About Residence by Investment Law in Greece
Residence by Investment, commonly known as the "Golden Visa" program, offers non-EU citizens the opportunity to obtain a residence permit by investing in Greek real estate. Introduced in 2013, this program aims to attract foreign investors by offering them the right to live in Greece and travel freely within the Schengen Zone. The program requires a minimum property investment of €250,000 and provides a renewable five-year residency for the investor and their family members.
Why You May Need a Lawyer
Obtaining a residence permit through investment in Greece may seem straightforward, but it involves complexities where legal assistance is beneficial. Common situations requiring legal help include:
- Understanding and navigating the legal requirements and documentation needed for the application.
- Assistance with property purchasing processes, including due diligence and contract negotiation.
- Ensuring compliance with tax obligations and regulations in Greece.
- Handling renewals of the residence permit and advising on permanent residency or citizenship applications.
- Resolving any legal issues that arise from property or investment transactions.
Local Laws Overview
The Greek Residence by Investment program is governed by several laws and regulations that potential applicants must consider:
- Investment Requirement: The minimum property investment is set at €250,000, which can be completed individually or through joint ownership where each co-owner invests at least €250,000.
- Residence Permit: The Golden Visa provides a five-year residency, renewable as long as the investment is maintained.
- Family Members: Investors can include their spouse, children under 21, and parents of both the investor and their spouse in the application.
- Travel Rights: The permit allows free movement within the Schengen Zone, but not the right to work in Greece unless they obtain a work permit separately.
- Permanent Residency and Citizenship: There is no direct path to Greek citizenship, but investors can apply for permanent residency after 10 years of legal residence.
Frequently Asked Questions
What is the minimum investment required for a Greek Golden Visa?
The minimum investment required is €250,000 in Greek real estate.
How long is the residence permit valid for, and can it be renewed?
The initial residence permit is valid for five years and can be renewed every five years, provided the investment is maintained.
Can I include my family in the residence application?
Yes, the program allows inclusion of the spouse, children under 21, and parents of both the investor and their spouse.
Is it mandatory to live in Greece to maintain the residence permit?
No, there is no requirement to live in Greece to maintain the residence permit.
Can I work in Greece if I have a Golden Visa?
The Golden Visa allows residency and travel within the Schengen Zone but does not provide work rights in Greece.
Can the residence permit lead to Greek citizenship?
While the Golden Visa itself doesn't lead directly to citizenship, permanent residency can be pursued after 10 years of legal residency, which may eventually lead to citizenship under certain conditions.
What taxes will I need to pay on my property investment?
Investors are subject to property taxes, such as the ENFIA, and must comply with Greek tax regulations. Legal advice is recommended for understanding all tax implications.
What happens if I sell the property?
If you sell the property or reduce your investment below €250,000, you risk losing your residence permit unless it's replaced with another qualifying investment.
How fast can I get a residence permit after making the investment?
The application process generally takes 2 to 3 months after the completion of the property purchase, assuming all documents are in order.
Can the property be rented out to generate income?
Yes, you can rent out the property, subject to local regulations, to generate rental income.
Additional Resources
Below are some recommended resources and organizations that can assist with Residence by Investment in Greece:
- Greek Ministry of Foreign Affairs
- Enterprise Greece
- Local real estate agents with experience in foreign investments
- Certified Greek lawyers specializing in immigration and investment
- Tax consultants familiar with Greek and international tax law
Next Steps
If you are considering applying for Greek Residence by Investment and need legal assistance, consider the following steps:
- Consult with a qualified lawyer specialized in Greek immigration and investment law to assess your eligibility and guide you through the process.
- Engage a reputable real estate agent to identify eligible properties for purchase.
- Work with a legal advisor to handle the paperwork, including the property transaction and residence permit application.
- Consider hiring a tax consultant to ensure compliance with Greek tax laws and optimize your investment strategy.
Taking these steps can help ensure a smooth process and help you take full advantage of the benefits offered by the Greek Residence by Investment program.
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Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation.
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