On April 1st, 2014, the Greek government published the new Greek immigration law titled “Immigration and Social Inclusion Code” (Law 4251/2014). The adoption of the immigration Code was necessary because the existing legislative framework , as currently configured, was highly disrupted . Therefore the previous Law 3386/2005 and other provisions were abolished and replaced by the new codified law.
Among other things, the new law codifies the rules that relate to the granting of residence permits to non-EU foreign investors, who buy properties in Greece (Article 20) . Specifically, the regulation applies to investors who own, personally or through a legal person with full ownership and possession, real estate in Greece or have an at least five-year lease of hotel accommodation or holiday home. The minimum value of the property and the contract price of hotel accommodation leases or residences shall be two hundred fifty thousand ( 250,000 ) euro and must be paid in full at the signing of the final purchase contract. The price must be paid by bank check or other banking transaction, the particular elements of which should be solemnly declared by the parties before the notary draws up the contract and be indicated.
The same right to residence permits also applies to the family of the investor, ie. spouse and descendants, up to the age of 21. With this setting, the program becomes more favorable for investors, since it increases the age limit of children from 18 to 21 years. Also for the first time, investors are allowed to rent out their properties, thus providing a significant exploitation opportunity for their property.
Our law firm specialises in the new Greek Programme for foreign investors that acquire property in Greece, as it has already concluded more than 30 transactions and successful residence permit applications. It provides the full spectrum of services, from the identification and acquisition of property, to the application and acquisition of residence permits for investors. For more information, see www.goldenvisa.gr or contact Dr Yannis Avgerinos at firstname.lastname@example.org.