A brief guide to Residence Permits for real estate owners in Greece

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The government of Greece instated a procedure to obtain permanent residence permits, which can be
renewed every five years, for owners of real estate by third-country citizens, the value of which exceeds
EUR 250,000, adopting a friendlier stance towards those who wish to own real estate property in Greece.
A residence permit for real estate owners is a new type of residence permit, for non EU citizens who have
received a Visa for the same purpose.

Beneficiaries of the right of entry and residence, for a period of five years, are:

a) Non EU citizens who own real estate property in Greece, either personally or through a legal entity of
which they own all the company shares, provided the minimum value of the property is EUR 250,000

b) Non EU citizens who have signed a timeshare agreement (lease) for a minimum of 10 years for hotel
accommodations or furnished tourist residences in integrated tourist resorts according to article 8, paragraph
2 of Law 4002/2011 (Government Gazette 180 Issue A), provided the minimum cost of the lease is EUR
250,000

c) Non EU citizens who either reside legally, with a residence permit, in Greece, or wish to enter and reside
in the country, and who have full ownership and possession of real estate property in Greece, which they
have purchased before the enactment of the current law 4146/2013, provided that they had purchased the
real estate property for a minimum of EUR 250,000 or the current objective value of their real estate
property is at a minimum of EUR 250,000

d) Non EU citizens who fully and legally own real estate property in Greece, the minimum value of which is
EUR 250,000, and which they acquired through a donation or parental concession. The right to a residence
permit in this case can only be exercised by the receiver of the donation or parental concession.

e) Non EU citizens who purchase a plot of land or acreage and proceed to erecting a building, provided that
the cumulative value of the land purchase and the contract with the construction company is at minimum
EUR 250,000

f) Non EU citizens who have signed a ten-year timeshare agreement (lease), based on the provisions of Law
1652/1986. A time share lease, according to the provisions of article 1 of law 1652/1986 is the commitment
of the lesser to grant, each year, to the lessee, for the duration of the timeshare, the use of the tourist
accommodation and to provide to them the relevant services for the determined period of time according to
the contract, and the lessee must pay the agreed rent. Visit our real estate offers: here...

g) family members of the non EU citizens described above. According to the law, family members of non EU
citizens entering the country are:

a. Spouses who are over the age of 18, as well as unwed children under the age of 18 where there is shared
custody, including children that have been adopted. b. Other unwed children under the age of 18, of the other
spouse, including children that have been adopted, provided that the applicant is their legal guardian. An
independent residence permit is issued for the children of non EU citizens who have been accepted into
Greece based on the terms and conditions of article 36A and turn 18 years old.

Preconditions for a residence permit for real estate owners in Greece. The following conditions must
be fulfilled to receive a residence permit:

a) The real estate property must be owned by and be in possession of its owners.

b) In cases of joint ownership, where the value of the property is EUR 250.000, the residence permit is only
granted if the owners are spouses with undivided ownership of the property. In all other cases of joint
ownership, the residence permit is only granted if the amount invested by each of the joint owners is at least
EUR 250,000

c) If the owner has acquired the property through a legal entity, the applicant must own 100% of the company
shares. Visit our real estate (commercial) offers: here...

d) The residence permit is also granted in cases where the non EU citizen is the owner, either directly or
through a legal entity, of more than one real estate property with a combined value of at least EUR 250,000

e) The documented intention to own property should be supported by documentation which prove the
financial capacity (e.g., certificate of an A-class certified bank, or other recognized financial institution), which
certify the existence of bank accounts or other mobile assets, such as bonds or shares, which can cover the
cost of the investment of at least EUR 250,000, and which certify the intention of the applicant to purchase
the property (contract with a law firm or with a real estate office).

f) In the case of non EU citizens who have signed a lease of at least 10 years for hotel accommodations or
furnished tourist residences in integrated tourist resorts, provided the minimum value of the lease is EUR
250.000, the contract must require a single payment of the lease for the equivalent of the ten year leasing
of the property. Visit our real estate (private) offers: here...

In all cases outlined above, the value of the real estate property will be determined based on the value of the
property, or the lease, indicated in the contract of purchase. The value of the property, according to law
4146/2013, is the amount stated explicitly on the contract which has been submitted for the purchase of the
real estate property. The objective, or assessed, value of the property is not relevant, unless it corresponds to
the amount which was, according to the contract, paid for the sale of the property. More information you will
see: here...

After sale services
We are a investment company with many years of experience in the real estate business. Thus, we will be
with you not only during the purchase process, but also after the deal is completed, providing you with a
wide range of additional services tailored to your requirements and needs, so that you can fully enjoy
your property in Greece.

The after sale services we offer include property insurance, construction and repair works, furnishing,
accounting and legal assistance, renewal of contracts for electricity, water, telephone and many more.

Greek residence permit - The key to access Europe. Send us your enquiry: info@arzumanidis.com