N E W S R E P O R T V A P L A W J A N U A R Y 2 0 1 7
G O L D E N V I S A – H O W T O G E T
A R E S I D E N C E P E R M I T I N G R E E C E !
Granting of a five-years residence permit to third countries citizens due to possession of real property in Greece
Application of investment laws 4251/2014 and 4332/2015
1. Introduction
The provisions of law 4251/2014 and law 4332/2015, address citizens of third countries, who are able to increase their investments in Greece, either for personal or for professional reasons and in parallel to achieve the issue of a residence permit, which is more advantageous, compared to a simply entrance certification. The biggest advantage offered by the granting of the residence permit is the extended term granted to the citizens of other countries (five years term) and the ability of the other members of their family to obtain a residence permit. In addition, once the residence permit is obtained, the substantial benefit of entering and freely moving in the unified Schengen area for three months, every six months, is also granted. Below follows a short summary of the conditions and the procedure for the subjection to the said law:
Key points facts
• Investment in property from €250,000.
• Granting of a 5-years residence permit to the owners of real property in Greece.
• Full family residency. Children up to 21.
• The lawful entrance certification in the country is a necessary condition.
• Right to renew the residence permit for an equal period of time.
• EU Schengen visa travel.
With an investment of Euro 250.000 in real properties, a residence permit for all members of the family is acquired.
2. Beneficiaries of the right to enter the country and reside for five years
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Citizens of third countries who personally have the full ownership, use and possession of real properties in Greece,
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Citizens of third countries who have the full ownership, use and possession of real properties in Greece, through a legal entity, whose stock or corporate shares are fully owned by the said citizens
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Citizens of third countries who have concluded a time-sharing agreement of a term of at least 12 years, based on the provisions of law 1652/1986 or at least ten years lease of hotel accommodations or touristic fully-equipped residences in composite touristic resorts, based on article 8 par. 2 of law 4002/2011.
The residence permit facilitates the entrance and movement in the member-states of the Schengen Zone
3. Conditions
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The minimum value of the real property of cases Α.(1-2), as well as the contractual price of the leases set out in case Α.(3) is set to Euro two hundred and fifty thousand (€250,000) and must have been paid in full upon the execution of the contract and be proven by a bank transaction.
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The interested party must have lawfully entered Greece with any entrance certification or lawfully reside in Greece, even if the residency title he/she possesses does not permit a change of purpose. In case the interested party has not issued an entrance certification, he/she must file an application together with the necessary supporting documents before the Greek consulate authority of his/her place of residence.
C. Procedure-Supporting Documents-Deadline
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The interested party files his/her application, accompanied by the necessary supporting documents per category, before the one-stop shop of the competent Directorate of the Decentralized Administration of his/her place of residence.
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The residence permit is granted within two months from the date all details of the file are produced to the issuing authority.
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The application for the granting of a residence permit must be filed before the expiration of the entrance permit.
D. Results of the granting of the five-year residence permit
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Right to renew the residence permit for an equal period of time, provided that the conditions under which the permit was granted are still in force.
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Individual residence permit is granted to the members of the family, upon their application.
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The residence permits that are granted to third countries’ citizens and to their family do not establish the right to access any form of labour.
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Right to enter and freely move in the unified Schengen area for three months, every six months.
Note: It is pointed out that the above outline of provisions is suggestive and summarizing and aims at providing a quick update in relation to the legal framework. Any subjection of your company to the above provisions and the conditions of this subjection constitute the object of a more complete analysis for which the provision of specialized legal advice is required.
D I S C L A I M E R
The contents of this newsletter do not constitute legal or tax advice and cannot be used as such. In case you require advice for your personal needs, please do not hesitate to contact us.
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We remain at your disposal for any clarification and/or information.
VAP LAW OFFICES
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