How to obtain a residence permit in Greece when purchasing real estate?

Possibility of obtaining a residence permit in Greece

In Greece, there is an opportunity to obtain a permanent residence permit (PRP) for foreign investors who invest in the real estate market. The minimum investment amount is 250,000 euros, excluding tax expenses.

Types of real estate for investment

Investors can choose from various types of real estate, including:

• Residential real estate
• Commercial real estate
• Resort property

In addition, there is a rental option, such as a timeshare, which is fixed for a period of ten years.

Terms of purchase and rental

Both purchasing and renting real estate can involve multiple properties. However, it is important that the total cost of acquisition or rental is at least 250,000 euros, which must be documented in a notarized contract.

There are two main pathways to obtain a residence permit:

• Buying real estate
• Long-term rental for a period of at least ten years

Investments in commercial real estate under shared ownership are allowed only if the investor's share is at least 250,000 euros.

Who is granted a residence permit?

A residence permit is issued not only to the property owners themselves but also to:

• Spouses or the owner's spouse
• To minors (under 21 years old)

Currently, the Greek government is considering making changes to law 4146/2013, which could expand the circle of residence permit recipients to include the parents of investors, if the relevant amendments are adopted.

Duration of stay and employment

Currently, the law does not impose strict requirements on the duration of stay in Greece to maintain residency status, which provides investors with greater flexibility in their travels. It is important to note that this does not grant the right to work in other European Union countries.

Extension of residence permit

In case of needing to extend the residence permit, this can be done after five years, provided that the ownership of Greek real estate is maintained.

Legislation on residence permits

The main provisions of Law 4146/2013 "On Creating a Favorable Climate for Strategic and Private Investments" were adopted on April 18, 2013, granting citizens of non-EU countries the opportunity to obtain a temporary residence permit by purchasing real estate worth at least 250,000 euros (excluding taxes).

The agreement must be concluded by only one individual or a company fully controlled by that individual. The use of borrowed funds to finance the purchase of real estate is not allowed.

Citizenship after obtaining a residence permit

As for the time requirements for residing in Greece for the purpose of obtaining citizenship, there are currently no such requirements in place. However, changes that could significantly simplify the process for property owners with investments over 250,000 euros are not ruled out in the future.

In this case, the holders“golden visas”They will be able to start the process of obtaining citizenship after seven years of living in Greece with a valid residence permit.

Thus, investing in real estate not only becomes a step towards legalization but also an important step towards obtaining Greek citizenship.

Obtaining a Greek "golden visa"

To obtain the Greek "golden visa," which grants foreigners the right to permanent residence, you need to gather a number of necessary documents. First of all, you need a valid foreign passport that must be valid for at least another year. It is also important to fill out special forms related to the application process.

The list of mandatory documents includes a notarized purchase and sale contract for the property acquired in Greece. In addition, a health certificate issued by a Greek medical institution and medical insurance will be required. If you are married or have children, you will need to provide a family composition certificate.

Additional documents

In addition to the main documents, additional papers may be required to apply for a "golden visa." For example:

• A bank statement showing a balance of at least €24,000, with an additional 20% for the spouse and 15% for each child;
• confirmation of financial conditions by providing a 2-NDFL certificate or tax return;
• certificate of no criminal record;
• copies of birth and marriage certificates.

The process of obtaining a residence permit

The process of obtaining a residence permit begins with the lawyer collecting all the necessary documents, obtaining a tax identification number (TIN) for the buyer, and opening a bank account in a Greek bank. Immediately after that, the required amounts are transferred, and the notary records the fact of full payment under the sales contract.

At the next stage, you will need to visit the municipality, where you can obtain a residence permit certificate on the same day.

Additional expenses

It is important to consider some additional costs that may arise during the registration process. For instance, the tax on the transfer of property ownership is 3% of its value. For properties built after 2005 and registered under a corporate entity, this tax is replaced by VAT at a rate of 23% (and 16% on some islands, besides Crete).

The services of intermediaries can range from 2% to 3%, lawyers from 1% to 1.5% of the property value, and the notary's fee can reach approximately 1.5% of the cadastral value, including the payment for registration in the mortgage registry. Additionally, expenses for the following should be considered:

• translator services;
• a local tax of 3% on the amount of the transfer tax;
• the registration fee in the mortgage registry, which is 0.5% of the cadastral value.

Minimum investment amount

The minimum investment amount required for registration must be at least €300,000 (this refers to the commercial value of the property excluding any potential taxes). The applicant has the option to purchase up to two residential properties — these can be apartments or houses, or one residential property and one commercial property, with the minimum area of the commercial property being at least 100 square meters, or an office with a minimum area of 250 square meters.

Please noteThe total cost of all acquired assets must be equal to or exceed €300,000.

Special conditions of the program

Since May 7, 2013, the authorities of Cyprus have clarified that under this program, only new real estate properties that are directly sold by developers can be purchased. Additionally, all transactions must be carried out with the same construction company, which adds an extra layer of control over the property acquisition process.

Opportunities for investors in Cyprus

Purchasing real estate in Cyprus has become an attractive option for investors, as an amount starting from €300,000 allows them to easily obtain residency, regardless of whether the construction of the purchased property is completed. To apply, a sum of €200,000 must be paid, which does not include value-added tax. Please note that all transfers must be made from abroad, which is an important requirement for successful processing.

Permanent resident status

After obtaining a residence permit, investors are granted permanent residency status, which also applies to their spouses and children with disabilities up to the age of 25. However, going through this process requires parents to prove that they have a stable income, which should cover all the family's needs. In addition, the absence of strict minimum residency requirements makes the entire process much easier.

Restrictions for residence permit holders

Despite numerous advantages, a residence permit does not allow its holders to work in European Union countries. However, holders have the right to become shareholders of Cypriot companies operating both within the island and beyond. It is important to note that the investor and their spouse must also previously confirm their intention not to engage in employment activities.

The process of obtaining a residence permit

When obtaining a residence permit in Cyprus, there are no restrictions on the validity period, and the document does not require regular renewal. These conditions became possible due to legislation adopted in 2012, which provided an incentive for foreign investors by offering them a category of permanent residence permit 6 (2). The process of obtaining such documents is expedited and usually takes about two months.

Temporary residence permit

If an investor decides to purchase real estate worth less than the specified amount, they can expect to receive a temporary residence permit, which will be subject to renewal. However, it is important to remember that the process of obtaining a residence permit in Cyprus is not automatic. The investor must prepare a complete set of documents and follow the established regulations, which can be done either independently or with the help of a licensed representative.

Other temporary stay in Cyprus

If for any reason the property owner decides not to obtain a residence permit, they can take advantage of the opportunity for temporary stay in Cyprus with a visa valid for five years, allowing them to stay on the island for up to 90 days in each half-year. It is also important to consider that Cyprus has not signed the Schengen Agreement. This limitation means that resident status does not grant the owner privileges for visa-free entry into Schengen Area countries.

Advantages of resident status

Nevertheless, having a residence permit simplifies the process of obtaining a long-term Schengen visa for several years, which is a significant advantage for investors looking to expand their opportunities. Thus, obtaining a residence permit in Cyprus remains attractive despite certain limitations.

Gathering documents for purchasing real estate in Cyprus

In order to successfully purchase real estate in Cyprus and obtain the corresponding visa, citizens need to gather a number of important documents. The main items include:

• purchase and sale agreement
• a certificate of criminal record issued by the authorities of the applicant's country of citizenship;
• health insurance policy;
• a marriage certificate, if the applicant is married.

Additional documents

Additionally, it is necessary to present:

• birth certificates of children (if available);
• resume;
• a copy of the passport, which must be valid for at least two years from the date of application.

Financial requirements

Key pointIt involves the need to present a document confirming the existence of a fixed deposit in a bank account in Cyprus in the amount of €30,000. This requirement is aimed at ensuring financial stability: the specified funds will be locked for a period of three years, after which they can be used without any restrictions.

Affidavit

A candidate for a residence permit must submit a sworn written application in any court in Cyprus, where they will confirm the presence of a stable annual income of at least €30,000, as well as an additional €5,000 for each family member. It is important to specify all sources of income.

If the applicant is temporarily absent from Cyprus and cannot appear in court, his affidavit may be replaced by an official declaration bearing his signature. It should be added that in some cases the public authorities may request an apostille for the documents provided.

Combining incomes for couples

For couples, there is an option to combine their incomes, with a minimum total income requirement of €35,000 per year.

Procedure for applying for permanent residency

To apply for permanent residency, you need to submit an application (form M.67) to the registration and migration service of Cyprus. This can be done either personally, by mail, or through an official representative.

The physical presence of the applicant is not mandatory, as all necessary actions can be performed by a lawyer. The application is reviewed by the Registration and Immigration Service and then forwarded to the Minister of Interior through his permanent deputy for a final decision. In most cases, a personal interview is not required for this category of application.

Notification of the decision

After the decision is made, the Minister of Internal Affairs notifies the applicant or their representative through the registration and migration service. According to current legislation, if all parameters are met, the issued residence permit must be reviewed and approved through an expedited procedure within two months from the date of application. Once the decision is made, the applicant must arrive in Cyprus within a year to obtain a valid permit and the necessary visa stamps in their passport.

Permanent immigration permit

Immigration permitThe residence permit obtained in this way is granted indefinitely and cannot be revoked, provided that the applicant and his dependent family members visit Cyprus at least once every two years, even if it is only for one day. These measures form the necessary legal protection for new residents of the island, ensuring stable and comfortable conditions for their residence.

Growing interest in obtaining residency permits

Recently, there has been a growing interest in obtaining residency through real estate purchases in both Cyprus and Turkey. However, it should be noted that it is not always possible to fully transfer property rights to companies or individuals who already have residency, or to exchange it for a visa to another country.

Temporary residence permit in Cyprus

Cyprus offers the opportunity for a temporary residence permit, also known as the "pink paper," to individuals purchasing property, regardless of its value. This temporary residence permit is issued for a period of one year but requires an annual review of the property owner's financial situation from their home country.

With this residence permit it is possible to stay on the island for a long period of time, to conduct business and study, but employment is prohibited. It is worth noting that this residence permit is granted not only to the homeowner, but also to his or her spouse.

The processing time for documents to obtain a temporary residence permit can take from six to eight months.

Citizenship of Cyprus through investment

As for the possibility of obtaining citizenship in Cyprus, since March 2014, it has been available through investments in real estate. To do this, an investment of at least€2.5 millionin one object or€3 millionIn order to maintain the status of a Cypriot citizen, an investor is required to keep property worth at least€500,000.

Conditions for obtaining a residence permit in Turkey

In Turkey, the conditions for obtaining a residence permit are less strict: there is currently no specific investment amount required, and owners of any type of property can apply for this status. This can include both residential and commercial spaces.

It should also be remembered that the right to a residence permit is granted not only to the owner, but also to his or her spouse and minor children.

New rules since 2015

However, starting from January 1, 2015, new rules were introduced, according to which one must stay in Turkey for at least120 daysIn a year. If the property owner is absent for longer than this period, their residence permit may be revoked. Restoring the status can be challenging, considering that there have been cases of violations in judicial practice.

Labor activity of residence permit holders in Turkey

As for employment, residence permit holders in Turkey are not allowed to work for hire and must renew their residence permit annually. However, the period of residence under this status is taken into account when applying for citizenship, which can be obtained after five years of living in the country.

To obtain a temporary residence permit, you need to prepare a whole set of documents that meet the new legal requirements introduced on January 1st.

Opportunities for investors

All of this creates unique conditions for investors looking to become residents or citizens of the mentioned countries, opening up interesting opportunities for living and doing business in their favorite corners of the world.

The process of obtaining a residence permit in Turkey

Obtaining or renewing a residence permit in the Republic of Turkey requires careful preparation of certain documents. The key point in this process is to fill out the application correctly and support it with the relevant papers. First of all, you will need fresh photographs that meet the requirements for the paperwork, as well as originals and copies of your passport pages. It is also important to keep in mind medical insurance, which can be arranged locally in Turkey.

Necessary documents

In addition, it is necessary to provide a bank statement confirming that you have at least $1,000 in your account every month for the entire expected duration of your stay.

• A document confirming your ownership of the property — the title deed and its copy.
• Availability of earthquake insurance (dask).
• Obtaining a tax number.
• A receipt for payment of the required fees:
• 50 Turkish lira for a residence permit plastic card.
• 53 Turkish liras as a state duty.

Please note that the plastic card will be sent to the address specified in the tap.

Additional fees for Ukrainian citizens

Ukrainian citizens are subject to an additional fee of 320 Turkish lira for visa-free entry into the country. The process of obtaining a residence permit in Turkey is primarily linked to the ownership of real estate, meaning you will first need to obtain a title deed for the property you purchase. It is also important to remember that obtaining a residence permit does not require you to buy real estate beforehand.

Obtaining a temporary visa

The first step should be obtaining a temporary visa for one year, based on which you can then submit documents to apply for a residence permit.

In order to extend the validity of the residence permit for investors, it is possible to apply for an extension for another two years. The main provisions regarding the temporary residence permit were laid down in the legislation that entered into force on September 30, 2013. The maximum duration of the temporary residence permit is 5 years. After the expiry of this period, the applicant has the opportunity to apply for permanent residence.

Time spent accounting for citizenship

It is also important to know how the stay in the country on a temporary visa is taken into account when applying for citizenship. A person who has lived in Spain for 10 years, has resident status, and owns real estate has the right to apply for Spanish citizenship based on the principle of "settlement."

Documents for application submission

To submit an application, a specific set of documents is required. It includes:

• A valid passport, which must remain valid for at least another year;
• Certificate on the presence or absence of a criminal record, certified by an apostille;
• Application in the form of EX-01;
• Payment of the state fee corresponding to form 790;
• Lack of data on illegal residency in Spanish territory;
• A health insurance policy from accredited Spanish insurance companies, such as Sanitas, Adeslas, DKV, or Mapfre;
• A medical certificate that meets the international health standards in force since 2005.

Procedure for submitting documents

All documents must be submitted to the consulate in person. Before that, you should make an appointment in advance, as the consulate can only serve 15 applicants in one day. The consulate has the authority to request any additional documents at its discretion. According to Article 48 of the royal decree, the processing time for the application is one month. If approved, the candidate must collect the visa within the following month and enter Spain within its validity period, which does not exceed 90 days. Additionally, all required procedures must be completed within a month of arriving in the country.

Issuance of a temporary residence permit

As for the process of issuing a temporary residence permit, the proof of acquisition of real estate is an extract from the State Property Register, which contains a unique electronic code for online verification. If at the time of application the property is not yet registered to the owner, it is allowed to submit a document from the registry, which confirms that the transaction is under registration and that the amount of 500,000 euros has been transferred (this is due to Article 64 of the Law on Support for Entrepreneurs).

After successfully passing the document verification and approval, a national type D visa will be affixed to the applicant's passport, which grants the right to stay in Spain without a visa for one year. This visa also allows its holder to stay not only in Spain but also in other countries within the Schengen area. During this year, the applicant has the opportunity to apply for a residence identification card.

Key aspects of Portugal's investment program

Portugal attracts foreign investors by offering an investment opportunity with a minimum amount of 500,000 euros. These funds must be used to purchase real estate, and various tax fees are not included in this amount. Investors have the option to choose from different types of properties, including residential homes, commercial properties, and resort complexes. They can consider either a single property or multiple options at the same time.

Forms of ownership and the possibility of obtaining a visa

The ownership plan assumes that the purchase will be outright.“Golden visas”It is provided not only to homeowners but also to their spouses and minor children, meaning those who have not yet reached the age of 18. Upon reaching adulthood, children can also apply for a residence permit if they can prove their financial dependence on their parents and are not married.

Thus, the investor has the opportunity to conduct their activities in Russia, while their family gains the right to live and stay in Portugal, as well as in any Schengen country, without any time restrictions.

Conditions for obtaining a residence permit

In the first stage, certain conditions regarding the duration of stay in Portugal are required for obtaining a residence permit:

• It should be a minimum of 7 days in the first year;
• In the next two years – at least 14 days.

Furthermore, it is worth noting that employment within the European Union has no restrictions. As for the extension of residence permits, this procedure is possible after five years, provided that the ownership rights to the acquired property are maintained.

The history and development of the "golden visa" program

The "golden visa" program was introduced in Portugal in October 2012. In the first two years of its operation, the state budget was boosted by more than 1.27 billion euros due to investment inflows, and over 2,203 visas were issued. However, last year an event occurred that became the source of a corruption scandal related to the visa issuance process, leading to the resignation of Portugal's Minister of Internal Affairs, Miguel Macedo.

Planned changes and inspections

After that, the country's government began discussing the possibility of introducing stricter measures to control the process of issuing such visas. Experts analyzing the real estate market in Portugal note that the promised tightening of the rules has not yet occurred.

In a recent interview, Portugal's Deputy Prime Minister Paulo Portas explained the situation, noting that checks for "golden visas" will be more thorough. This implies monitoring the actual prices of real estate to identify cases of inflated valuations.

Advantages for conscientious buyers

For conscientious buyers, such additional verification can be a significant advantage: transactions will occur at a fair price, helping to avoid potential problems in the future. The "golden visa" program will continue to operate and develop, providing favorable conditions for both investors and the country as a whole.

Thus, Portugal remains an attractive destination for foreign capital, providing stability and opportunities for investment in the real estate market.

In recent months, there has been discussion about the possibility of implementing a new rule regarding the consideration of renovation costs in real estate investment calculations. This means that a person has the option to purchase a property for $350,000 or invest in several apartments that require restoration, spending an additional $150,000 on their renovation. Both of these investments will be significant for obtaining a golden visa in Portugal.

The impact of residency duration on citizenship

Please note that the duration for which a person is entitled to a temporary residence permit will affect the citizenship application process. In the fifth year of the residence card's validity, property owners in Portugal have the opportunity to apply for permanent residency. Starting from the sixth year, they can begin the process of obtaining citizenship, provided they successfully pass the language knowledge test and interview.

Required documents for applying for citizenship

To apply for citizenship, it is necessary to gather a specific set of documents, the key one beingpassportThe following documents will also be required:

• Documents confirming residency in the country
• Medical insurance
• Request for a criminal background checkthrough immigration services
• Certificate of absence of criminal recordfrom the country of origin or the region where the applicant has lived for more than a year
• Documents showing the absence of debtsbefore tax authorities and social security institutions

Requirements for real estate purchase documents

In addition, the application will need to include:

• Sales Agreementor a preliminary agreement for the purchase of real estate with confirmation from a financial institution authorized to operate in Portugal.
• Proof of funds transferfor purchasing or making a deposit of at least 500,000 euros.
• For the preliminary contract —valid statementfrom the land registry.
• Passports of the spouse and children,birth certificates, and for children over 18 years old —documents of no criminal record.

The process of obtaining a residence permit

The process of obtaining a residence permit through the golden visa program in Portugal should be initiated through a specialized website or by contacting the country's consulate outside of the state. Considering the tax agreements between Russia and Portugal, property owners who pay taxes in Russia are exempt from additional tax charges in Portugal.

New trends in the international real estate market

It is also worth noting the recent changes in the international real estate market. In March of this year, Montenegro announced the introduction of a program that allows for residency permits to be obtained through real estate purchases starting from April 1, 2015. This has created new opportunities for foreign investors and expanded the options for those looking to obtain a Portuguese visa with the intention of later acquiring Portuguese citizenship.

Overview of the new rules for obtaining "golden visas" in Portugal

Recently, the Portuguese government is set to make an official statement regarding the criteria for obtaining "golden visas," which are necessary for foreign investors wishing to purchase property in the country. This statement will outline the amount of investment required to obtain residency. We will definitely keep our readers informed about all changes and updates as soon as they become known.

Uncertainty in Latvia

On the other hand, Latvia is exploring the possibility of canceling the issuance of residence permits to Russian citizens who invest in local real estate. Currently, the Latvian parliament must make a final decision on this important issue, which creates uncertainty for potential investors.

Available programs in other countries

In addition to the governed countries, there are also many other states that offer residency options in exchange for real estate investments. For example, the United Kingdom continues to be popular among wealthy investors due to the Tier 1 program. The minimum amount required to participate in this program and purchase property in England is2 million pounds sterling.

Caribbean: Opportunities in Dominica

On the other end of the spectrum, we find Dominica, which is one of the most accessible countries for obtaining a "golden visa." Recently, the government of this Caribbean country announced a program that allows for residency through the purchase of real estate (within a single approved project) starting at200,000 dollars.

Hungary: an alternative without strict programs

In addition, there are several countries where official "golden visa" programs do not exist, but there is still the opportunity to obtain residency through real estate investments. For example, Hungary allows foreign investors to obtain a D visa under the condition that:

• Investing in real estate
• Provision of a bank statement for an amount of10,000 euros
• Provision of other documents confirming their financial viability

In Hungary, there are no strict requirements for the minimum cost of purchased real estate, although local realtors note that prices start at around30,000 eurosThere are many cases of obtaining a D visa in the country, and this right can be granted to family members registered as participants in the investment deal, who are also required to be present at the time of its conclusion and signing of the contract. The D visa is issued for one year with the possibility of extending it for three years, and then for another five. After this period, the temporary residence permit can be converted into a permanent one.

Impact on the real estate market

Information about such opportunities not only attracts potential investors but also stimulates the real estate market in various countries, opening up a wealth of options for those considering investing outside their home country. Thus, exploring new opportunities becomes an important step for those looking to invest their funds in international projects and real estate.

Introduction

In concluding my article about the opportunities for obtaining residency in Greece through real estate investment, I would like to emphasize that this program opens up a range of enticing prospects for citizens of countries outside the European Union. The amount of€250,000The investment required may seem high at first glance, but it not only grants a temporary residence permit but also the opportunity to become a part of Greek society and culture.

The process of registration

The process of formalizing includes quite a few steps — from gathering documents to having the transaction confirmed by a notary. But this journey is definitely worth taking, as Greece offers a unique climate, a rich history, magnificent landscapes, and a lifestyle that many dream of.

Long-term prospects

Moreover, considering the prospect of obtaining permanent residency through additional investments and the simplifications in the laws, this could be an excellent long-term investment for both your future and that of your family. The Greek government's initiative to simplify the residency process even for the investor's parents only highlights the importance of a family investment strategy in real estate.

Incidental expenses

Nevertheless, it is important not to forget about all the associated costs and taxes that can significantly affect the overall investment value. It is crucial to carefully approach the selection of real estate and consult with qualified professionals to avoid unpleasant surprises.

Conclusion

In conclusion, I can confidently say that investing in Greek real estate will not only open doors to the country and its culture but also create new opportunities for career, education, and leisure. Greece is not just a place on the map; it is a chance to build a new life full of vibrant experiences. Therefore, if you are considering relocating, the residency-by-investment program in real estate is truly an important step worth considering.