main banner Avramopoulos
Back

Residence permits for third-country citizens who are or will be owners of real estate, according to new Law 4251/2014

18/06/2014

The government of Greece instated a procedure for third-country citizens, who are owners of real estate to obtain long term residence permits, which can be renewed every five (5) years, thus adopting a friendlier stance towards those who wish to own real estate property in Greece. We provide below information on the beneficiaries of such permits, the supporting documentation required for obtaining the same, the rights granted to their holders and the application processing timeframe.
 
A) Beneficiaries of the right of entry and residence, for a period of five (5) years, are:
According to Article 20, paragraph B of Law 4251/2014, a third country citizen, who wishes to enter and reside in the country is entitled to a 5-year residence permit subject to the following conditions:

  1. the third country citizen has legally entered Greece with an entry visa from his/her country of residence or legally resides with a residence permit in Greece
  2. has full ownership and possession of real estate property in Greece personally, provided the minimum value of the property is €250.000;
  3. has full ownership and possession of real estate property in Greece through a legal entity of which the third country citizen owns all the company shares, provided the minimum value of the property is €250.000;
  4. has signed a lease – for a minimum of 10 years – for hotel accommodations or furnished tourist residences in integrated tourist resorts according to article 8, paragraph 2 of Law 4002/2011 (Government Gazette 180 Issue A), provided the minimum contractual price of the lease is €250.000;
  5. has signed a timeshare agreement (lease) according to the provisions of Law 1652/1986 as currently in force.
A time share lease, according to the provisions of article 1of Law 1652/1986 is the commitment of the lessor to grant each year to the lessee, for the duration of the timeshare, the use of the tourist accommodation and to provide them with the relevant services for the determined period of time according to the contract. In return, the lessee must pay the agreed rent.
 
The amount of the property value and the contractual price of the lease should be paid in full upon execution of the relevant notarial deed.
 
B) Supporting documents required for the issuance of a residence permit
General documents for all types of residence permits:

  1. Two (2) copies of the application document;
  2. Three (3) recent colour photos
  3. Certified true copy of a valid passport containing the relevant valid entry visa, where required
  4. Health certificate from a Greek public hospital or private doctor, certifying that the applicant(s) (third country citizen(s)) does not have any medical condition which, according to the international epidemiological standards and the World Health Organisation, could pose a risk to public health. In order to obtain this certificate the interested party must undergo a clinical examination, a chest x-ray and a tuberculosis test (Mantoux).
Depending on the specific case, the following documentation may need to be submitted in addition to the above:
 
1. Residence permits for third country citizens, who own and possess, either wholly or jointly, property in Greece:

  1. A copy of the contract for the purchase of the property or properties which have a minimum value of €250.000
  2. Notarisation stating that the contract fulfils the conditions required by the Law for the granting of residence permits to real estate owners in Greece (article 6 paragraph 2 of Law 4146/2013), and a confirmation by the notary that “the contract for the purchase of the real estate property does not have any conditions, exemptions or deadlines according to the provisions of paragraph 2, article 6, of Law 4146/2013, and the full payment has been made”.
  3. Proof of title transfer from the competent land registry
  4. Certification by an insurance agency for the cost of hospitalisation and medical care.
To certify that this condition (d) is fulfilled, the following are accepted:

-     Insurance contracts which have been signed outside of Greece, provided that they explicitly mention that they cover the interested party for the duration of their stay in Greece.

-     Insurance contracts which have been signed in Greece.
 

2. Residence permits for third country citizens who own property in Greece through a legal entity, where the applicant owns all shares:

  1. A copy of the contract for the purchase of the property or properties which have a minimum value of €250.000
  2. Notarisation stating that the contract fulfils the conditions required by the Law for the granting of residence permits to real estate owners in Greece (article 6 paragraph 2 of Law 4146/2013), and a confirmation by the notary that “the contract for the purchase of the real estate property does not have any conditions, exemptions or deadlines according to the provisions of paragraph 2, article 6, of Law 4146/2013, and the full payment has been made”.
  3. Proof of title transfer from the competent land registry
  4. Copy of the statute (Articles of Association and/or Incorporation) of the legal entity which clearly indicates that the third-country citizen owns all company shares
  5. Certification by an insurance agency for the cost of hospitalisation and medical care.
3. Residence permits for third country citizens who have a lease – for a minimum of 10 years – for hotel accommodations or furnished tourist residences in integrated tourist resorts or who have signed a timeshare agreement (lease) according to the provisions of Law 1652/1986:

  1. Notarised copy of the lease for the hotel accommodations or furnished tourist residences in integrated tourist resorts, which demonstrates that full payment of the amount of €250.000 has been made and includes a reference to the granting of the relevant operation licence by GNTO (Greek National Tourism Organisation).
  2. Proof of title transfer from the land registry where the relevant lease contract has been transferred
  3. Certification by an insurance agency for the cost of hospitalisation and medical care
C) Rights granted to third country citizens holders of a 5 year residence permit
The beneficiaries of Section A above are entitled to sublease their real estate property.
 
In addition, family members of the third country citizens who have obtained a 5 year residence permit are entitled to join the third country citizen, owner of real estate property, and for this reason a residence permit is granted to the said members upon their application.
 
D) Application processing timeframe
After the application has been submitted, the applicant receives a certificate/receipt confirming the submission of the application. Such a certificate is currently valid for one year and serves as temporary permit until the issuance of the final permit by the Secretary General of the Decentralised Authority.
 
The time required to process the application depends on the specific locality where the application was submitted and the volume of pending applications. Authorities have been instructed to give priority to this type of applications and all efforts are made to process them within two (2) months.
 
 

Athens, June 18, 2014
Avramopoulos & Partners

 
 

 
For further information please contact:
 
Mina Manakidou
Avramopoulos & Partners Law Firm
Email: manakidou@avralaw.gr
Tel.: +30 210 6912200
Fax: +30 210 6911211
 
Important Note: The information contained in this newsletter is provided for your information only and should not be regarded as a legal advice.