About Residence by Investment Law in Mykonos, Greece
The Residence by Investment program in Greece, commonly referred to as the Golden Visa, provides a pathway to long term residency for non-EU nationals who make a qualifying investment in Greece. In Mykonos, a popular island destination, these investments are most often realized through real estate purchases that meet the program’s thresholds. The program is national in scope, with the island of Mykonos simply serving as the geographic backdrop for property transactions and related legal due diligence.
A key feature is the five-year residency permit that can be renewed upon continued compliance with the investment requirements. The program does not automatically grant work rights, citizenship, or EU status, but it does allow visa-free travel within the Schengen Area for short stays. Investors must maintain their qualifying investment to preserve the residence permit, and they may pursue additional residency options if they meet other criteria.
In Mykonos, where property prices and permitting processes can vary by neighborhood and zoning, working with a lawyer who understands local title checks, planning permissions, and building regulations is essential. This guide highlights practical, jurisdiction-specific considerations and points you toward authoritative sources for formal requirements.
“The Greek Golden Visa provides a five-year residence permit for investors who maintain the qualifying investment.”
Source: gov.gr, the official Greek government portal
Why You May Need a Lawyer
When pursuing Residence by Investment in Mykonos, a legal professional helps you navigate concrete, time-sensitive steps rather than relying on generic advice. Below are real-world scenarios where legal support is essential.
- You are purchasing a Mykonos property to meet the €250,000 real estate threshold and need a thorough title search and encumbrance check to avoid hidden liens.
- You plan a complex ownership structure, such as a trust or company holding the property, and require chain of title clarity and anti-money-laundering compliance.
- Your funds originate from overseas and require source of funds verification under Greek AML rules before the investment can be approved.
- You must coordinate with tax planning and residency steps, including any potential tax residency implications of owning Greek real estate.
- Your initial application faces a processing delay or a document deficiency, and you need a precise strategy to gather missing items and correct gaps quickly.
- You want renewal of the permit after five years and need guidance on maintaining the investment and meeting ongoing eligibility criteria.
Local Laws Overview
The core regulatory framework for Residence by Investment in Greece rests on national law and ministerial regulation, applied consistently to Mykonos like anywhere else in Greece. Important components include the framework governing investment-based residence permits and the general rules for entry and residence of third-country nationals.
Key statutory instruments commonly cited in this area include the investment-based residence permit regime and the broader Aliens and Immigration provisions that set out eligibility, documentation, and procedural steps for non-EU nationals. These laws are periodically updated by amendments and ministerial decisions to reflect processing timelines, due diligence standards, and investment category rules.
As a practical matter for Mykonos investors, due diligence on property titles, building permits, and zoning compliance is essential before submitting an application. Local planning constraints on tourist-centric properties can affect the investment, so legal counsel with island experience helps avoid delays or invalid investments. For official guidance, consult the statements and procedures published by the Government of Greece and the Ministry of Migration Policy.
“Investment-based residence permits in Greece are governed by the Residence Permit for Investment Activity framework, with implementation clarified by subsequent ministerial decisions and related Aliens and Immigration provisions.”
Source: gov.gr, and Ministry of Migration Policy
Frequently Asked Questions
What is the basic purpose of Greece's Golden Visa program?
The program grants a five-year residence permit to non-EU nationals who invest in Greece, typically through real estate. It enables long term residency and travel within the Schengen Area, subject to ongoing compliance with investment requirements.
How do I qualify for a Greece Golden Visa through real estate?
Qualifying real estate investments must meet the minimum threshold and be legally owned and registered in your name or in a suitable ownership structure. A clean title, no liens, and proper due diligence are essential before submitting the application.
When is the investment necessary to obtain the permit?
You must maintain the qualifying investment from the time of approval and throughout the validity of the permit. Renewals depend on continuing compliance with investment requirements.
Where do I file the application for the residence permit?
Applications are typically submitted through Greek consular channels or the local Greek regional authorities, with supporting documents provided via your attorney or legal representative in Greece.
Why is source of funds verification important in this process?
Authorities require proof that funds used for the investment were legally acquired and transferred. This verification helps prevent money-laundering and ensures compliance with AML rules.
Can I work in Greece if I have a Golden Visa?
The Golden Visa itself does not automatically grant work rights. You may need a separate work authorization tied to your employment or business activity in Greece.
Do I need to reside in Greece to keep the permit?
Physical residency is not strictly required to maintain the permit, but you must keep the qualifying investment and meet ongoing eligibility criteria as established by law and regulations.
How long does due diligence take for the investment and funds?
Due diligence timelines vary by case, but planning for several weeks to a few months is common. A local attorney helps coordinate the required financial and property checks efficiently.
What are typical costs involved beyond the investment itself?
Beyond the investment, expect legal fees, notary and registration costs, property transfer taxes, and potential taxes on owned property. A lawyer can provide a detailed budget for your case.
Is there a difference between buying for personal use versus investment diversification?
Real estate aimed at Golden Visa eligibility generally requires a qualifying investment level and clear ownership. Personal use versus rental strategy can affect due diligence and taxation considerations.
How much property value is typically needed in Mykonos to qualify?
Minimum investment generally corresponds to the program threshold for real estate and can be influenced by market norms in Mykonos. A qualified attorney will verify the exact amount at the time of your plan.
What is the typical timeline from initial inquiry to permit issuance?
From first consultation to permit issuance, timelines commonly range from 6 to 12 months depending on how quickly documents are prepared and authorities complete checks.
Additional Resources
- Gov.gr - Official Greek Government Portal for Residence Permits and Investor Programs. Provides application guidelines and required documents.
- Ministry of Migration Policy (Migration.gov.gr) - Central authority for immigration and residence matters, including investment-based permits.
- European Commission - Information on EU residency rights for investors and cross border mobility among member states.
Next Steps
- Schedule a preliminary consultation with a licensed Greek immigration attorney who has experience with island real estate and Golden Visa cases in Mykonos.
- Compile a document list with your attorney, including passport copies, source of funds, property title documents, and any corporate ownership papers.
- Engage a local Greek real estate lawyer to perform a title search, zoning check, and due diligence on the proposed Mykonos property.
- Obtain a clear, updated estimate of all costs beyond the property price, including taxes, notaries, and legal fees.
- Submit the investment and residency application through the proper consular or regional channels with your attorney's assistance.
- Monitor the process with regular updates from your attorney and respond promptly to any government requests for additional documents.
- Plan for renewal by maintaining the investment and complying with reporting obligations as you approach the end of the five-year term.
Note on sources and jurisdiction: The information above reflects Greece’s Golden Visa framework as implemented nationally and applied to the island of Mykonos. For the most current requirements and timelines, consult official sources and an attorney familiar with Greek immigration law. See the following official resources for detailed, official guidance:
Source links:
gov.gr - Official Greek Government Portal
Migration Policy Ministry - Immigration and residence permit guidance
European Commission - Home Affairs - EU level information on residence rights for investors
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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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