PURCHASE OF PROPERTY BY FOREIGNERS
8 Apr 2019 -- Posted by :
In recent years, Greece has taken numerous positive legislative actions with the purpose of inflowing capital into its territory by aiming to attract investment and business interest from abroad, and in particular, from individuals and legal entities of countries outside the European Union. In order to achieve this aim, these legislative actions involve the simplification of the relevant procedures and the decrease of the limitations and conditions that were previously in place. Moreover, additional privileges are offered to the interested parties, making such investments particularly favorable and advantageous.
Specifically, the procedure and the conditions that are required in order for a foreign individual or legal entity to acquire property in Greece have been simplified significantly by the laws 3978/2011 and 4146/2013. Furthermore, the individuals and legal entities that have purchased or plan to purchase or rent property of value over 250.000 Euros in Greece have the ability to obtain a five-year renewable permit of residence for themselves and the members of their families, as long as they remain owners or tenants of that specific property.
The conditions for granting the permit of residence concern, first of all, the objective value of the real estate, which in total should be over 250.000 Euros. The right of residence permit is granted to individuals, which are owners and residents of countries outside the EU, and members of their families (spouses and minor children). In cases of property purchase by a legal entity, whose head office is in Greece or an EU country and the total of shares or shareholdings is owned by a single individual, the right of residence permit is given to this individual and the members of his family.
The interested foreigner is required to have an entry visa, based on which he has the right to enter the country and subsequently the relevant residence permit will be issued. During the real estate acquisition process in Greece, a special type D entry visa is issued for one year that offers the ability for multiple entrances and free movement in the Member States of the Schengen Agreement. Moreover, applications from individuals with a different type of entry visa (e.g. tourist visa, type C or asylum) are accepted.
After the purchase of the property is completed, the owner is entitled to obtain a five-year residence permit. Upon expiry of this period, he can renew his permit yearly for a further five-year period provided that he remains the owner or tenant of the property.
This residence permit does not provide the right of access to employment; however, the beneficiaries of the residence permit (owner of property and members of his family, namely spouse and minor children) have access to public education in proportion to the Greek people.
Our Law Firm undertakes, on behalf of individuals and legal entities from non-EU countries, the processing of the necessary procedures for the search and purchase of real estate in Greece, as well as for the issuance of a visa and of the relevant residence permit if the total value of the real estate exceeds 250,000 Euros.
Specifically, our Law Firm carries out property search in every area of Greece based on the specifications and wishes of the interested investors in cooperation with the real estate agencies of the country. Moreover, we conduct legal inspections at the Mortgage Registry in order to ensure that there is no burden on the property. Additionally, we deal with the proceedings before the Greek authorities and services and before the Public Notary for the completion and signing of the contract for the conveyance of the real estate, as well as its registration to the Mortgage Registry and the Land Registry.
Further, our Law Firm takes the necessary steps for the visa issuance of the concerned individual. In cases where the value of the property exceeds 250.000 Euros, we undertake the process of collecting the necessary supporting documents for the residence permit application on behalf of the owners and their families. Through this application, a residence permit is provided for five years with the possibility of renewal for as long as he remains the owner.
For foreigners that would like to purchase property (home or business) in an area designated as a “frontier”, our Law Firm undertakes the entire process of issuing the required purchase permit from the Greek State. This process starts with the collection of the required supporting documents up to the issuance of the final decision and the drawing up of the ownership titles. Necessary supporting documents are: 1. Ownership titles of the owner/seller of the property to be purchased. 2. Birth certificate or birth certificate of the buyer (recent). 3. Brief curriculum vitae of the buyer. 4. Photocopy of buyer’s identification card or passport. 5. Residence permit and Certificate for the submission of supporting documents for the renewal of the residence permit together with the previous or entry visa in Greece or any other document proving legal entry and stay in Greece. 6. Recent Certificate of Criminal Records by the responsible Ministry of the country of origin of the buyer. 7. A certified topographic diagram of the wider area of the land to be purchased or a plot of the area where the house to be purchased is located that are included in a state-owned reference system (e.g. ESGA 87) and are marked property in a map excerpt of 1:50.000 or 1:5.000 of the Geographical Service of the Army (GSA) or a certified aerial photograph where the geographic coordinates of the property will be reported. The above topographic diagrams will be marked with an original stamp and signed by a topographer engineer or engineer of another responsible specialty.
The satisfaction of our clients and the relationship of trust that is developed between us is the greatest reward for us. For any information, please contact us and book an appointment with us at the phone number 2117150353 or 2110124072