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Full conditions for obtaining Greece residence by purchasing a property
Greece is a country with good weather, modern and many social and welfare facilities, which makes the conditions of obtaining residence in Greece by buying property tempting for foreigners. To date, thousands of Iranians have purchased property in Greece.
It is necessary to know that in addition to the possibility of buying property, many choose to study in Greece to immigrate to this country due to the presence of some of the best universities in the world in Greece. The process of buying a property in Greece is much easier than in other European countries and the cost of living in Greece is more affordable, so Greece has become one of the best options for immigrants.
The law of obtaining Greek residence by buying property
Residence in Greece by buying a property brings many benefits for people, for example, the possibility of free education and training, the possibility of traveling to European Union member countries, obtaining a Greek Golden Visa and obtaining residence for your family members and even the applicant’s parents and spouse. and children under 23 years old. In order to obtain Greek residence by purchasing a property, the applicant must purchase a property in Greece for at least 250,000 euros, which amount is valid until the end of August 31, 2024, and after that, it will increase by 3 times.
It should be noted that in the method of obtaining residence in Greece by purchasing a property, the applicant has received a 5-year residence from the very beginning, which does not have the condition of being in this country, and it is possible to extend this residence for 5 years. In general, if the applicant wants to apply for a Greek passport and citizenship, the only requirement is to maintain assets and there is no attendance requirement, and a person can receive a Greek passport after 7 years by maintaining assets.
The latest changes in residence in Greece with the purchase of property 2023
On September 10, 2022, Greek Prime Minister Kyriakos Mitsotakis announced that the minimum amount required to stay in Greece through the purchase of property will double in certain areas. He had emphasized that this price increase was aimed at making real estate affordable for Greeks. This amount was supposed to increase to 500,000 euros from May 1, 2023 (11 May 1402). This price increase is only for certain areas, which are: Athens, Thessaloniki, Mykonos Island and Santorini Island; For the rest of the cities, the same amount of 250,000 euros remains fixed.
The latest changes for Greek golden visa has been approved by the Greek parliament by 31 of March is the following 2024
Property Value:
- In the prefectures of Attica, Thessaloniki, Mykonos, Santorini, and other areas with a population over 3,000, the minimum property value is €800,000.
- In all other areas, the minimum property value is €400,000.
- The investment must be made in a single property, not multiple properties, with a minimum area of 120 sq.m.
Conversion of Buildings:
- For buildings with a different use that are converted into residences (office buildings, shops, or industrial properties that will be converted into residential properties), the minimum investment amount is €250,000.
- The conversion of use must be completed before submitting the application for a residence permit.
- The use of the property as the registered office or branch of a business is prohibited.
Historic Buildings:
- In the case of investments through the purchase of a property that consists of a restorable or reconstructed listed building or part of a listed building or within which a listed building is located, the minimum value of the property at the time of acquisition is €250,000.
- Special attention must be paid to the transfer of the above property. According to the relevant provision of the above article, the transfer of the property of this case before the completion of the full restoration or complete reconstruction is invalid.
Rental of Properties:
- Investors can rent out the properties, but they are not allowed to rent them out on a short-term basis.
- In case of violation, the residence permit is revoked and a fine of €500,000 is imposed.
Extension for Certain Investors:
- Third-country nationals who pay the full price or a 10% deposit, or sign a preliminary contract with the relevant proof of crediting the amounts to the seller’s account by 31 August 2024, can complete their investment by 31 December 2024 under the conditions that were in effect until now.
- In these cases, if the purchase of the property is not completed, the buyer can complete the investment in another property, always under the conditions that were in effect from the entry into force of this Law, but in any case not later than 30 April 2025.
Examining side costs and property taxes in Greece
Administrative costs related to ownership include many things, and the value of the property must be determined by official experts, which also requires paying a fee. In the process of obtaining residence in Greece by purchasing a property, the applicant must pay the equivalent of 3.09% for the document transfer tax, 2% for the city planning department, 1% for the office fee, 1% for the building engineer to check the documents and register the property in the city planning department, and 2% for Pay the real estate agent. In addition, the applicant must pay the equivalent of 5% (legal fee) for the lawyer’s fee, in order to do the relevant work well and obtain the golden visa residence.
How long does it take to stay in Greece by buying a property?
By buying property in Greece, you can live permanently in this country. But the length of time you can stay in Greece by buying a property depends on your situation and the type of property purchased. By buying a property in Greece, you can get a one-year Schengen visa (TRP) that allows you to stay in all Schengen areas for 90 days every six months.
If you intend to stay permanently in Greece, you must apply for a permanent visa (PR). The visa that people in Greece receive by purchasing a property is called a type D visa, which allows the applicant to stay in Greece for 5 years, and if he intends to extend this visa, he must keep his property for 5 years and then From the age of 7, he will be able to get a Greek passport.
Obtaining a Greece passport by purchasing a property has the following conditions:
The applicant must not be in the European Union countries because these people will not be entitled to receive a Greek passport by purchasing the property.
By purchasing a property in Greece, the applicant for residence must prove that he has the necessary financial capacity.
The applicant should not have any bad background.
The applicant does not have a ban to enter the countries of the European Union, the United States, the United Kingdom and Canada.
Mastery of the Greek language after the seventh year in order to obtain a permanent residence and a Greek passport.
Legal procedures for buying property in Greece
The first step in staying in Greece with the purchase of property is to go to the notary office in this country and draw up and sign the initial contract. It is better to consult with immigration experts before signing this contract. In Greek real estate consultants, such contracts are often prepared in advance and they usually take their interests into account when drafting them, so you should be careful not to get into trouble.
It is possible for the parties to the transaction to cancel the property purchase contract in Greece. If the buyer cancels the transaction, his initial deposit will be recorded as a penalty, and if the seller cancels the sale of the property, he must pay double the advance payment to the buyer.
The next stage of residence in Greece after buying a property is to receive a tax file number from the tax office of this country. To complete the information in the notary, this tax file number is required, and this number must be mentioned in the final contract. It is necessary to open a bank account in Greek banks that will be used to pay the transaction fees. The process of purchasing the property ends with the signing of the final contract by the parties to the transaction and the payment of the relevant fees.
Who is eligible to buy property in Greece?
Buying a property in Greece is possible for any foreigner and there are no special conditions. However, if a person intends to obtain a Greek Golden Visa and wants to do so by purchasing a property, as mentioned, he must purchase a property with a minimum value of 250,000 euros. This is the only condition for buying a property in Greece to obtain a golden visa of this country.
Documents required to obtain a Greek visa by purchasing a property
In order to obtain a Greek passport by purchasing a property, they request more documents from you, including: the applicant’s passport, which must be valid for 18 months.
Original birth certificate.
Clearances.
In case of marriage, provide marriage certificate.
Bank account confirmation for Schengen visa.
It should be noted that at each stage, other documents such as the Golden Visa online application form and photo submission are also required.
Who is suitable for obtaining Greek residence by buying property?
The laws of obtaining residence in Greece by buying a property do not impose any restrictions for non-EU people. Staying by buying a property in Greece is one of the most reliable investment methods that can be profitable for the buyer by renting it to others for a short or long term. To stay in Greece with investment (property purchase), as mentioned, only an initial capital of 250 thousand euros is needed.
The laws of obtaining residence in Greece by buying a property do not impose any restrictions for non-EU people. Staying by buying a property in Greece is one of the most reliable investment methods that can be profitable for the buyer by renting it to others for a short or long term.
Introducing the best property buying site in Greece
The Rightmove website is one of the largest property buying websites in the world that can help you buy and sell property in Greece. This website allows you to access a large number of real estate ads in Greece. Homegreekhome is another website for buying property in Greece, which is more suitable for buying property for the Greeks themselves, and Green-acres is one of the best websites for buying and selling property in the whole of Europe, which allows you to search ads using different filters. Access different properties.
Property prices in Greece
The main challenge facing people who intend to obtain Greek residency by purchasing property is the price of the property, which varies depending on factors such as area, size, facilities, etc. If your assets are limited, it is better to go for older houses. Property prices are also higher in important and larger cities.
Houses in Greece are in the form of newly built apartments, villas and old houses, and each of them has its own costs, which applicants can choose and buy according to their conditions and assets. In this article, we are going to talk about the price of all types of property in Greece. To begin with, we must say that property prices in this country depend on the location, type of property, and market conditions.
For example, the cost of an apartment in big cities like Athens and Thessaloniki is around 100,000€ to 200,000€, but you will pay less in smaller cities. The prices of houses located in coastal and tourist areas are also higher than in urban areas. Also, due to the economic situation and the real estate market in Greece, some properties may have very high prices due to the increase in prices in the last few years.
Over the past 2 years, the average property price in Greece has peaked at €2,312 per square meter in March 2023. This amount increased by 14.46% compared to March 2022 (2020 euros per square meter). The lowest asking price for us in 2021 was 1,999 euros per square meter for a property on average.
Area |
The minimum investment amount to obtain a golden visa |
|---|---|
|
Piraeus |
250 thousand euros |
|
South Glyfada |
500 thousand euros |
These prices are as follows, according to the changes in 2023 and the conditions for obtaining a golden visa:
Buying a villa in Greece
Villas are popular properties in Greece; Because in general, villas have a larger and more comfortable living space; Therefore, they are independent buildings and most of them are new and updated in terms of design to bring a luxurious lifestyle. Unlike apartments, villas have many luxury facilities and features. Some of these facilities include playgrounds, beautiful gardens, parks for children, swimming pools and other luxury facilities. Also, most of the villas have separate parking spaces or are connected to the beach independently.Along with all the advantages and luxury facilities of villas in Greece, one should also pay attention to its cost; Villas often need to spend more money than apartments, and this cost varies depending on the size, facilities and geographical location.