Greece Permanent Residency Program Program Overview
The Greek Permanent Residency Program offers an affordable real estate investment route to permanent residency in Europe. Following the launch of several European investment visa programs it was introduced by the Greek government in 2013 to encourage investment into Greece.
Being a resident in Greece offers many advantages, but there is not doubt that the most valuable feature of permanent residency is that it allows you to travel freely across the 25 countries of the Schengen zone. Gaining visitor visas to travel to Europe and the Schengen zone has become problematic from many countries in the Middle East, Asia and Africa. Once granted the Greek residence permit allows freedom of travel throughout the EU Schengen zone with ease and without further visa application.
Whether you have an interest in residing in Greece or traveling frequently in this area, the Greek residency program for investors makes life so much easier- for business and pleasure and family safety – especially since the program covers not only the investor but his/her spouse, parents and dependent children under the age of 21, in total the regulation allows three generations of family members under a five year renewable residency visa.
There is no minimum stay requirement for Permanent Residency applicants with the Greek Permanent Residency Program. Greece is a member of the EU Schengen visa zone so a holder of the Greek residency permit is allowed freedom to travel throughout the European Union.
With access to excellent telecommunication and business and tourism infrastructure, educational institutions and health care, Greece is certainly a destination that deserves a closer look.
Greece Investment Program Requirements:
An investment of €250,000 is required in real estate in Greece making the Greek program the lowest investment level of any real estate residency visa scheme in Europe. The property, which can be located anywhere on the Greek mainland or the islands. Any number of properties can combine to make up the €250,000 minimum investment. An important factor in your consideration is that your investor’s permanent resident permit does not require to physically reside in Greece. In fact, if you have no plans to live in your property yourself, you might consider renting it out as a means of generating revenue.
It should be noted that The Greek Permanent Residence Permit can indefinitely be renewed in 5-year intervals for as long as the non-EU buyer has the ownership of the property. Furthermore, if you decide that you wish to no longer hold a Greek PR, you may sell the property to another non-EU citizen, the Greek residency becomes transferable to the new investor.
Greece Residency Application Process:
To start the process, you must visit Greece, entering the country with a vaid visa from your country of Origin. Of course, if you do not currently hold a Schengen Visa , we will assist you in acquiring a Type D National Visa or Schengen Visa.
A typical visit to Greece in this step is usually 3 or 4 days long. During this time you will follow an itinerary prepared by KDF Invest to view properties, meet with the lawyers and open a bank account ( if applicable)
The applicant needs to have made the property investment in Greece prior to applying for the visa. Once a property has been selected through ourselves at KDF Invest , the lawyers who we recommend can take care of the application process, conveyancing and legal work for the property. . The application after this point can be processed within Greece by the clients’ lawyers under Power of Attorney. Provided everything is done correctly at this stage the client will not need to visit again to collect the residence permits. The application process takes approximately 40 days from the time of investment until the Residency Permit is issued.
Greece Residency Requirements and Relevant documents:
Application issued by the relevant local authority of the location of the property and “residency in Greece” of the applicant
Three (3) colored recent photos
A true copy of the passport and a copy of the visa of entrance to the country
A health certificate from a Greek public hospital or a private doctor verifying that the applicant does not suffer from a disease which can be considered as a danger for public health
A copy of the contract of sale for the purchase of a property or properties amounting to 250.000 Euros
A certificate from a notary stating that the contract of sale applies to the provisions of article 6 paragraph 2 of Law Number 4146/2013
Certificate of transfer from the local land registry
Certificate issued by an insurance company confirming that medical and hospitalization expenses are fully covered.
Police Clearance certificate.
Non-residents in Greece will pay tax on their income derived in Greece but not on income from outside of the country. Income tax starts at a rate of 22%. Rental income from property in Greece is taxed at rates, from 11% to 33%. Certain expenses are deductible from the gross income. Capital gains tax (CGT) is charged at 15% on property sales.
Living and Working in Greece:
The residence permit allows the applicant to live in Greece but not to work. However, the applicant can set up his/her own business in Greece.
Although the Resident Permit does not require the applicant to physically reside in Greece, applicants with serious intent to live permanently in Greece can apply for citizenship and a passport after seven years of full time residence. Once applicants have citizenship then they are free to dispose of their investment property.
Financial and non-Financial Advantages of the Greek Permanent Residence (PR) Permit:
Greece is a member of the Schengen Zone of Europe allowing all Greek PR permit holders to travel freely through Europe.
Greek PR holders have a right to much lower tuition costs in European countries because they are considered Permanent Residents of a European country
Greece has a very high standard for education. There are excellent English speaking private elementary and high schools. These schools are directly linked to the overseas educational institutions.
Great investment: rising property prices, high capital gains, growing rentals
Live and travel freely throughout Europe and many more countries
428 blue – flagged beaches & 16,000 km of coastline
Unique ‘island hoping’ – 6,000 islands & isles
Ideal for outdoor activities & sports of all kinds
World’s healthiest diet – exquisite local cuisine & wines
Friendly and hospitable people, relaxed lifestyle
Excellent medical facilities & Excellent domestic transport connections
Laws and regulations are becoming more ‘investor friendly’. Low cost of living
You can travel to 29 COUNTRIES VISA-FREE
- SCHENGEN AREA
- Czech Republic
- France Germany
- San Marino*
- Vatican City*
- * Visa on arrival
The list of countries is subject to variations depending on each government’s policy and so is access to these countries.