Over the past decade, the Greek regulatory framework has adopted an investment-friendly and tax-incentivising approach by attracting investments of at least EUR 250,000 into real-estate property or properties located in Greece in exchange for granting interested investors with 5-year visas (the so-called Golden Visas) with a possibility to renew for another 5 years upon expiration.
Following the recent amendment to the relevant law and, effective from 1.1.2024, eligibility for the Golden Visa requires that the value of each real-estate property being acquired in (1) Northern, Central or Southern Sector of Athens, Attica, (2) the Municipalities of Voula, Vari and Vouliagmeni in Attica (3) the city of Thessaloniki in Makedonia and (4) the islands of Myconos and Santorini in the Cycladic complex in the Aegean sea, needs to amount to EUR 500,000. Persons who still want to benefit from the lower investment threshold under the previous regime will need to satisfy specific requirements and, in any event, have concluded the property purchase until the final deadline of 31.12.2023.
The aforementioned investment will need to meet the amounts prescribed by law depending on the time when it is completed and the situs of the real-estate property being acquired and it must be effected strictly in one of the following ways set out by law:
- Via payment with a crossed cheque to an account held by the beneficiary of the payment in a Greek bank;
- Via credit transfer; or
- Via credit or debit card payment.
The law requires that Golden Visa applicants need first to have completed the purported investment prior to submitting a visa application. Interestingly, the State Legal Council has held[1] that payment of the consideration for the real-estate property can be effected even prior to the execution of the purchase contract and, in fact, the beneficiary of the consideration does not even need to be the owner of the real-estate property under sale at the time of receipt of the funds. This is in line with the causa of the regime, i.e. to attract large-scale investment in real-estate in Greece via a flexible and quick process.
Once the investment has been completed in full, persons interested in obtaining the Golden Visa apply to the Directorate for Foreigners and Immigration of the Decentralised Services, either personally or via a proxy who needs to be bestowed with an official power of attorney. It should be borne in mind that, although Golden Visa holders will be able to enter and exit the country by virtue of their visa, they will not be able to work in Greece.
In order to be eligible for the Golden Visa, investors must be natural persons and third-country citizens, who have entered Greece legally and have completed an investment in one of the following forms:
- Owning property in Greece, either individually or ab indiviso (in the circumstance when the property owners are married or in a registered partnership);
- Owning property via a legal entity legally established in Greece or in another E.U. member-state, whose shares are wholly owned by the person seeking to obtain the Golden Visa;
- Concluding leases for hotel establishments with a duration of at least 10 years;
- Purchasing land or plots of land in order to raise a building;
- Concluding time-share leases for tourist accommodations; and
- Acquiring real-estate property via inheritance or parental gift.
Our team of expert lawyers remains available to help you with any questions and assist you in all stages of this process, from finding a property fitting your personalised needs all the way to completing the process and obtaining the Golden Visa.
Important notice: This article is of informatory nature only and does not constitute formal advice. Our Law Firm, any of its partners and associates cannot be held liable for any loss or damage arising out of in connection with the information contained herein.
[1] Legal Opinion No. 184/2021
Magdalini Patiti & Partners Law Firm
8, Patriarchou Ioakeim Str., 106 74 Athens, Greece [email protected]
+30 213 033 9089, +30 213 033 9091 www.mpatiti.com