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)
According to the law, family members of third country citizens entering the country are:
b. the other spouse or partner with whom a third-country national has a cohabitation agreement in Greece,
c. The direct unmarried descendants of the spouses, who are under the age of 21,
d. the unmarried children of the supporter or of the other spouse/partner, provided that their custody has been legally entrusted to the sponsor (for his/her children) and to the other partner (for his/her children), under 21 years of age.
e. the direct relatives of the spouses in the ascending line
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 the decision of the Minister of Interior no. 130181/6353/27.3.2018, published in the Government Gazette 1208/Β/2.4.2018, the residence permits of Real Estate Owners and permanent residence permit for Investors have been added to the categories of residence
permits that are eligible for the submission of an application for the acquisition of Greek citizenship. In this case, the applicants must fulfill all the preconditions of the Greek Citizenship Code applied for the acquisition of Greek citizenship by naturalization. The above ministerial decision applies only to the real estate owners and investors themselves, and not their family members, who must first obtain the long-term residence status, which is a prerequisite for naturalization.
Furthermore, in no case does the residence permit provide access to any type of employment. Employment, according to paragraph 6, article 20, of Law 4251/2014, does not include the exercise of economic activity in the capacity of a shareholder or a Chief Executive Officer for an already existing company. The family members that have been issued a residence permit for the same duration as the sponsor are similarly not granted access to the employment market
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.