«Golden visa»
On April 18, 2013, foreigners had a reason to love hospitable Greece even more. On this day, Law 4146/213 "On Creating a favorable Environment for Strategic and Private investments" came into force here. And citizens of countries outside the European Union have gained the opportunity to obtain a temporary residence permit when buying real estate with a commercial value of 250,000 euros or a golden visa.At the moment, the owners of this type of residence permit can decide for themselves how much time to spend in Greece: officially, the law does not normalize the period of stay in the country.
It is not the first year that Greece has been in a state of financial crisis, and its government is determined to meet private foreign investors halfway. Recently, Angelos Sirigos, Secretary General for Population and Social Relations of the Ministry of Foreign Affairs of Greece announced possible amendments to the aforementioned law. In case of a positive decision of the parliament, the period of stay in the country on a residence permit for the purchase of real estate will be taken into account when obtaining citizenship. But more on that later.
Details
So, in order to "cut a window to Europe" through Greece, you should purchase residential, commercial or resort real estate in this country or conclude a lease or joint lease (timeshare) of such real estate for at least 10 years. You can buy or rent both one or several possessions, the main thing is that the total amount of their cost (rent) under a notarized contract of sale (lease) is 250,000 euros and above.
In each of these cases, the purchase must be made by one individual or a company that fully belongs to him. The acquired property can be rented out to generate income.
Having an amount of 250,000 euros, in In Greece, you can buy a detached house with an area of about 200 sq.m, a few minutes walk from the sea (in the photo, a house on the Halkidiki peninsula).
Important! The received residence permit does not give the right to work in Greece and the EU countries.
Important! In the amount of 250,000 euros to pay for a property in Greece in order to obtain a residence permit, credit funds cannot be included!
Who's with me?
Only the spouse and minor (under the age of 21) children of a real estate investor receive a residence permit in Greece.
Today, the Government is considering another amendment to Law 4146/2013. If it is accepted, the investor's parents will also have the right to a residence permit.
Shared ownership of commercial real estate or business with "third parties" is permissible only if the share of participation in it is estimated at least 250,000 euros.
Documents
To obtain a residence permit when buying a property in sunny Hellas, you will need:
- Valid foreign passport (valid for at least one year);
- Completed applications of the required sample;
- Notarized contract of sale of real estate in Greece;
- Certificate of health status based on the result of a medical examination in a Greek hospital;
- Medical insurance;
- Certificate of family composition (for applicants who are married / with children);
Additionally an applicant for a "golden visa" may be asked for: a bank statement with a deposit of at least 24,000 euros + 20% for his wife and 15% for each of the children; a certificate of income of 2 personal income tax or a tax return; certificate of non-conviction; birth certificate; marriage certificate.
Today, the Greek side often reduces the formalities for obtaining a residence permit for the purchase of real estate, and the number of necessary documents may be reduced by the end of the year. However, for now we would recommend sticking to the official list.
The process of obtaining a residence permit
After all the necessary documents have been collected, the lawyer issues an INN and an account with the Bank of Greece to the buyer. A money transfer is made, and the notary confirms the payment of 100% of the entire amount under the contract of sale. Now it is necessary to apply to the municipality at the Greek place of residence: on the same day the applicant will receive a document confirming the residence permit.
The extension of the residence permit is carried out after five years, subject to the preservation of the status of the owner of Greek real estate.
Additional costs
- The tax on the transfer of ownership of real estate is 3% of the value under a notarized contract for secondary real estate and new buildings owned by private individuals. For objects built after 2005 and registered as a legal entity, it is replaced by VAT of 23% (16% on islands except Crete). Often, the developer partially compensates the VAT to the buyer.
- Intermediary services (2%-3%) and lawyer (1-1.5%) of the commercial value;
- Notary's fee is about 1.5% of the cadastral value, including registration in the mortgage register;
- Translator's fee (contractual);
- Municipal tax (3% of the tax on the transfer of ownership) and payment of registration in the mortgage register - 0.5% of the cadastral value
- Monthly utilities;
- Annual property tax (calculated individually).
The amount of 250,000 euros required to obtain a residence permit is the price of real estate without taxes!
And what about citizenship?
Today, the period of stay in Greece on a "golden visa" is not taken into account when obtaining citizenship. But soon the situation may change in favor of the owners of real estate worth more than 250,000 euros.
In this case, holders of "golden visas" will be able to apply for citizenship seven years after living in Greece with a residence permit.
The procedure for obtaining citizenship, however, will not be simplified at all: the applicant for the status of a Greek citizen will have to take a difficult exam in the Greek language, exams on history and the political situation in the country, as well as provide
full package of documents, confirm financial viability, etc.
Some tips
- Be sure to use the services of a trusted real estate agency!
- Visit the selected property before buying!
- Do not try to deceive the Greek government by purchasing real estate worth less than 250,000 euros to obtain a residence permit. Substitution of the required amount in the contract of sale may be fraught with problems of the seller with the tax authorities of the country and will call into question both your right to own real estate and residence permit.
If the account does not have 250,000 euros…
But at the same time you have a stable income and a desire to permanently live or do business in Greece, you can apply for the following types of residence permit:
«For financially independent persons». You will need 24,000 euros in the applicant's Greek bank account + 20% for his wife and 15% for each of the children, a certificate of 2-personal income tax or shares, a tax return, certificates of passive income, employment contracts, etc. Plus a long-term rental agreement in Greece. This type of residence permit does not give the right to work, is granted for three years and is subject to renewal. A mandatory condition for living in Greece is more than 180 days annually.
«Entrepreneurial». The applicant must have an account in a Greek bank with a deposit of 60 thousand euros and a business plan of the proposed business activity, which must be submitted to the Department of Emigrants and Foreigners of the Prefecture at the place of residence in Greece. This type of residence permit is issued for two years, extended every two years.
Thank you for your help in preparing the article Yulia Smagina (Albatros Greece), Natalia Kovaleva (RealEstate Service), Elena Nevskaya (Adrionika) and Sergey Kartsev (ZoraHome Int.)
Olga Potyagaeva
HomesOverseas.ru
What can be purchased in Greece for about 250,000euros
Spacious apartments on the island of Crete
The apartment is located on the first line of the sea in a modern house in the famous resort town of Agios Nikolaos, in the east of the island of Crete. The area of the apartment is 110 sq.m., the apartment is sold furnished, the balcony offers a magnificent view of the sea.
The cost of the object is 280 000 euros.
The duplex cottage is located on the Kassandra Peninsula, Halkidiki, just 250 meters from the beach. The house area is 237 sq.m, the plot area is 500 sq.m. The spacious veranda offers stunning views of the sea and the surrounding area.
The cost of the object is 250,000 euros.
Apartments in Rhodes
Luxury apartments are located in a new house, right on the seashore. The area of the apartment is 105 sq.m., large floor-to-ceiling windows and a spacious veranda allow you to fully enjoy the surrounding views.
The cost of the object is 250,000 euros.
Two-storey apartments in the suburbs of Thessaloniki
These duplex apartments are located in Panorama, the nearest suburb of Thessaloniki. The area of the apartment is 140 sq.m. The apartment has a small garden, from the Windows and terraces there is a wonderful view of the sea.
The cost of the object is 290,000 euros.
