Golden- Visa Program

The Greek “Golden Visa” Law 4251/2014 “Permanent residency permit for investors” amended by the law 4332/2015 (valid from July 2015) offers permanent residency permit to  all non-EU citizens and their family members, who buy property in Greece, the value of which exceeds €250,000.

Duration

The above described residency permit (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.

Ηaving 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
Minimum investment EUR 250,000
Additional Expences
Legal fees 1% of the value of the property (+VAT)
Legal fees for Residence Permit Fees may vary
Notary contract 1,2% (+VAT)
Land Registry 0,5% (approximately)
Government fee 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 acquisition 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

 

Taxes on acquisition

Real Estate transfer tax

Any transfer of real estate is subject to Real Estate Transfer Tax. The Real Estate Transfer Tax applicable 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, land registration, legal 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 UREPT 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 at 1st January 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)