On October 22nd 2014, AVGLaw was invited by the Greek government (Ministry of Interior and the government Organisation “Enterprise Greece”) to a formal meeting regarding the Greek real estate immigration programme. During the meeting, our law firm had the chance to express its proposals for the improvement of the programme. The Government presented a report on the current programme and the residence permits that are issued to non-EU foreign citizens who invest in Greek properties. It also proposed its legal amendments that will soon be decided and be forwarded to the Greek Parliament for adoption. These proposals consist of the following:
- The RP will be renamed to “Permanent residence permit for investors“. This means that investment in Greek properties will lead to a permanent RP, which will be renewed every five years as long as the investor keeps the ownership of the property.
- Investors will now have the chance and legal right to apply for both the long-term RP as well as the citizenship, with the same conditions with other foreigners that have different types of RPs.
- Investors will now be able to bring with them not only their spouse and children, but also their parents. This right will be also given to the parents of the wife or husband, who is not included in the purchase contract.
- Investor will be able to sell his/her property before the expiration of 5 years to another foreign citizen, who can also apply for the RP. However, in order for the new investor to acquire the RP, the first one will have to abolish it.
- The plastic separate RP (card) will be available as from May 2015.
These amendments are expected to take place by the beginning of 2015 and they will also apply to current RP holders.