EU residence permit by buying a 250.000 Euro property in Greece

Residence permit and VISA for Greece and E.U. by buying an apartment

 

By a recent Law any foreigner can acquire a Visa for Greece and EE by bying a real estate property in Greece with a value higher than 250.000 Euro.

Here are some Frequent Questions and Answers

–       Does the residence permit give me the right to enter the other countries of Shengen or other EU countries? Are there any prerequisites for this?

Yes. By virtue of the principle of equivalence between residence permits and long-stay visas (such as residence permits for property owners) every citizen of a third country who holds a long-stay visa – which validity is up to one year- can travel to other Member States for three months per trimester and has the right of multiple entries.

–      Does the residence permit give me the right to work in Greece? Can my spouse, children and/ or legal representative of my company have access to the labor market?

The residence permit does not provide you and members of your family with the right to work. An exception to this is the exercise of business activity as shareholder or Managing Director of a legal entity.

–      Does the residence permit give me the right to submit an application for citizenship?

No. The years of your stay by virtue of the aforementioned residence permit for property owners are not counted in the years that are necessary for the issue of citizenship to residents.

–        Is the value added tax (VAT) included in the amount of 250.000€? Which is the investment’s amount if the title deed or deed of sale bears the name of both spouses?

The amount of 250.000€ is the price written in the contract. Spouses – co-owners of the property who own it jointly have both the right to get residence permit.

–        Can I possess more than one real estate with individual value less than 250.000€ and a total value equal to or greater? What value should the purchased real estate have in order to get a residence permit?

Yes. The total minimum amount written in the contract should be at least 250.000€.

–        Can I buy commercial property or a combination of commercial and residential property or land?

The provisions of the law set the minimum amount of 250.000€ as contract price, without distinguishing between commercial and residential real estate.

–        Does the residence permit give me the right to have access to the greek educational system and public health? Can my children go to a greek public school?

You can have access to public education, but regarding health services you and members of your family must be insured for hospital expenses and medical care.

–        Can I buy a car with greek signs in order to facilitate my transportation in the country?

Of course, under the specific conditions set by the Ministry of Transport.

–        Can I mortgage the real estate in order to get a loan?

Yes, in proportion to the greeks.

–        Have I to prove the source of my income?

Yes. Your income should be demonstrated with documents showing the financial capability (eg certificate of a recognized bank class A or official financial institution or other recognized organization for the storage of securities) by attesting the existence of bank accounts or other securities, mainly bonds or shares.

–        Is it necessary to buy the whole property by myself? Can all co-owners of real estate get a residence permit?

No. You can choose to buy real estate in whole or jointly with other co – owners of the property. But residence permit is given to all co-owners, provided that each of them separately has invested the sum of 250.000€.

However, you can buy a property of only 250.000€ jointly with your wife.

–        What happens in case that I tarnish my criminal record in the country of origin or during my stay in Greece?

The issue of residence permit is repealed.

–        If I have got a long-stay visa for another Shengen country, am I obligated to cancel that visa in order to obtain a type D visa for Greece?

With the long-stay visa for another Shengen country, you can enter the country and settle matters on the purchase of real estate. But visa type D is a prerequisite for the submission of the application for the issue of residence permit. Therefore, it is recommended that you obtain a visa type D in advance.

–       For how many years can I get a residence permit? May the residence permit be renewed?

The validity of the residence permit is for five (5) years. Then you can renew it for another 5 years provided that you still own the property.

–        Can my wife and/or children obtain a residence permit?

Yes. The children have to be minors.

–        Have I to buy the property only as a physical person or can I purchase it through a company/ legal entity?

According to the provisions of the law, you can possess real estate in Greece through a legal entity, the shares of which belong exclusively to you.