Greece has started a new immigration program in hopes that it will boost its suffering due to the economic crisis real estate market by encouraging investments. According to the new Law 4146/2013, third-country citizens (non-EU citizens), who buy property in Greece, the value of which reaches or exceeds the amount of €250.000, may obtain 5 year residence permits. Furthermore, third country citizens, who have signed rental agreements for hotels or touristic facilities for the amount of €250.000 or more, may also acquire 5 year residence permits. Only the immediate family members of the person making the investment have the right to obtain said permits. A husband and wife can purchase one said property in joint tenancy, of €250.000 value. For more than one co-owner who are not married, each person’s interest in the property should be at least €250.000. It should be clarified that if a person of a third country decides to invest in Greek property pursuant to this Law, they can only obtain a Greek residence permit (renewable every five years for as long as they continue to own the property), but not a Greek passport/citizenship. The process involves first applying for an entry permit to the Consulate of the applicant’s place of residence.
Our office has aleady assisted clients in securing this residence permit which allows them to freely move through the EU, from identifying the property to invest in, to preparing and submitting the file and following through until the residence permit is issued (avarage time is 2-3 months after submission of the file).
For more information on this program, please contact our office at [email protected] or [email protected]
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