Fuel of aircrafts is also taxed in accordance with EU rules and the VAT regime currently in force in Greece. What are the charges for landing and parking in Hellenic Airports? The H.C.A.A. determines the charges for landing and parking at the airports annually. The basis for cost calculation is the out-weight of aircrafts in conjunction with whether the aircrafts have an EU Member State certificate or one from a third country. How are fares and rates set in Greece? EU air carriers have freedom in setting air fares and cargo rates for services provided within the EU. This is also extended to third country carriers. Hellenic carriers consequently set their fares and rates. What is the regulatory regime with regards to air accidents? The Code of Aviation Law implemeted by Law 1815/1988 (K.A.D.) and Law 2912/2001 are the main regulatory instruments with regards to the liability and process of investigation of air accidents. Which main international conventions is Greece a signatory to? Greece has implemeted the Montreal Convention with the enactment of Law 3006/22-04-2002. Also it has become a party to the Geneva Convention of 1948 by virtue of the Greek Legislative Decree 543/1970. It has not implemented the Cape Town Convention of 2001 although the EU has acceeded to it in 2009. Greece has also ratified the Chicago Convention and has created an open economic environment and access to its market. Bilateral agreements have also been signed between the Hellenic Republic (Greece) and non-EU (third) countries such as: Albania, Algeria, Argentina, Armenia, Australia, Azerbaijan, Bahrain, Bosnia-Herzegovina, Brazil, Burma, Canada, China, Croatia, Cuba, Egypt, Ethiopia, Georgia, Hong Kong, India, Indonesia, Iran, Iraq, Israel, Japan, Jordan, Kenya, Kuwait, Kyrgyzstan, Lebanon, Libya, Macao, Malaysia, Moldova, Morocco, Nigeria, Oman, Pakistan, Philippines, Qatar, Russia, Saudi Arabia, Serbia, Singapore, South Africa, South Korea, Sri Lanka, Syria, Thailand, Tunisia, Turkey, Turkmenistan, Ukraine, United Arab Emirates, USA, Uzbekistan, Vietnam, Zaire, Zambia. Which courts are competent for handling aviation disputes? The Greek Civil Courts are competent for handling aviaiton related disputes. The Code of Civil Procedure (K.Pol.D.) sets out three types of courts competent for civil actions in the first degree: The Court of the Peace (Eirinodikeio) which handles claims up to €20,000.00. The Single-Member Court of First Instance (Monomeles Protodikeio) which handles claims between €20,000.01 and €250,000.00. The Multi-Member Court of First Instance (Polymeles Protodikeio) which handles claims worth more than €250,000.00. For certain categories of proceedings (e.g. landlord and tenant claims, leases, real estate matters, employment matters, motor accident claims, professional fees disputes etc.), exclusive jurisdiction is allocated to a particular court regardless of the case’s monetary value. Articles 15 (K.Pol.D.) (for Courts of the Peace), 6 and 17 (K.Pol.D.) (for Single-Member Courts of First Instance) and 18 (K.Pol.D.) (for Multi-Member Courts of First Instance) regulate matters of exclusive jurisdiction. In regards to disputes that arise from lease agreements, the Code of Civil Procedure (K.Pol.D.) sets out the following: The Court of the Peace (Eirinodikeio) handles claims where the monthly rent does not exceed the amount of 600 EUR. The Single-Member Court of First Instance (Monomeles Protodikeio) handles all other claims that arise from disputes from lease agreements. What types of remedies are available from the courts in Greece?
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I. Valmas has been appointed as the editor and contributor of Greek Law Digest on the Chapter of Aviation Law. Greek Law Digest is the most important publication in the English language in regards to the Hellenic legal system and foreign Investing in Greece. The 2nd edition of Greek Law Digest will be put together by legal publisher Nomiki Vivliothiki, under the auspices of the Greek Ministry of Development, Competitiveness and Shipping, the agency INVEST IN GREECE SA, the ATHENS CHAMBER OF COMMERCE & INDUSTRY, the World Council of Hellenes Abroad (SAE) and the HELLENIC CHINESE CHAMBER. The chapter on Aviation Law will be available to download from within our website once it goes online on the third quarter of 2015. Greek Law Digest is already acknowledged by foreign and Greek professionals, foreign diplomatic representatives and foreign officials, state authorities and business associations as the most trustworthy and thorough legal guide in English for Greek legal and regulatory issues and continues to receive generous tributes. For Aviation related legal matters and advice from aviation lawyers in Greece please visit the relevant section within our website here: Greek Aviation Law
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.
If you can demostrate that you have income in excess of 2000 EUR per month you could be eligible for the grant of a Residence Permit in Greece once you meet a series of preconditions necessary for the grant of the said permit. We can provide you assistance from the very beginning prior to getting a VISA at your local Consulate and up to the acquisition of your Permit from the Authorities here in Greece thus supporting you at every stage of the process. Please use the contact form in the relevant page within our website for more information on this type of Residence Permit and visit the relevant section within our website: Immigration Law 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. A Guide to Residence Permits for real estate owners in Greece. The government of Greece instated a procedure to obtain permanent residence permits, which can be renewed every five 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. The guide also addresses important questions regarding this new type of residence permit for owners of real estate. If you would like more information beyond the scope of this guide, or any clarifications, please contact the General Secretariat of Population and Social Cohesion of the Ministry of Interior. Section A General information on residence permits for real estate owners in Greece 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. 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, or to the General Secretariat for Immigration of the Ministry of the Interior. 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 received a Visa for the same purpose. Beneficiaries of the right of entry and residence, for a period of five years, are: a) third country citizens who own real estate property in Greece, either personally or through a legal entity of which they own all the company shares, provided the minimum value of the property is €250.000; b) third country citizens who have signed a timeshare agreement (lease) – 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 Issue 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 the current 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 fully and legally own real estate property in Greece, the minimum value of which is €250,000, and which they acquired through a donation or parental concession. The right to a residence permit in this case can only be exercised by the receiver of the donation or parental concession. e) 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. f) third country citizens who have signeda ten-year 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. g) family members of the third country citizens described above.1 Preconditions for a residence permit for real estate owners in Greece. The following conditions must be fulfilled to receive a residence permit: 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 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) 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),whichcertifytheexistenceofbankaccountsorothermobileassets,suchas bondsor 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 10 years 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. According to the law, family members of third country citizens entering the country are: a. Spouses who are over the age of 18, as well as unwed children under the age of 18 where there is shared custody, including children that have been adopted., b. Other unwed children under the age of 18, of the other spouse, including children that have been adopted, provided that the applicant is their legal guardian. An independent residence permit is issued for the children of third country citizens who have been accepted into Greece based on the terms and conditions of article 36A and turn 18 years old. 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 4146/2013, 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 is necessary to obtain a residence permit for owners of real estate . Following the issuance of a residence permit, and for its duration, there is no need for a Visa. Primarily in order to serve interested parties, obtaining a type D visa was chosen, because of the advantages that this visa provides to the holder (free movement in the Schengen area, duration for up to one year, right to multiple entries and the like). It was shown in practice that the majority of interested third country citizens choose a type C visa to enter the country. Based on this fact, the right to submit an application for a residence permit is available to any third country citizen who legally resides in Greece, irrespective of their status or the type of residence permit they possess. This includes those who hold a type C Visa and those applying for asylum. Duration of the residence permit for real estate owners. This residence permit is valid for 5 years. Renewal of residence permits for owners of real estate - Duration and Preconditions. The residence permit can be renewed. More specifically, the residence permits may be renewed for the same duration and for as many times as the applicant requests. To renew the residence permit, the following conditions must be met: The real estate property must remain in the ownership and possession of the applicant. The relevant leases must be ongoing. Absences from the country do not impede the renewal of the residence permit. Section B Issuing process and the necessary documentation for a residence permit for real estate owners The process for the issuing of a residence permit for real estate 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; Three recent colour photos; Certified true copy of a valid passport or travel documents recognised by Greece and with the relevant valid entry visa, where required; Health certificate from a Greek public hospital or private doctor, certifying that the applicant(s) (third country citizen(s)) does not have any condition which, according to international epidemiological standards and the World Health Organisation, can pose a risk to public health. In order to obtain this certificate the interested party must undergo a clinical examination, a chest x-ray and a tuberculosis test (Mantoux). Note: Third country citizens who enter the country with a type D Visa which has been issued according to the provisions of article 36A’ of law 3386/2005, are exempt from the obligation to submit a health certificate as a required document for the issuance of the residence permit, provided that they produce an exact and certified hard copy of the corresponding medical certificate which they have submitted to the competent consulate authority in their country of origin. This exemption is allowed provided the corresponding copy of the medical certificate is completed from a recognised state or private institution, according to the degree of credibility of the health services of the third country, which certifies that the third country citizen does not have any condition which can pose a risk to public health, according to the international epidemiological standards and the World Health Organisation, and does not have, as well, as any other infectious, contagious or parasitic diseases which necessitate the imposition of safety measures for the protection of public health, and hence fully correspond to the provisions of article 10, law 3386/2005, and Ministerial Decision 933/2009. 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 posses, either wholly or jointly, property in Greece A copy of the contract for the purchase of the property or properties which have a minimum value of €250.000 Notarisation stating that the contract fulfils the conditions required by the law for the granting of residence permits to real estate owners in Greece (article 6 paragraph 2 of law 4146/2013), and a confirmation by the notary that “the contract for the purchase of the real estate property does not have any conditions, exemptions or deadlines according to the provisions of paragraph 2, article 6, of law 4146/2013, and the full payment has been made”. Proof of title transfer from the competent land registry Certification by an insurance agency for the cost of hospitalisation and medical care. To certify that this condition is fulfilled, the following are accepted:
2. Residence permits for third country citizens who own property in Greece through a legal entity, where the applicant owns all shares A copy of the contract for the purchase of the property or properties which have a minimum value of €250.000 Notarisation stating that “the contract for the purchase of the real estate property does not have any conditions, exemptions or deadlines according to the provisions of paragraph 2, article 6, of law 4146/2013, and the full payment has been made”. Proof of title transfer from the competent land registry Copy of the statute of the legal entity which clearly indicates that the third country citizen owns all company shares Certification by an insurance agency for the cost of hospitalisation and medical care 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 Certification by an insurance agency for the cost of hospitalisation and medical care 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, and a proof of title transfer from the land registry where the relevant contract has been transferred. 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 a timesharing lease of at least ten year duration, for hotel accommodations or tourist furnished accommodations in integrated tourist resorts. The following additional documents must be submitted: i. contract for the timeshare of at least ten years duration, which states the exact amount to be paid every year. ii. Proof of title transfer from the competent land registry iii. certification by the Greek National Tourism Organisation that they have been informed of the establishment of this timeshare lease. 7. Residence permits for family members of the third country citizen Certification by an insurance agency for the cost of hospitalisation and medical care 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 department in the Decentralised Authority in the place of residence or the Municipal authorities in the location of the property in the cases where the transfer of residence by the Aliens and Immigration authority of the Decentralised Administration has not been completed. For more information on your case, please contact the Municipality where your property is located. For a list of all Municipalities and Decentralised Authorities please contact us. 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 received a Visa entry for this purpose, 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: The submission of the application for the issuance of the residence permit, the submission of additional documentation, the receipt of the residence permit or of a rejection, or any additional documentation from the relevant file, can be done either in person by the third country citizen, or through a proxy. This means that third country citizens who have never entered Greece are not allowed to submit an application for a residence permit via a proxy. The applicant is allowed to enter the country, to assign their representation to a lawyer, either with a proof of authenticity of their signature issued by a police authority or with a notarized power of attorney, and then depart from the country and not be present during the submission of the application for a residence permit and/or the granting of the relevant permit. Consequently, it is possible to submit the application via proxy, under the condition that the person submitting the application also submits an original passport of the third country citizen. It is possible, in the same way, to receive the type A certification and the residence permit. The relevant provision will be valid until the establishment of an independent document which will replace the unified type of residence permit. For the submission of the independent document, the presence of the third country citizen will be necessary, because of the requirement to obtain biometric data. The documentation outlined in the previous steps should be attached and submitted with the application. 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. The confirmation is valid for one year. 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 specific locality where the application was submitted and the volume of pending applications. Authorities have been instructed to give priority to this type of application, and all efforts are made to process the applications within two months. 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. 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. Family members have the option of entering the country at a later date from the applicant, from whom they draw their residence rights. 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 permits, are issued an independent residence permit when they reach the age of 18 which can be renewed annually until their 21st year. Further renewals are possible in accordance with immigration legislation. Documents and certificates for the renewal of residence permits. The renewal of the residence permit requires different documents, including: Two copies of the application document Three recent colour photos Certified true copy of a valid passport or travel documents recognised by Greece. There are certain exemptions which require that the applicant submits a declaration stating the specific reasons why they are unable to present these documents or documentation supporting that they do not possess these documents (e.g. documents by a consular authority of their country of origin which has been officially certified and translated). In any case, a public authority document, either Greek or from the applicant’s country of origin, must be submitted to verify the identity information of the applicant (a passport, irrespective of its expiry date, an identity card, a birth certificate). The assessment of the exemptions is done on a case-by-case basis. A certified copy of the previous residence permit, only in cases where the permit is not attached to the passport that is submitted 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 Proof of transfer from the competent land registry Certification by an insurance agency for the cost of hospitalisation and medical care 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 Proof of title transfer from the competent land registry Certification by GEMI (Geniko Emboriko Mitroo-G.Ε.ΜI.) or the Administrative Court, that the statute of the legal entity has not been altered Certification by an insurance agency for the cost of hospitalisation and medical care 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 Proof of transfer from the land registry where the relevant lease contract has been transferred Certification by an insurance agency for the cost of hospitalisation and medical care 4. Renewal of residence permits for family members, according to paragraph 1, article 54 of Law 3386/2005, 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 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. Contact us for translating services. cost associated with the application process for the residence permit for owners of real estate. Interested parties are only subject to the Visa fee, which is €75, except in cases where bilateral agreements provide for a reduced fee or a waiver. 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 who are over the age of 18, as well as unwed children under the age of 18 where there is shared custody, including children who have been adopted b. Other unwed children under the age of 18, of the other spouse, including children who have been adopted, provided that the applicant is their legal guardian. Can my parents or my children who are over the age of 18, accompany me (both in the cases of strategic investments or 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? No parents or adult children are included in the provision above. Children who become adults during the period when the residence permit is valid will be granted a separate residence permit. Are unmarried partners entitled to a residence permit? The 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 3, article 36A, of Law 3386/2005, does not include the exercise of economic activity in the capacity of a shareholder or a Chief Executive Officer. 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? The years covered by the residence permit for real estate owners are not taken into account for the required years for the granting of citizenship to residents. 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 licence 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 the source of their income? 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. 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? In cases when the real estate (property) is transferred, before the end of the five year term, the third country citizen loses the right to residence. Is it possible to rent the real estate property to third parties? At present, the provisions of paragraph 2, article 6, of law 4146/2013 do not allow the rental of the real estate (properties). In the draft law “Ratification of the Migration and Social Integration Code” which has been submitted, a provision is included according to which third country citizens who own real estate property in Greece will be granted the ability to rent their real estate property. For more information visit the relevant section within our website: Golden Visa Greece and Invest in Greece |
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Valmas Associates are committed to providing clients with regular updates on legislative and industry changes in the form of opinions, publications and newsletters. The content on our website does not constitute legal advice.
About the Author |
Ioannis Valmas LLB, LLM, (MSc) is Managing Partner at Valmas Associates and a Greek lawyer licensed by the Athens Bar since 2008. His writings on Greek Real Estate Law have been widely published in recent years by publishers in Greece and abroad.
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