Permit of Residence Guaranteed

Right Target Estate is a Golden Visa Specialist!

We have successfully issued tenths of Residence Permits under the European Golden Visa Program. This guide will help you understand the key points of the program, and answer most common questions. After reading it, please feel free to ask for any clarifications!

The first step is to help you locate and choose the Right Target property based on your needs and requirements. We will then process all necessary paper work in the most secure way to protect your interests.

You will be informed of the steps of your purchase and the follow up will be carried on in the most professional way thanks to our experienced team.

Once the purchase is completed, we will assist you with your new home’s installation and we will undertake the whole permit of residence process till its full completion.

PRINCIPLE

In 2013, the government of Greece initiated a procedure to obtain permanent residence permits, which can be renewed every five years, for owners of real estate from non EU countries, the value of which equals or exceeds €250,000.

Conditions

On the basis of article 20 of Chapter E of Law “Code of Immigration and Social integration” (Law 4251/2014), amended by Law 4332/2015, third-country citizens (non-EU citizens) and their family members, who buy property in Greece may obtain a residence permit for five (5) years by virtue of a decision issued by the General Secretary of Decentralized Administration of the Ministry of Interior provided the following conditions are met:

The non EU citizen legally owns, either personally or through a legal entity whose shares are wholly owned by him/her, a real estate property in Greece of a value of at least €250,000. Application for the residence permit must be submitted to the competent authorities in Greece by a lawyer only after the signature of the act of sale. The act of sale must specifically state that a) the payment of the price of the property is not subject to any term, condition or deadline and that b) the price has been paid in full at the time of the purchase either with a crossed bank cheque issued by a Greek bank or through a deposit of a bank transfer to the seller’s account in a bank or credit institution in Greece. All details of the price and payment method must be specified in the notary contract.

The non EU citizen has legally entered the Greek territory with any kind of visa (long term visa D or short term touristic visa C) OR the non EU citizen is already a legal resident of Greece on the basis of other legal grounds (student, work), even if the residence permit already held does not allow for change of residence scope.

When a married couple buys in co-ownership a property of at least €250,000, a permit of residence is granted to both co-owners. In any other case of co-ownership, a permit of residence may be granted only if each of the co-owners have invested at least €250,000.

Permit of residence is also granted with same conditions to holders of time share lease or hotel property or other tourist accommodation property lease for a period of at least 10 years.

The aforementioned residence permit may be renewed for the same duration (five years) provided the ownership of said property remains.

The investor may offer residency to all family members: spouse, children (up to 21 years of age), parents and spouse’s parents. Family members' residency follow the status of the sponsor when renewing or expiring.

The non EU citizen (property owner) can be accompanied by his family members. Family members are granted a personal residence permit that is renewed and/or expires concurrently with the residence permit of the sponsor (property owner). As members of family are considered: a) spouse, b) common kids and spouses’ kids up to the age of 21 ,

Remarks:

1. Resident permit is also granted if the third country citizen is the owner of more than one real estate property provided the combined value of all properties is at least €250,000.

2. Final permits of residents are issued within 2-5 months from the submission of all supporting documents to the authorities which allows you direct travel to all Schengen countries without the need to travel through Greece. Meanwhile, a temporary permit is given immediately at the time of the documents submission. In fact this means, that very shortly within 2 weeks (approximately) after the purchase of a property of €250,000, the non EU citizen is granted a certificate which has the same legal force as the permit of residence (the only limitation is that with the certificate you may travel to other Schengen countries only through Greece –i.e you must first enter the Greek territory and then travel to other country).

3. The residence permits do not allow a right to employment of any type.

4. The permit of residence is automatically renewed for same 5 years’ period provided the property still belongs to the holder of the permit. In case the property is sold prior to the lapse of 5 years the permit of residence of the buyer and his family members is void and null.

5. The holders of permits have the right to access to public health and public education (as Greek nationals).

6. The property purchased can be freely rented.

7. The permit of residence gives the right to the holder to travel to all other EU Schengen with no additional visa requirements.

8. The permit of residence grants a RIGHT to live permanently in Greece and does NOT impose an obligation to live in Greece. This means that you can freely choose to live in Greece or not and this will have no impact in the renewal of the permit.

9. Acquisition of Greek citizenship by naturalization: The residence permit allows you to access to long term residence status, which is ONE of the qualifications required for naturalization.

10. Children up to the age of 21 are automatically granted the permit of residence. AFTER the age of 21, it is possible to acquire a renewal as a 3 year independent residence permit until the age of 24 and then it is possible to renew it further according to specific conditions.

Procedure and steps:

Enter Greece (with a type C Visa you get a single entry or double entry or multiple entry – maximum 90 days per 180 days).

Visit properties with the agent.

Select a property and pay a deposit of approximately 1% of the sale price directly to the seller (bank transfer).

Sign a power of attorney to a trustful lawyer who will sign the contract, pay the price and submit the application in the buyer’s behalf.

Open a bank account in Greece.

Continue your trip and return home. Approximately within one month you will be asked to send the total agreed amount for the purchase of the property and all transaction expenses/fees to YOUR bank account in Greece.

Contract signing and residence permit application may take up to 2 months to complete. Your lawyer will take care of the formalities and payments. You will receive a detailed professional report, a property title and the residence of permit. All documents will be translated in your language of origin upon request.

Freely enjoy your property, stay in Greece and freely travel in Schengen countries!

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