Residency by investing

Τhe Immigration and Social Integration Code (Law 4251/2014, contains provisions of granting residence permits to third country citizens and to the members of their families, who proceed to the purchase of real estate property in Greece of a value that exceeds 250,000 € or to investors for the purpose of making investments that will have a positive impact on national development and economy.

The residence permit can be renewed according to the provisions of the law for an equal period each time provided that  the real estate property remains in the ownership and possession of the investor or the implementation of the investment or its operation is continued after its completion.

Permanent residence permit of the investor (property purchase)

By decision of the Secretary General of the Decentralized Administration,  residence permit for five years, subject to renewal,  is granted to  a third country citizen who:

Has personally the full ownership, possession and peaceful enjoyment of real estate property in Greece.

Has the full ownership, possession and peaceful enjoyment of real estate property in Greece via a legal entity, whose shares  are fully owned by him.

Has concluded an agreement for at least  ten years lease of hotel accommodation or  furnished tourist residences in  tourist accommodation complexes, pursuant to the Article 8 par. 2 of the Law 4002/2011.

has concluded  a time sharing agreement pursuant to the provisions of the Law 1652/1986

The minimum value of the real estate property, as well as the contractual consideration of hotel accommodation or tourist residences leases of this Article, is determined at two hundred and fifty thousand (250,000) euro and must have been paid in full upon the signing of the contract.

Only spouses can share the investment and jointly own the property of total value 250.000 Euros. In all other cases of shared ownership, the right of residence is granted only if the amount invested by each co-owner is a minimum 250.000 €.

Meenings & Definitions

Uniform Visa (C Visa):

Type C uniform visa means the visa valid in the entire territory of the EU Member States which implement the provisions of the EU Visa Code and it is granted for crossing the territory of these Member States or for intended residence therein, which does not exceed 90 days within a 180-day period in the territory of the Member States of the enhanced Schengen cooperation.

Long-stay Visa (National visa – D Visa):

D visa means the authorisation granted by the competent Greek authorities to third-country citizens, allowing them to enter into and reside within Greek territory for more than 180 days and up to 365 days, pursuant to the corresponding national regulations or Union law on the residence status for third-country citizens.

Temporary Residence

Any certification provided by the Greek authorities awarding a third-country citizen to stay in the Greek territory  for a specific purpose and for a specific period of time which depends on attainment of the relevant purpose.

Residence permit

Any authorization issued by the Greek authorities allowing a third country citizen to reside legally in Greek territory.

Uniform permit

Any certification provided by the Greek authorities awarding a third-country citizen long term resident status, allowing this person to reside lawfully and work within Greek territory, according to the provisions of Council Regulation (EC) No 1030/2002 of European Union.

The right of residence of third-country nationals legally entering Greece for one of the reasons referred to in this Code shall be subject to the following requirements:

They shall hold valid travel documents recognized by Greece

They shall hold a valid national visa for one of the reasons referred to the law, subject to any specific regulations of this Code

They shall pose no threat to public policy, national security or international relations, and not be registered in the national databases of undesirable aliens.

They shall pose no threat to public health.

They shall have full health insurance for all risks covered for Greek citizens.

A third-country national who applies for a residence permit in Greece for one of the reasons referred to in the Law 4251/2014 shall lodge a relevant application on entry to the country and before expiry of his visa, unless otherwise stipulated in the provisions of this Code.

Applications for residence permits shall be lodged with the one-stop agency of the competent directorate for aliens and immigration of the decentralized

administration in the applicant’s area of residence, or with the competent Directorate for Immigration Policy to the Ministry for the Interiors

To renew a residence permit, a third-country national shall lodge a relevant application within two months before expiry of the residence permit, together with the required supporting documents.

An overdue application for renewal of a residence permit may be lodged up to one month after expiry.

Applications for the renewal of residence permits shall be lodged with the one-stop agency of the competent directorate of the decentralised administration in the applicant’s area of residence, or with the competent Directorate to the Ministry for the Interiors.

A holder of an application-lodging certificate shall legally remain in the country for its period of validity and shall enjoy the rights granted by the previous residence permit the renewal of which is requested. If a rejection decision is issued, the certificate shall automatically cease to be valid.

Issue and renewal of residence permit   for investment activity 

The entrance and residence of third country nationals is permitted in Greece, for the purpose of making investments that will have a positive impact on national development and economy.

The application and the required documents are submitted to the Greek Consular Authority of the area of residence of the interested persons, which, within one month, forwards them to the Directorate of Foreign Investments of the Ministry of Economy and Development.

The above Directorate, within a month, examines the application and forwards the relevant motion to the competent Consular Authority in order for the required national visas to be issued.

Depending on the amount and the characteristics of the investment, up to ten third country nationals may enter and reside in the country, including the investors, for the implementation and operation of the investment.

Residence permit   for “Strategic Investment” 

Up to ten (10) third-country citizens, per investment,   deemed necessary, are allowed to enter the country if they have been granted, where necessary, visa (Visa D), in order to realize investments, which have been  characterized as “Strategic Investments”.

The above citizens are granted, by decision of the Minister for the Interior, ten-year residence permit, which is renewed for ten years, since the same requirements apply.

Investments can be characterized as “Strategic” by decision of the Interministerial Committee of Strategic Investments on inclusion in Law 3894/2010

The above third-country citizens may be accompanied by the members of their family, being granted residence permit for family reunification, expiring simultaneously with the residence permit of the sponsors, as well as by the support staff, in the case of people with disabilities.