Greece Improves Permanent Residence (PR) Permit Program

Introduction:

Non-EU citizens who purchase a property in Greece with the minimum value of 250,000 Euro can benefit from the new and accelerated procedure for obtaining a Permanent Residence (PR) Permit in Greece and the new positive changes to the Greek Investment Immigration Program.

The Greek Government is introducing changes to its existing permanent residency program. The new rules allow three generations of family members to benefit from the visa by investment program. In sum, an investment of just 250,000 Euro in real estate will qualify a high net worth investor, his spouse and their children of 21-years old and under for a five year renewable residency visa. There is no minimum stay requirement for Permanent Residency applicantswith the Greek Permanent Residency Program. Greece is a member of the EU Schengen visa zone so a holder of the Greek residency permit is allowed freedom to travel throughout the European Union. All EU citizens and permanent residents enjoy full rights and privileges as EU citizens, including the right to establish residency, buy property, open a business and work in Greece. The new changes will also allow the non-EU buyer to sell his/her property to another foreign citizen, and transfer the residency permit together with the property.

The Greek Permanent Residence Permit can be obtained in 2 months and can be indefinitely be renewed in 5-year intervals for as long as the non-EU buyer has the ownership of the property.

Another very important element is the fact that property prices in Greece have dropped as much as 50% since the credit crisis and are now showing signs of stability. Put simply, finding and buying the right property in Greece it is highly likely as well a good long term investment. Properties in prime vacation areas are in high demand because of their ability to earn rental income. Properties with 250,000 Euro price range are in sizes that span between 75 sq.m. to 110 sq.m., with 2 or 3 bedrooms. A&R Cyprus-Greece Fine Properties offers properties in highly touristic areas. These properties have the ability to earn rental income during the touristic season (a period of 5-months).

Although considered to be in a state of economic crisis at the moment, Greece remains one of the most beautiful and historical countries in the world and investment in residential real estate can also end up being a sound long term investment.

Greek PR Permit Requirements:

One or more of the following conditions must be fulfilled in order a non-EU investor to receive a PR Permit in Greece:

  1. Purchase of a property in Greece with a minimum value of 250,000 Euro
  2. Purchase of more (than one) properties with a total minimum value of 250,000 Euro
  3. The Real Estate Property must be owned by and be in possession of its owners
  4. In cases of joint ownership, where the value of the property is €250,000, the Residency 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
  5. If the owner has acquired the property through a legal entity, the applicant must own 100% of the company shares
  6. The Residency Permit is also granted in cases where the non-EU citizen is the owner through one or more legal entities where he is the sole owner or shareholder of those entities

It is again paramount to highlight that the Greek PR Permit is also a Schengen Visa, and is only obtained by the decision of the General Secretary of Decentralized Administration (the relevant authority of the location of the property and “residency in Greece” of the applicant).  The Permanent Residence Permit can be granted also to the main Applicant's (property owner) family members, i.e. spouse and any children below the age of 21. The new changes make this program very attractive as compared to many other similar programs in Europe.

Financial and non-Financial Advantages of the Greek Permanent Residence (PR) Permit:

  • Greece is a member of the Schengen Zone of Europe allowing all Greek PR permit holders to travel freely through Europe.
  • Greek PR holders have a right to much lower tuition costs in European countries because they are considered Permanent Residents of a European country
  • Greece has a very high standard for education. There are excellent English speaking private elementary and high schools. These schools are directly linked to the overseas educational institutions.
  • Greek PR permit applies to the wife and husband as well as all children under the age of 21
  • Great investment: rising property prices, high capital gains, growing rentals
  • Live and travel freely throughout Europe and many more countries
  • Greece has more than 320 sunny days a year
  • Unparalleled beauty and diversity in landscape & Vegetation
  • 428 blue – flagged beaches & 16,000 km of coastline
  • Unique 'island hoping' – 6,000 islands & isles
  • Ideal for outdoor activities & sports of all kinds
  • World's healthiest diet – exquisite local cuisine & wines
  • Friendly and hospitable people, relaxed lifestyle
  • Rich history & culture – innumerable sites of interest
  • Vivid modern life (culture & social)
  • Advanced infrastructure & expertise in professional services
  • Excellent medical facilities
  • Excellent domestic transport connections
  • Laws and regulations are becoming more 'investor friendly'. Low cost of living

 

Relevant documents required after Permanent Residence application has been filed:

  • Application issued by the relevant local authority of the location of the property and “residency in Greece” of the applicant
  • Three (3) colored recent photos
  • A true copy of the passport and a copy of the visa of entrance to the country
  • A health certificate from a Greek public hospital or a private doctor verifying that the applicant does not suffer from a disease which can be considered as a danger for public health
  • A copy of the contract of sale for the purchase of a property or properties amounting to 250.000 Euros
  • A certificate from a notary stating that the contract of sale applies to the provisions of article 6 paragraph 2 of Law Number 4146/2013
  • Certificate of transfer from the local land registry
  • Certificate issued by an insurance company confirming that medical and hospitalization expenses are fully covered.

 

WE ARE ABLE TO OFFER YOU MOST OF THE PROPERTY FOR SALE IN GREECE. TO VIEW A SAMPLE OF GREEK PROPERTY CLICK HERE.

 

For more information, feel free to contact us.


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Company Profile

A&R Cyprus-Greece Fine Properties, Ltd (A&R CGFP) is a diversified real estate services provider, exclusively representing overseas buyers and investors who are looking to buy fine residential or income producing commercial real estate properties in Cyprus and Greece. Our team has over 70-years of combined experience in the global capital markets and a deep understanding of the local real estate and financial markets of Cyprus and Greece.

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