Non-Europeans seeking a fast-track route to EU residency, now they have a new option-buying Greek property. Greece offering super-speedy residency status to anyone who buy a property only with 250.000 Euro
Greece has launched a special programme of 5 years residency in order to attract wealthy investors from Non EU countries, mainly Chinese,Russians, Iranians and other Middle and Far East countries, who aim firstly to use the visa to contact business in other European countries, which they can visit freely without the SCHENGEN visa requirements.
Due to the principle of equality between residence permits and long-term visas, all third country citizens holders of residence permits issued in one EU member state, or a long-term visa, enjoy the right of free movement within the Schengen area, which means that they are able to travel to other member states for up to 3 months within a 6 month period under the same conditions as those who are holders of residence permits. In addition, they have also the right to multiple entries in the country.
Obtaining a property in Greece only with 250.000 Euro, you and your family members enjoy 5 years residency in Greece and you may travel without visa within the SCHENGEN area of 26 countries (see the below picture)
Family members shall mean:(a) the spouse, (b) the direct descendants of both spouses or of either spouse, who are under 21 years of age, (c) direct ascendants of the spouses. Descendants older than 21 and up to 24 years of age, are granted an independent residence permit pursuant to Article 76, Law 4251/2014.
The 5 year residency can be renewed for any other 5 years period as long as you maintain the ownership of the property
According to Article 8, paragraph 30, Law 4332/2015, the third country citizen has the right to apply for the long-term resident status, provided they fulfill the conditions of Articles 89 and 90, Law 4251/2014. Having been granted the long-term residence status is a prerequisite in order to apply for Greek citizenship by naturalization, provided all other requirements are fulfilled.
Needless to say that over and above reason, Greece is a dream destination for holidays and retirement, while for young and middle year old businessmen families that their country’s education system does not provide satisfactory education, the parents prefer their children to go to an English-language school or University in Greece.
The Law “Creation of a Development Friendly Environment for Strategic and Private Investments” of the Ministry for Development, Competitiveness, Infrastructure, Transport and Networks” and Article 20B, Law 4251/2014 (Official Government Gazette A’ 80), Article 8, paragraphs 26-30 and Article 14, paragraph 1, Law 4332/2015 (Official Government Gazette A’ 76), facilitates the residence of investors in Greece through the granting of residence permits.
Buying now a property in Greece is also a wise investment, as you are investing in a European country where in the real estate market prices are nearly 30-50 % lower than the 2008 deep recession that has accompanied the Eurozone countries. Therefore the capital gain earned whenever you decide to sell the property will be high.