Real Estate Investors for Greece Residency
The Immigration and Social Integration Code of Greece (Law 4251/2014, Government Gazette 1, no 80) gives the possibility of granting residency permits to third country nationals and to the members of their families, who proceed to purchase of real estate property in Greece of a value exceeding €250,000. By decision of the Secretary General of the Decentralized Administration, residency permit for five years, subject to renewal, is granted to a third country national.
The above permit may be renewed for an equal duration, each time, provided that the real estate property remains in the ownership and possession of the third-country national. Periods of absence from the country shall not disrupt the renewal of the residence permit.
Third-country nationals may be accompanied by family members to whom, at their request, an individual residency permit is issued that expires together with the residence permit of the sponsor.
Family members are:
- the spouse
- the lineal descendants o either spouse, who are under 21 years old.
- the lineal ascendants of the spouses. "
Provision of timeframe:
Under normal circumstances, permanent residency shall be issued by the authorities
within two months from the submission of all documents
The residence permits do not establish the right of access to any form of employment.
Business Investors for Greece Residency
The law also provides a chance of receiving the permanent residency card by business investment activities. In the context of this program, the meaning of business investment activity can be separated into three categories:
1-) The construction of new facilities (greenfield investments)
2-) Business acquisitions
3-) Expansion of an existing business activity (brownfield investments).
Beneficiaries of the program:
Depending on criterions described by the law, this program provides the chance for people listed below to receive a permanent residency card, which can be renewed every five years:
a-) non-EU/EEA citizenswho are investors,
b-) non-EU/EEA citizenswho are executives of the investment,
c-) Family members ofinvestors
- Their unmarried children up to the age of 21.
- The first degree ascendants of the spouses.
As long as the investment activity has positive impact on the Greek economy, there is no restriction on the sector of the investment and the location.
The investors must commit to invest at least €250.000to be eligible for applying for the permanent residency card. Additional executive applications for each investment depend on the size of the investment. The table below summarizes the number of executives allowed by the size of the Business Investment Activity:
Total Investment in €
Number of Executives can apply for PR
Up to 300.000
1.000.001 – 3.000.000
3.000.001 – 5.000.000
5.000.001 – 10.000.000
10.000.001 – 15.000.000
15.000.001 – 20.000.000
20.000.001 – 25.000.000
25.000.001 – 30.000.000
30.000.001 – 40.000.000