or the EU. The Permit can be renewed in five year
intervals and lasts for as long as the foreigner has the
ownership of the property. In Greece the property
ownership right is valid for a lifetime.
Investors can apply for a loan from a Greek or
non-Greek bank to finance the property purchase.
For €250,000, one can buy property just about
anywhere in Greece, either on the mainland or one
of the inhabited islands. The investor may buy a
property that is already built or off plan into a new
development that is not yet built. New two or threebedroom residences range from 80m2 to 110m2,
while previously-owned homes are often larger.
Should an investor acquire a commercial building or
a hotel as a building, it must be rented to a person or
company who has the right to work or to professional
activity in Greece to run it as a business, as the
Residence Permit does not allow the applicant to work
or have professional activity in Greece or the EU.
The process
The period needed from the time of the property
QUICK FACTS
• Strategically located at the crossroads of
Europe, Western Asia, and Africa.
• Consist of nine geographic regions.
• Surrounded by the Aegean Sea (east),
Ionian Sea (west), and Mediterranean Sea
(south).
• 17 UNESCO World Heritage Sites, ranking
Greece 7th in Europe and 13th worldwide.
• The modern Greek state was established in
1830 following the Greek War of
Independence from the Ottoman Empire.
• Founding member of the United Nations,
member of the European Union (EU) and
the Eurozone, as well as the Council of
Europe, NATO, OECD, OSCE and the WTO.
www.reimag.co.za
pu rchase unti l the issuing of the Residence
Pe r m it i s ap pr o x i m ate l y 4 0 d a y s , but t he
Purchase Agreement for the property needs to
be concluded before the Residence Permit can be
applied for. Once a property has been purchased,
the applicant is required to travel to Greece
for about f ive working days. However, it is not
necessary for the applicant to be present during
the signing of the property contract as that can
be handled by a legal representative.
During the f ive-day visit, the investor has to
provide their immigration law yer with a valid
health certif icate from a Greek doctor, private
hospital insurance valid for Greece, the official
contract of the property and their original passport.
The immigration lawyer will then present all the
requirements to the Immigration Authority Office
and will receive a certified submission which is a
Valid Temporary Residence Permit. This Temporary
Permit allows the investor to travel and stay in
Greece and Europe without limits.
Within two months the Immigration Authority
Office issues the five-year residence permit. As
soon as the investor receives proof of their certified
submission, they can leave the country with no
further minimum stay requirements.
Aside from the purchase price of the residence,
investors will be liable for various fees including
taxes, lawyers, public notaries, land registry and the
like, however the cost of Residence Permit issuance
should not exceed €1 000 per person, which could be
less if the applicant has a private hospital insurance
valid for Greece.
Investors looking into residency programmes should
use the services of a reputable company that has a solid
track record and the necessary expertise.
RESOURCES
Monarch&Co International
Offshore Handbook 2014
55