Following the legislative amendments introduced by Article 64 par. 1 of Law 5100/2024, the provision of Article 100 par. 2 case c of Law 5038/2023 provides for the possibility of obtaining a permanent investor residence permit (Golden Visa) with a minimum investment amount of €250,000 in real estate, consisting of an industrial building, part of an industrial building, or property within which an industrial building is located, provided that its premises may be converted into residential use and that no industry had been installed and operating therein during the last five (5) years.
It is noted that these cases also include properties resulting from a) interventions or additions, either vertical or horizontal, to industrial buildings, provided that the use of these additions is also converted into residential use and b) the addition of new independent buildings intended for residential use on plots or parcels of land (either standalone or resulting from the consolidation of adjacent plots) on which industrial buildings exist, where the use of such industrial buildings is converted into residential use.
It is further noted that an industrial building may be converted into a mixed-use building, in which certain divided ownership units may be established for non-residential use (e.g. offices, retail stores), while other divided ownership units may be established for residential use. The latter are considered properties resulting from a change of use, and their owners may obtain a permanent investor residence permit on that basis.
Key Requirements
The change of use is certified by a technical report prepared by an engineer.
The engineer’s technical report must also state that no industry has been installed and operating in the building during the last five (5) years.
The condition for completing the change of use following the entry into force of Article 64 of Law 5100/2024 is certified by the date of issuance of the relevant document required in each case, such as, indicatively, a building permit, approval of small-scale construction works, update to the file or a revision of the building permit. This requirement is also met in cases where the change-of-use permit was issued prior to the publication of the law but is updated or revised for any reason after its publication, i.e. from 05.04.2024 onwards.
The change of use may be carried out either by the seller or the buyer and must be completed prior to the submission of the application for the investor’s permanent residence permit (Golden Visa).
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.
Technical report by an engineer regarding the change of use of the property to residential and stating that no industry has been installed and operating in the building during the last five (5) years.
Copy of the investor’s real estate declaration form (E9).
Renewal of the Permanent Investor Residence Permit
For the renewal of the residence permit, the investor must declare that:
the property remains under their ownership
the property has not been leased short-term or subleased within the sharing economy framework, in accordance with Article 111 of Law 4446/2016
the use of the main areas of the property remains “residential”
the property is not used as a registered office or branch of a business
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.
Following the legislative amendments introduced by Article 64 par. 1 of Law 5100/2024, the provision of Article 100 par. 2 case c of Law 5038/2023 provides for the possibility of obtaining a permanent investor residence permit (Golden Visa) with a minimum investment amount of €250,000 in real estate, consisting of an industrial building, part of an industrial building, or property within which an industrial building is located, provided that its premises may be converted into residential use and that no industry had been installed and operating therein during the last five (5) years.
It is noted that these cases also include properties resulting from a) interventions or additions, either vertical or horizontal, to industrial buildings, provided that the use of these additions is also converted into residential use and b) the addition of new independent buildings intended for residential use on plots or parcels of land (either standalone or resulting from the consolidation of adjacent plots) on which industrial buildings exist, where the use of such industrial buildings is converted into residential use.
It is further noted that an industrial building may be converted into a mixed-use building, in which certain divided ownership units may be established for non-residential use (e.g. offices, retail stores), while other divided ownership units may be established for residential use. The latter are considered properties resulting from a change of use, and their owners may obtain a permanent investor residence permit on that basis.
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 must declare that:
For further information regarding the permanent investor residence permit related to real estate investment in the context of change of use to residential, you may also read our article here https://www.georgallis-law.com/en/blog/golden-visa-eu250000-investment-t...
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.