European residency, secured through Greek property.

The investor residence permit regime in Greece, commonly known as the Golden Visa, is currently governed under the Migration Code.

Primary legislation:

• Law 5038/2023 (the Migration Code) is the principal legislation regulating the granting of residence permits through investment (Golden Visa) to third-country nationals. This law establishes the types of investment, the duration of the residence permit, its renewal, and the rights afforded to family members. (ΦΕΚ Α' 81/2023)

Explanatory note:

• Although the Golden Visa was first introduced under the former Law 4251/2014, the regulation currently in force and applicable today is the Migration Code, Law 5038/2023.
• The specific details (minimum investment thresholds, types of investment, required documentation, and procedures) are given concrete form through the ministerial decisions issued pursuant to this law.

Should it be required, the following may each be explained separately from a legal standpoint within the framework of the system currently in force:

• the Golden Visa through real estate investment,
• non-real-estate investment options,
• the rights of family members.

To obtain a residence permit, the following criteria must be met: (a) The applicant must own and maintain possession of their real estate investment. (b) For jointly owned properties valued at €250,000, residence permits are granted only if the owners are spouses with undivided ownership. Otherwise, each joint owner must invest a minimum of €250,000 (i.e., two investors must jointly purchase real estate of a minimum value of €500,000). (c) If the property is acquired through a legal entity, the applicant must own 100% of the company shares. (d) Residence permits are also issued if the applicant, either directly or through a legal entity, owns multiple properties with a total investment value of at least €250,000. (e) In cases where third-country citizens lease hotel accommodations or furnished tourist residences for at least 10 years in integrated tourist resorts, with a minimum lease value of €250,000, the contract must stipulate a single payment equivalent to ten years' worth of leasing. In all the above cases, the property's value is determined by the purchase contract — the objective or assessed value is irrelevant unless it matches the amount specified in the contract.

The first step to acquire a residence permit as a real estate property owner is obtaining an entry visa. An entry visa is a type of authorization issued by the Greek authorities, which entails visiting Greece at least once before applying, even if only for a single day.

According to Law 4251/2014, any third-country citizen legally entering Greece with any type of entry visa or holding legal residency in the country, irrespective of their status or residence permit type, is eligible to apply for a residence permit. Once issued, the residence permit eliminates the necessity for an entry visa for the duration of its validity.

The residence permit granted is permanent, yet renewal is necessary every five (5) years, with the option to renew for the same duration and as often as requested by the applicant.

To renew the permit, certain conditions must be met: the applicant must maintain full ownership and possession of the real estate property, and the relevant leases or contracts must remain in effect.

There is no requirement for applicants to stay a minimum duration in order to retain or renew their residence permits. However, if the real estate property is sold to another third-country citizen while the residence permit is still valid, the new owner becomes eligible for a residence permit, while the seller's permit is revoked.

The application requires: two completed application forms (duplicate copies); four recent biometric photographs along with a digital copy on a CD; a certified copy of a valid passport with Entry Visa; payment of stamp duty (€2,000 for the primary investor, €150 for each adult applicant, €16 for each applicant); certification by an insurance agency confirming coverage for hospitalization and medical care; a notarized copy of the property purchase deed; and proof of title transfer from the relevant Land Registry.

Accepted insurance documents include insurance contracts obtained in Greece, or insurance contracts obtained outside Greece provided they explicitly cover the interested party during their stay in Greece.

For family members only: a recent birth or family certificate issued by the competent foreign authorities, duly apostilled.

The documents must be presented in Greek, except for those issued by foreign authorities, which must be certified before translation. Two forms of certification are accepted: (a) the Apostille stamp for countries participating in the Hague Convention, or (b) certification by the Consular. Foreign public documents can be translated in Greece through either the Translation Service of the Greek Ministry of Foreign Affairs or by a Certified Lawyer.