A few months ago the Greek government had decided to open its arms to nationals from third countries which are not members of the European Union. So, the Greek government passed a law which forms the basis for citizens of the aforementioned category to obtain a residence permit in Greece, if they buy a property in Greece. The value of it should exceed a price of 250,000 – Euro. The law is not limited to homes, but also covers commercial real estate.
With the “residence permit for owners of Greek property” of the aforementioned group gets the right to reside permanently within the scheduled period in Greece. The license is initially valid for five years and may be extended for another five years. Privileges of this Act shall apply to the family of the buyer, and to their support staff, if they are persons with disabilities.
The provisions of the Act 4146/2013 apply in particular to the following groups:
- Buyer, whether natural persons or sole owner of corporations who buy a property in Greece with a minimum value of 250 000, – €
- Persons who have a 10-year-long time sharing according to the Greek Law 1652/1986
- Persons who contracted for 10 years an accommodation in a hotel or in any other tourist accommodation, such as furnished apartments, with a minimum value of 250,000,- Euro
The privileges conferred by law, are the following:
- Possibility of permanent residence in Greece throughout the legally foreseen time (5 + 5 years)
- Right to freedom of movement in all countries that are parties to the Schengen Agreement, without further formalities and simply present a valid passport
The law provides a mandatory procedure for applying. In particular, the application must be submitted at the Immigration Office of decentralized management of the region of the applicant or to the competent authority of the municipality of residence. The application should be accompanied, among others, by a copy of the criminal record and a medical certificate confirming that the applicant does not have any disease that is considered dangerous to public health (the latter is not the case for all applicants). Of course, a copy of the purchase agreement of the property shall be joined as proof of the purchase. Please note that the provisions of the Act do not apply to persons who have never been in Greece in person.
The previously mentioned, competent authority has a duty to consider the application for a residence permit for five years within a period of two months.
It should be kept in mind that a residence permit of this type does not allow access to any form of work in Greece in any way. Working in the sense of this law is not the exercise of financial activities and the management of companies. Please do also note that the years of residence under this special permit are not recognized for the calculation of the years for the granting of a Greek citizenship. In the case of the sale of the property, the license will terminate immediately.
The law 4146/2013 offers very good benefits for all involved. Greece, by means of prospects who want to live in Greece or simply want to take advantage of access to other EU countries, moving again in the Greek real estate market; This certainly brings positive effects for the economy of Greece. On the other hand, foreigners can in this way live in Greece and get access to the European countries. But let us wait and see how many will make use of this scheme at the end of the day, and what really will come out for Greece. In any case, it already seems to be considerable interesting.