Best Residence by Investment Lawyers in Corfu

About Residence by Investment Law in Corfu, Greece

Residence by investment, often referred to as the Greek Golden Visa program, allows non-EU citizens to obtain a residence permit by investing in real estate or other qualifying assets in Greece. Corfu, with its beautiful landscapes and attractive property market, is a popular destination for individuals seeking residence rights through property investment. The program is designed to encourage foreign investment, stimulate the local economy, and provide investors and their families with the ability to reside, work, and travel within the Schengen Area.

Why You May Need a Lawyer

While the process of obtaining residence by investment in Corfu may seem straightforward, there are several legal complexities involved. Hiring a lawyer is highly recommended in the following situations:

• You are unfamiliar with Greek property laws and want to avoid common pitfalls when purchasing real estate.
• You need assistance with preparing and submitting the application and documentation for the Golden Visa.
• You require help with due diligence to ensure your investment complies with all local and national regulations.
• You want to understand the potential tax obligations and implications of your investment.
• You need assistance securing translations or notarizations required for official documents.
• You are dealing with complications such as inheritance issues, disputes, or property rights concerns.

A specialized lawyer can streamline the entire process, minimize risks, and help safeguard your investment.

Local Laws Overview

Key aspects of local laws relevant to residence by investment in Corfu include:

• Minimum Investment Requirement: The minimum threshold for real estate investment is generally 250,000 euros for property located in Corfu and other regions outside central Athens and Thessaloniki.
• Eligible Properties: Both residential and commercial properties can qualify for the program. The property can be a single asset or multiple assets that together meet the investment amount.
• Application Process: Applications are submitted to the local aliens and immigration office. All legal documents must be in Greek or officially translated and duly certified.
• Family Inclusion: The main applicant can include their spouse, children under 21, and in some cases, the parents of both spouses in the application.
• Residence Permit Validity: The initial residence permit is valid for five years and can be renewed as long as the investment is maintained.
• No Residency Requirement: There is no requirement to live in Greece to maintain the permit, although the property must be held.
• Tax Implications: Investors should be aware of local taxes related to property ownership, capital gains, and potential income generated from the investment.
• Compliance with Local Regulations: Investors must comply with all building and zoning regulations, as well as rules regarding property use and rental.

Frequently Asked Questions

What is the minimum investment amount required for the Golden Visa in Corfu?

The minimum investment amount for purchasing real estate in Corfu is typically 250,000 euros.

Can I include my family members in my application?

Yes, you can include your spouse, unmarried children under 21, and in certain cases, the parents of both you and your spouse.

How long does the application process usually take?

The process from property purchase to receiving your residence permit can take several months, but timelines may vary depending on documentation and administrative workload.

Am I required to live in Greece to keep my residence permit?

No, there is no minimum stay requirement. You are free to spend as little or as much time in Greece as you wish, provided you maintain your investment.

Are there restrictions on the types of properties I can buy?

Both residential and commercial properties are eligible, provided the total investment meets the minimum threshold and the properties are not restricted by local or national regulations.

Will my residence permit allow me to work in Greece?

Residence permits issued under the investment program typically do not grant direct work rights, but you can manage your investment properties. A separate work permit is needed for other forms of employment.

What happens if I sell my property?

If you sell or otherwise dispose of your property and your investment no longer meets the program requirements, your residence permit may be revoked.

Can I apply for Greek citizenship through this program?

Holding a Golden Visa does not automatically lead to citizenship, but after seven years of legal residence, you may become eligible to apply if you meet other criteria established by Greek law.

What taxes should I be aware of when investing?

Investors are liable for property taxes, transfer taxes, and potentially capital gains tax depending on personal circumstances. Consulting a tax advisor is strongly recommended.

Should I use a local lawyer or can my lawyer from abroad handle the process?

It is advisable to engage a local lawyer in Corfu who is familiar with property law and immigration procedures in Greece to ensure full compliance and representation before local authorities.

Additional Resources

For more information and assistance with residence by investment in Corfu, you may find the following resources helpful:

• Greek Ministry of Migration and Asylum: The main government body overseeing the Golden Visa program.
• Chamber of Commerce Corfu: A useful point of contact for business and investment inquiries.
• Local notaries and public registrars in Corfu for legalizations and property documentation.
• Certified translators for preparing required documents in Greek.
• Professional associations of lawyers in Corfu for finding specialized legal advisers.

Next Steps

If you are considering pursuing residence by investment in Corfu and need legal assistance, the recommended steps are:

• Identify and consult with a reputable lawyer based in Corfu who specializes in property and immigration law.
• Prepare a list of your personal circumstances, investment goals, and any questions you want answered.
• Gather necessary documents such as proof of funds, identification, and any prior experience with property investment.
• Arrange a preliminary consultation to discuss your eligibility, the application process, and estimated timeline.
• Stay informed about updates to the Golden Visa program which may impact your plans or eligibility.

Seeking expert legal support will help ensure your residence by investment journey in Corfu is secure, compliant, and tailored to your needs.