Pursuant to the provisions of Article 100, paragraph 2, cases a and b of Law 5038/2023, it is possible to obtain a permanent investor residence permit (Golden Visa) by purchasing a vacant land and constructing a residential property. In this case, the investment is considered valid provided that a building permit has been issued and either the total value of the land purchase and construction or only the value of the construction amounts to at least €400,000 or €800,000, depending on the area where the property is located.
Key Requirements
The total value of the purchase and construction, or only the construction value, must amount to at least €400,000 or €800,000, depending on the location of the property.
The minimum surface area of the main spaces of the building to be constructed must be at least one hundred and twenty (120) square meters.
A building permit must be issued in the name of the third-country national investor.
Full payment of the purchase price and construction works must be completed prior to submitting the application for the residence permit. The building does not have to be fully completed.
Initial Granting of a Permanent Investor Residence Permit
The required supporting documents for granting the permanent investor residence permit include, among others, the following:
Any valid entry visa, or proof of entry under a visa exemption regime, or a valid residence permit issued by the Greek authorities, or proof of entry exemption as a holder of a residence permit from another Schengen member state.
An insurance policy issued by a private insurance provider.
A certificate from the notary public who drafted the transfer deeds, confirming all legally required information.
Proof of registration from the competent Land Registry or registration of the deed to the competent Cadastral Office where the purchase contract has been recorded, or a certificate from a lawyer.
Copy of the investor’s real estate declaration form (E9).
A digital certificate of the construction contract agreement, in accordance with article 19 of Law 820/1978, if the construction is carried out under a construction contract.
In the case of construction under the land for apartment exchange system, on land for which the applicant has already obtained a permanent investor residence permit, an additional valuation report by a certified public accountant listed in the registry of certified appraisers is required.
Renewal of the Permanent Investor Residence Permit
For the renewal of the residence permit, the investor declares that the property remains under their ownership and is not used for short-term rental.
Duration and Renewal of the Permanent Investor Residence Permit– Rights and Obligations:
The residence permit is initially granted for five (5) years and may be renewed for an equal period each time, provided that the investor retains ownership of the property and continues to meet the legal requirements.
The investor’s family members are entitled to be granted residence permit that expires simultaneously with that of the investor.
No right of access to any form of employment is granted, economic activity is permitted only in the capacity of a company shareholder, a member of the Board of Directors, or a company CEO.
The investment may be made in only one property.
It is prohibited to use the property for short-term rental (e.g. Airbnb) as well as to sublet properties acquired for the purpose of granting or renewing a permanent investor residence permit.
If you are interested in investing in real estate and obtaining a Golden Visa residence permit, you can contact our office by telephone at +30 210 3319753 or by email at info@georgallis-law.com. Our law office and associates, with their expertise and experience in Golden Visa residence permit matters, will guide you step by step and assist you in completing the relevant procedure promptly, securely and effectively.
Pursuant to the provisions of Article 100, paragraph 2, cases a and b of Law 5038/2023, it is possible to obtain a permanent investor residence permit (Golden Visa) by purchasing a vacant land and constructing a residential property. In this case, the investment is considered valid provided that a building permit has been issued and either the total value of the land purchase and construction or only the value of the construction amounts to at least €400,000 or €800,000, depending on the area where the property is located.
Key Requirements
Initial Granting of a Permanent Investor Residence Permit
The required supporting documents for granting the permanent investor residence permit include, among others, the following:
Renewal of the Permanent Investor Residence Permit
For the renewal of the residence permit, the investor declares that the property remains under their ownership and is not used for short-term rental.
Duration and Renewal of the Permanent Investor Residence Permit– Rights and Obligations:
If you are interested in investing in real estate and obtaining a Golden Visa residence permit, you can contact our office by telephone at +30 210 3319753 or by email at info@georgallis-law.com. Our law office and associates, with their expertise and experience in Golden Visa residence permit matters, will guide you step by step and assist you in completing the relevant procedure promptly, securely and effectively.