Residence permit in Greece under the new law 4251/2014
The Greek State with the new Law 4251/2014 grants the non – EU citizens who will invest in greece with a 5 five year residence permit . In accordance with this new Immigration Code the third-country citizens (non-EU citizens) and their family members, who buy property in Greece, the value of which exceeds €250,000, may obtain residence permits.
By decision of the General Secretary of Decentralised Administration, a residence permit for five (5) years is issued to a third-country citizen, if he/she has obtained a Shengen visa and legally owns, either personally or through a legal entity whose shares are wholly owned by him/her, property in Greece, or has, at minimum, a ten-year time-sharing contract under Law 1652/1986: “Time-Sharing and Regulations on Related Issues” (A’ 167) as applicable, or a 10-year lease of hotel accommodations or furnished tourist accommodation (houses) in tourist accommodation complexes according to Article 8, par. 2 of Law 4002/2011 (A’ 180).
The aforementioned residence permit may be renewed for the same duration (five years), if the property remains unchanged in its legal ownership status as described above and the contracts of ownership remain in effect, and other statutory conditions detailed above are met.
The minimum value of the property and the contract price of the time-share leases and the leases for hotel accommodations or tourist furnished accommodations (houses) in tourist accommodation complexes, according to this Article, shall be two hundred fifty thousand (250,000) Euro.
By joint decision of the Ministers of Interior and Finance, the value of the above-mentioned property may increase or decrease, and will be determined in accordance with the stated prices of the sale documents of the properties, or leases as per their contracts, or as determined by ministerial objective values.
The period of residence, under these specific conditions, is not taken into account in cases of granting citizenship to said residents.
The aforementioned third-country citizen (property owner) may be accompanied by the members of his/her family – spouses and children under 18.
The residence permits do not allow a right to employment of any type.