Moreover, it allows the granting of residence permits to third country nationals and to members of their families, who purchase real estate property in Greece, the value of which exceeds € 250,000.

Specifically:

Article 16
Issue and renewal of residence permit for purposes of investment activity

– Third-country nationals may enter and reside in Greece for the purpose of making investments which will have a positive impact on national growth and the economy. Entry to and residence in the country shall be allowed to no more than ten third-country nationals to implement the investment.

A. –   A third-country national who has been granted a visa for investment purposes shall be granted a residence permit on the same grounds, on procurement of the required supporting documents. The duration of validity of the residence permit shall be five years subject to renewal for five years each time, provided that the investment activity continues.

–   A third-country national who has been granted a visa for investment purposes shall be granted a residence permit on the same grounds, on procurement of the required supporting documents. The duration of validity of the residence permit shall be five years subject to renewal for five years each time, provided that the investment activity continues.

–  By way of derogation from the provisions of Article 70(1), the above third-country nationals may be accompanied by their family members who shall be granted a residence permit for family reunification, expiring simultaneously with the residence permit of the sponsors.

Family members shall mean:

(a) the other of the spouses or registered partners with whom the third-country national has signed a civil union or a registered partnership (which is considered equivalent or comparable to marriage);

(b)the unmarried joint children of spouses or registered partners under the age of 21,

(c) the unmarried children (under the age of 21) of the sponsor or of the other spouse or civil partner, provided that the custody of the sponsor’s child has been legally entrusted to him / her and the custody of his / her spouse’s or registered partner’s child has been legally entrusted to him / her,

(d) the direct relatives in the ascending lines of the spouse or registered partner

– The residence permit of a third-country national referred to in paragraph 1 hereof shall read ‘Residence permit for investment activity’ and state the holder’s professional capacity under the heading ‘Remarks’.

B. –  Subject to the issue of a D-visa, entry to the country shall be allowed to no more than ten (10) third country nationals per investment, as considered appropriate to make investments that have been characterised as “strategic”, pursuant to a decision of the Interministerial Committee of Strategic Investments on inclusion in Law 3894/2010 (Government Gazette, Series I, No 204).

–  By decision of the Minister for the Interior, the above persons shall be granted a ten-year residence permit subject to renewal for ten years, provided that the same requirements apply.

– The above third-country nationals may be accompanied by their family members who shall be granted a residence permit for family reunification, expiring simultaneously with the residence permit of the sponsors, and by aides in the case of disabled persons.

Family members shall mean:

(a) the other of the spouses or registered partners with whom the third-country national has signed a civil union or a registered partnership (which is considered equivalent or comparable to marriage);

(b)the unmarried joint children of spouses or registered partners under the age of 21,

(c) the unmarried children (under the age of 21) of the sponsor or of the other spouse or civil partner, provided that the custody of the sponsor’s child has been legally entrusted to him / her and the custody of his / her spouse’s or registered partner’s child has been legally entrusted to him / her,

(d) the direct relatives in the ascending lines of the spouse or registered partner

Article 20
Permanent residence permit of the investor

–  By decision of the secretary general of the decentralised administration, a five-year residence permit subject to renewal shall be granted to a third country national who:

(a) Has legally entered the country with any type of visa or legally resides in the country, even if the residence instrument in his possession does not permit change of purpose;

(b) Personally, has the full ownership, possession and peaceful enjoyment of real estate property in Greece. In case of joint ownership of a property to the value of EUR 250 000, the right of residence shall only be granted if the owners of the property are spouses with indivisible shares in the property. In all other cases of joint ownership, the right of residence shall only be granted if the joint ownership rate of each joint owner equals to the value of EUR 250 000;

(c) Has the full ownership, possession and peaceful enjoyment of real estate property in Greece via a legal entity whose shares are fully owned by such national;

(d) Has made an agreement with a minimum term of ten years for the lease of hotel accommodation or furnished tourist residences in tourist accommodation complexes pursuant to Article 8(2) of Law 4002/2011 (Government Gazette, Series I, No 180);

Has made a time-sharing agreement pursuant to the provisions of Law 1652/1986 regulating time sharing agreements and related matters (Government Gazette, Series I, No 167), as in force.

(e) He has the full ownership, possession and peaceful enjoyment of real estate property in Greece [property of an objective value of two hundred and fifty thousand (250,000) euros] as inheritor or inheritance or as a result of parental provision, and he is an adult.

– The minimum value of the real estate property and the contractual consideration of leases of hotels or tourist residences referred to in this Article is set at two hundred and fifty thousand euros (EUR 250 000) and must be fully paid up on the signing of the agreement.

The consideration is paid by crossed bank cheque to a payee’s payment account held by a credit institution operating in Greece or other bank transfer, as defined in Article 4 of Law 4537/2018 (A’84) , to a payment account of the payee held by a payment service provider, according to definition 11 of Article 4 of Law 4537/2018, operating in Greece. All the details of the payment, including the contractor’s details, the payment method and the payer’s payment and payee’s payment accounts, must be reported by the parties to the notary’s signatory and must be entered in the contract

– Third-country nationals who own real estate property may lease that property.

–  Such third-country nationals may be accompanied by their family members to whom an individual residence permits shall be issued following a relevant application, which shall expire together with the residence permit of the sponsor.

Family members shall mean:

(a) the other of the spouses or registered partners with whom the third-country national has signed a civil union or a registered partnership (which is considered equivalent or comparable to marriage);

(b)the unmarried joint children of spouses or registered partners under the age of 21,

(c) the unmarried children (under the age of 21) of the sponsor or of the other spouse or civil partner, provided that the custody of the sponsor’s child has been legally entrusted to him / her and the custody of his / her spouse’s or registered partner’s child has been legally entrusted to him / her,

(d) the direct relatives in the ascending lines of the spouse or registered partner

–  The above permit may be renewed for an equal period each time, provided that the real estate property remains in the ownership and possession of the thirdcountry national, or the agreements referred to in paragraph 1 above remain effective and all other requirements provided for by law are met. Periods of absence from the country shall not hinder the renewal of the residence permit.

Other Rights

Furthermore, as provided in the provisions of article 21, the third country nationals, holders of a residence permit, enjoy almost the same freedoms and rights as nationals, namely the freedom of movement and installation within the Greek territory, the right to insurance and social care, the right to education etc. Furthermore, they are entitled to the EU Schengen visa travel.

Residence permits for property owners/investors –  Top-10 Countries

Source: Ministry for Migration Policy
Date: 30.11.2018 

Residence Permits to investors/property owners and their family members – Top-10 Countries

Source: Ministry for Migration Policy
Date: 30.11.2018