Best Residence by Investment Lawyers in Paros

About Residence by Investment Law in Paros, Greece

Residence by Investment, also referred to as the Greek Golden Visa, is a legal program that allows non-EU citizens to obtain a residence permit in Greece by investing in real estate or other qualifying assets. Paros, a popular island in the Cyclades, has become a sought-after destination for investors looking for both lifestyle benefits and legal residency in Greece. Through the Golden Visa program, individuals and their families can enjoy multiple advantages, such as visa-free travel within the Schengen Area and the right to live in Greece. The program is governed by Greek national legislation and overseen by migration and property authorities.

Why You May Need a Lawyer

The process of acquiring residence by investment can be complex, especially for those unfamiliar with Greek legal and bureaucratic systems. Lawyers play a crucial role in several ways:

• Assisting with due diligence on property transactions to avoid legal disputes
• Advising on eligibility and compliance with the latest immigration regulations
• Handling residency application procedures and ensuring all documentation is accurate and complete
• Representing clients before Greek authorities and acting as a legal proxy when required
• Resolving issues related to inheritance, tax liabilities, or zoning laws unique to Paros
• Protecting clients from potential scams or fraudulent real estate listings

Given these challenges, many investors find that legal assistance is not only beneficial but essential for a smooth and successful application process.

Local Laws Overview

Greek law sets out specific requirements for those seeking residence by investment, with key aspects particularly relevant to Paros:

• Minimum Investment Threshold: To qualify, you must invest at least 250,000 EUR in real estate property. This threshold applies per property and is subject to updates based on local or national regulations.
• Eligible Properties: Both residential and commercial properties are eligible. The property must be purchased outright and can be new or resale, but it must meet zoning and legal requirements in Paros.
• Application Process: Applications are typically submitted to the local Decentralized Administration of the South Aegean region. Applicants must provide proof of purchase, insurance, criminal background checks, and other official documents.
• Family Inclusion: Permits can include spouses, unmarried partners, and dependent children under specific age limits.
• Renewal and Maintenance: Permits are valid for five years and can be renewed as long as the property investment is maintained and all legal conditions are met.
• Tax Considerations: Property taxes, income taxes on rental income, and stamp duties all apply. Understanding local taxation is crucial for compliance.

Paros, as a part of the South Aegean region, may have specific local guidelines and zoning laws regarding development, archeological sites, and environmental protections, which can affect property eligibility and use.

Frequently Asked Questions

What are the main benefits of securing residence by investment in Paros?

Benefits include the right to reside in Greece, visa-free travel within the Schengen Area, access to local amenities and education, and the opportunity to include family members in the permit.

How long does the application process take?

On average, it takes two to four months from the property purchase to receive the residence permit, provided all documents are in order.

Can I rent out my property after purchasing it under the program?

Yes, investors are allowed to lease their property and generate rental income, subject to relevant taxation and local regulations.

Is the investment threshold the same throughout Greece?

No, some prime areas like central Athens may have different thresholds. In Paros, the standard 250,000 EUR threshold generally applies but verify for any local updates.

Do I need to live in Paros full-time to maintain my permit?

No, there is no minimum stay requirement to maintain the residence permit, as long as you hold the investment property.

Which family members can be included in my application?

Your spouse or registered partner and children under 21 can be included. In some cases, dependent parents of either spouse may also qualify.

What legal documents are required for the application?

You will need a valid passport, recent photographs, proof of legal property purchase, health insurance, a clean criminal record, and documented family status if including others.

What taxes and fees are involved in buying property in Paros?

Expect to pay property transfer tax, lawyer's fees, notary fees, and sometimes agent commissions. Annual property taxes and maintenance fees may also apply.

What happens if I sell the property?

If you sell the property and your investment falls below the required threshold, your residence permit and those of your family will be revoked unless a new qualifying investment is made.

Can I eventually obtain Greek citizenship?

Holding a Golden Visa does not automatically lead to citizenship but may create eligibility for permanent residency and eventually naturalization, subject to language, residency, and other requirements.

Additional Resources

For more information and support on residence by investment laws in Paros, consider reaching out to the following resources:

• Greek Ministry of Migration and Asylum
• Hellenic Ministry of Foreign Affairs
• South Aegean Decentralized Administration (local body)
• Greek Notaries Association
• Hellenic Chamber of Real Estate
• Local Bar Associations (for qualified lawyers in Paros or the South Aegean)

Next Steps

If you are considering residence by investment in Paros, Greece, start by clearly identifying your goals and budget. Research available properties and engage a qualified local lawyer who specializes in investment migration. Your lawyer can guide you through property checks, draft or review contracts, and manage your residency application to ensure it meets all legal standards. Schedule a consultation, prepare your documents, and maintain open communication with the authorities and professionals assisting you. Taking these steps will help protect your investment and ensure a successful application for residence by investment in beautiful Paros.