“Permanent residence permit of the investor“, also known as the “Golden Visa”, is issued by the Greek authorities to investors and it is one of the benefits granted to the investors in Greece.
There are several options for investment to acquire the Golden Visa. It can be rather made by the acquisition of property or by a long-term lease or by the acquisition of vacation ownership, provided the minimum value of the property is €250.000, whether it has to do with a purchase or a lease, fully paid. In case of joint ownership, the Golden Visa is only granted if the amount invested by each of the joint owners is at least €250.000 with the exception of owners being spouses with undivided ownership of the property. In this case, a combined value of their property investment can be €250,000.
It should be noted, that given the double value of real estate property, i.e commercial and cadaster index price, the amount of 250,000 euro as the minimum investment price, concerns the commercial price. Any heir or grantee having acquired a property not from purchase can enjoy the benefits of the above investment, but in this case, the cadaster index price should be 250,000 euros. It should be underlined, that a single-member legal entity has also the possibility of investment.
In order to ensure transaction transparency and investment verification, the payment of the purchase should be always made by the buyer either by one of the spouses, either by blood relation, either by a relative by marriage to a second degree ( for example, if the purchase is by the A buyer it could be beyond the buyer himself his parent, his child, his brother or the brother of his/her spouse) only through the banking system on the Greek account of the seller. The buyer is not obliged to have a bank account in Greece, although it is suggested as the most practical solution.
The permit is granted for five years and may be renewed if the property investment is retained. Investors are not obliged to live in Greece after the permit is granted. In addition, the right to stay in a country also applies to spouses and family members of the investor (parents and children). The biggest advantage given to the investors by the residence permit in a European country is their ability to travel to other Schengen member states and stay there for three months, every six months while receiving multiple-entry permits.
This type of residence permit does not give access to the labor market to the investor. However, he or she is allowed to hold an unpaid position as a manager or CEO.
Are you interested about the Greek Golden Visa? Download our free Brochure!