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About Residence by Investment Law in Rhodes, Greece

Residence by Investment, commonly known as the "Golden Visa" program, is a legal pathway allowing non-EU nationals to obtain legal residence in Greece by investing in real estate or other eligible assets. In Rhodes, one of Greece's premier destinations, this program is particularly attractive due to the island's thriving tourism sector, natural beauty, and cultural heritage. By making a qualifying investment, individuals and their family members can secure a renewable, five-year residence permit in Greece, which also provides visa-free travel within the Schengen Area.

Why You May Need a Lawyer

Navigating the Residence by Investment process in Rhodes involves complex legal and administrative procedures. Here are common situations where legal expertise is highly recommended:

  • Understanding legal eligibility and investment requirements
  • Reviewing and negotiating property purchase contracts
  • Ensuring compliance with Greek immigration laws and regulations
  • Managing due diligence and title searches on real estate assets
  • Assisting with document preparation and translation
  • Liaising with Greek authorities and facilitating application submissions
  • Addressing taxation issues related to property acquisition and income
  • Handling complex cases, such as prior visa refusals, family applications, and business investment structures
  • Renewing residence permits or applying for permanent residency and citizenship

A knowledgeable lawyer can help you avoid costly mistakes, protect your interests, and ensure your application adheres to all applicable laws.

Local Laws Overview

Several Greek laws govern the Residence by Investment program, with specific provisions relevant to Rhodes. Essential legal points include:

  • Minimum Investment Requirements - The most common pathway is via property purchase valued at least at 250,000 EUR. Certain areas in Greece have higher thresholds, but Rhodes currently follows the 250,000 EUR rule. The investment must be in real estate, either residential or commercial, and can be made through joint ownership or corporate entities in some cases.
  • Eligible Applicants - Non-EU, non-EEA nationals can apply, as can their spouse, children up to 21 years old, and dependent parents.
  • Property Registration - The property must be registered at the competent Land Registry or Cadastre office in Rhodes.
  • Permit Duration and Renewal - The residence permit is valid for five years and can be renewed indefinitely as long as the investment is maintained.
  • Schengen Area Travel - Holders enjoy visa-free access to all Schengen states for up to 90 days within any 180-day period.
  • No Residency Obligation - There is no requirement to reside full-time in Greece to maintain the permit.
  • Path to Permanent Residency or Citizenship - After seven years of legal residence, you may be eligible to apply for Greek citizenship subject to further requirements, including language proficiency and residency conditions.

Frequently Asked Questions

What is the minimum amount I need to invest in Rhodes to qualify for a residence permit?

In most parts of Greece, including Rhodes, you must invest a minimum of 250,000 EUR in real estate to qualify for residence by investment.

Can I bring my family with me under the Golden Visa program?

Yes, your spouse, children under 21, and dependent parents of both spouses can be included in your application.

Do I have to live in Rhodes to maintain my permit?

No, there is no requirement to reside in Rhodes or Greece. You only need to maintain your investment.

Can I rent out the property I purchase for the investment?

Yes, you can rent out the property, and the rental income is subject to Greek tax regulations.

How long does the application process take?

After submitting a complete application, the process typically takes 2 to 4 months, depending on the caseload and documentation.

Can I sell my property and keep the residence permit?

You must maintain ownership of the property to renew your residence permit. If you sell, the permit will be revoked unless the new property meets the investment criteria.

Does the Golden Visa lead to Greek citizenship?

The residence permit itself does not guarantee citizenship, but after seven years of legal residence, you may apply for citizenship if you meet specific requirements.

Are there any restrictions on the type of property I can buy?

Both residential and commercial properties qualify, but the property must not be in restricted zones such as defence areas. Legal due diligence is essential.

What taxes or fees should I expect when buying property in Rhodes?

Typical costs include property transfer tax (3 percent), notary and registration fees, legal fees, and possible VAT charges on new properties.

Do I need to open a Greek bank account?

While not strictly required, opening a Greek bank account simplifies the payment process and demonstrates the legitimate source of funds.

Additional Resources

Those seeking further information or assistance should consider reaching out to the following resources:

  • Hellenic Ministry of Migration and Asylum - Responsible for immigration policy and Golden Visa guidelines
  • Greek Land Registry or Cadastre Office in Rhodes - For questions about property registration and title searches
  • Notary Publics and Licensed Real Estate Agents in Rhodes - For property transactions
  • Certified Tax Advisors - For guidance on property taxes and tax planning
  • Reputable Greek law firms specializing in immigration and real estate law

Next Steps

If you are considering residence by investment in Rhodes, Greece, your next steps should include:

  • Consulting with a qualified Greek immigration or property lawyer to assess your eligibility
  • Conducting thorough due diligence on the property and the seller
  • Preparing and translating all necessary documentation
  • Working with local real estate professionals to identify suitable investment opportunities
  • Submitting your residence permit application through the appropriate Greek authorities
  • Staying informed about any changes in regulations or investment requirements

A lawyer experienced in Greek residence by investment law can streamline the process, minimize risks, and help you achieve your goals in Rhodes. Always seek professional advice before committing to an investment or starting your application.

Lawzana helps you find the best lawyers and law firms in Rhodes through a curated and pre-screened list of qualified legal professionals. Our platform offers rankings and detailed profiles of attorneys and law firms, allowing you to compare based on practice areas, including Residence by Investment, experience, and client feedback. Each profile includes a description of the firm's areas of practice, client reviews, team members and partners, year of establishment, spoken languages, office locations, contact information, social media presence, and any published articles or resources. Most firms on our platform speak English and are experienced in both local and international legal matters. Get a quote from top-rated law firms in Rhodes, Greece - quickly, securely, and without unnecessary hassle.

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. We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please contact us, and we will review and update it where appropriate.