Golden-Visa Program
The new Greek “Golden Visa” Law 5038/2023 “Permanent residence permit for investors” offers permanent residence permit to all non-EU citizens and their family members, who buy property in Greece.
Specifically:
In the Attica Region, the Regional Units of Thessaloniki, Mykonos, and Santorini, and on islands with a population of over 3,100 inhabitants, the value of the real estate that the applicant must invest is 800,000 euros.
In the rest of the country, the value of the real estate investment is set at 400,000 euros.
The investment must be made in one property (not in multiple properties of lesser value) with a minimum area of 120 sq.m. The purchase of a proportional share of real estate is allowed, the minimum value of which is respectively set at 800,000 and 400,000 euros.
EXCEPTIONS:
Conversion from commercial to residential: If the property designated for the Golden Visa undergoes conversion from commercial (such as industrial, etc.) to residential use, the minimum investment requirement is at 250,000 euros, irrespective of the property’s location or size. This investment must be focused on a single property, and the conversion must be finalized prior to submitting the Golden Visa application.
Restoration of preservation buildings: If the property eligible for the Golden Visa is situated within preservation buildings, i.e. buildings of historical significance under specific protection, and the investor intends to undertake complete restoration or reconstruction, the minimum investment requirement is at 250,000 euros, regardless of the property’s location or size. This investment must be focused on a single property, and full restoration is mandatory for the initial renewal of the Golden Visa after a period of five (5) years.
RESTRICTIONS ON PROPERTY USE:
Investors can lease the buildings they acquire, but short-term leases are not allowed, and in cases of conversion into a residence, their use as a headquarters or branch of a business is also prohibited. In case of violation, the residence permit is revoked, and a fine of 50,000 euros is imposed.
TRANSITIONAL PERIOD:
Potential investors may apply under the previous 250.000 euros minimum threshold, provided that they pay a 10% deposit by August 31, 2024, and finalize their investment by December 31, 2024. In case the purchase of the property is not completed on time, the investor is allowed to complete their investment in another property no later than April 30, 2025.
The rest of the provisions of the current Golden Visa Law remain unchanged.
Golden Visa Residence Permit duration
The Golden Visa can be renewed every five (5) years indefinitely, as long as the real estate property remains entirely at the ownership of the main applicant. Periods of absence from the country do not constitute reason for refusal.
Family
The property owner may be accompanied by the members of his/her family. Family members may be granted a personal residence permit that is renewed and/or expires concurrently with the residence permit of the investor (property owner).
Family members are: spouse, children up to 21 years of age, applicant’s parents, spouse’s parents. As for the children under 21 there is an ability to obtain the Golden Visa simultaneously with their parents and when the children reach the age of 21, they can file for an independent 3-year residence permit, which can also be renewed every 3 years.
Benefits
By obtaining a residence permit, the investor and his/her family members have access to healthcare system and to public education, equally to Greeks. With the temporary visa and then the residence permit, the beneficiaries can, also, travel freely across the Schengen zone. Note that, this residence permit does not give access to the work market in Greece.
Having a golden visa will give you greater visa-free travel opportunities through the Schengen areas.
Our Law Office provides legal support and assistance to non-EU investors in receiving a Greek (EU) Residence Permit by real estate acquisition.
Costs of Greece Permanent Residency |
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Minimum Investment– the Attica Region, the Regional Units of Thessaloniki, Mykonos, |
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Additional Expenses |
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| Legal fees | 1% of the value of the property (+VAT) |
| Legal fees for Residence Permit | Fees may vary |
| Notary contract fees | 1,2% (+VAT) |
| Land Registry fees | 0,5% (approximately) |
| Government fees | 2000€ per adult / 150€ per family member |
STEPS TO FOLLOW:
Step 1
Firstly, the potential investor has to locate the real estate he intends to purchase. Our law office provides the support in making a decision by suggesting trusted real estate agencies as well as private owners in the region of Central Greece/Thessaly/ Pelion/ Magnesia/ Sporades Islands in Greece.
Step 2
Following the identification of the potential real estate our legal office provides the necessary support to the investor/buyer by conducting all the required and essential real estate controls to the Land registry, the Mortgage Registry as well as investigating the validity of the property titles.
Step 3
Our law office provides support to the potential investor both in the required issuance of a Greek tax number as well as in the account opening in a Greek bank. Additionally, an insurance contract must be issued by a private insurance company registered in Greece indicating that all expenses in case of any kind of medical treatment provided by the Greek healthcare system will be reimbursed by the insurance company.
We provide all the required legal and official translations (working languages: Greek, English, Italian, French, German) of the above-mentioned procedure.
Step 4
As soon as the purchase contract before the notary is completed, we provide with an officially and legally translated copy and we clarify all the conditions and legal obligations. The amount of money for the purchase is paid either through a) a bank transfer from any bank account the investors owns, regardless of the country in which the account is being held, to the seller’s bank account in a Greek bank or b) a crossed bank check (the investor must deposit the amount of money required in a Greek bank account, most probably in the account that he/she is entitled to open in Greece, and then request the issue of the check). The price must be paid in full before applying for the Residence Permit. To facilitate the procedure a resolutive clause can be included in the contract of acquisition. All the previous mentioned particulars must be solemnly stated by the contracting parties before the notary who prepares and validates the contract.
Step 5
The procedure is concluded by applying for the Residence Permit before the public authority with all the above-mentioned legal documents. The procedure described is available to be carried out in its entirety by our law office using a Power of Attorney from the buyer-investor and, thus, the continuous physical presence of the investor in Greece is not required at any step of the procedure.
Greek Taxation
Property Taxes
Real Estate transfer tax
Any transfer of real estate is subject to Real Estate Transfer Tax. The Real Estate Tax on Transfer is 3% on the higher between market and objective value of real estate property. This “objective” value is a tax value property calculated on a number of pre-determined criteria.
Such cost is further increased by fees such as municipal tax (3% of the amount of Real Estate Transfer Tax), notarial fees, land registry registration fees, legal fees which may still account for a percentage (between approx. 1-2%) of the transaction value.
Taxes ownership – Uniform Real Estate Property Tax ( “ENFIA”)
The ENFIA (UREPT) takes the form of a principal tax per real estate property and a supplementary tax on the total value of the real estate property. More specifically the ENFIA is imposed on property rights (e.g. full/bare ownership, usufruct rights) on real estate property located on Greece which are owned by individuals or legal entities or others entities as of January 1st of each year, irrespective of potential amendments taking place during the year and of the transfer of ownership title.
The principal tax on buildings is calculated by multiplying the square meters of the building by the principal tax ranging from 2-13€/ sq. and other coefficients affecting the value of property ( eg. location, use, floor of property).
The principal tax on land is calculated by multiplying the square meters of the land by the principal tax ranging from 0,0037-11,25€/sq. and other coefficients affecting the value of property ( eg. location, use, floor of property).
