In 2013, the Greek government decided to launch a new visa program that made it easy to buy a house in Greece. Investing more than 250,000 euros in local real estate guarantees citizens of third countries that are not members of the EU the right to obtain a residence permit for a period of 5 years. This program is called the Golden Visa.
In the period from 2013 to 2017, Golden Visa showed excellent results and took third place among similar offers, leaving Portugal and Spain ahead. For 5 years, Greece has thus attracted more than 1.5 billion euros, supporting with their help the key economic spheres of the country’s development.
An interesting observation: from the launch of Golden Visa to October 2017, 2079 applications were approved. Dividing the profit by the indicated number of visas issued, we get a little more than 720,000 euros for each investor. This suggests that applicants purchase several real estate properties or choose elite options. The first scenario speaks of the desire to earn in the future when selling housing. The market situation has developed favorably for this strategy and can still be wisely used.
Who can count on obtaining a residence permit to buy a house in Greece through investment?
The official documents describe 4 groups of applicants. If an investor meets these criteria, then all members of his family, including spouses, children under 21 years of age and parents, can also receive a residence permit.
Categories of citizens who can count on receiving Golden Visa:
1. Own real estate or have at their disposal an Agreement of intent to purchase real estate (as an individual) signed with a realtor or lawyer in Greece, the value of which, according to the Notary Act, exceeds 250,000 euros;
2. Own real estate or have at their disposal an Agreement of intent to purchase real estate (as the sole owner of a legal entity) signed with a realtor or lawyer in Greece, the value of which, according to the Notary Act, exceeds 250,000 euros;
3. Own rental commercial real estate for tourism purposes (as the sole owner of a legal entity) in Greece and the rental agreement is concluded for at least 15 years;
4. They have no previous convictions and are not in the Greek Directory of Unwanted Persons.
The fastest way to apply for Golden Visa is to apply directly to the Department of Foreigners in Greece. In this case, the process will take only 1 month.
Another way is to get an initial D visa at any diplomatic mission in Greece. This will take about 2 weeks, and the subsequent registration of a residence permit – 1 month.
Advantages of a residence permit in Greece
1. The main condition for applicants for a Golden Visa is the purchase of real estate worth more than 250,000 euros, but the ability to purchase several objects, the amount of which will total the indicated value, is an important factor.
2. Acquired real estate in Greece may be leased.
3. For the subsequent extension of the residence permit, you do not need to live in the country for some specific time.
The Golden Visa has a number of restrictions:
- You can’t work and do business in Greece;
- Does not imply further citizenship;
- Does not allow changing the category of residence permit;
- This visa must be renewed every 5 years.
General rules for buying a house in Greece
Russian investors can buy local properties without restrictions. The exception is the rule generally used by foreigners. In particular, strict rules on the purchase of real estate in the border areas. Now they include the islands of Rhodes and Kos. Until 2011, they also included Thessaloniki and Halkidiki.
The procedure for buying objects in these regions requires obtaining official permission from the authorities.
In other cases, the buyer will find a classic scenario for finding and buying a house in Greece. In the beginning, there is a search, selection and final selection of the object. Our site presents relevant objects from owners and Greek partners. Convenient navigation system allows you to filter housing by cost and location. Photo gallery and written descriptions help to get the first and fairly detailed idea of the object. Consultation with the manager will help fill in the information gaps, and if desired, you can go to the place and see your favorite property on the spot.
Paperwork in buying a house in Greece
This will be followed by paperwork and the participation of two specialists is mandatory: a lawyer and a notary. According to the law, a transaction without the participation of a notary is considered invalid, but the participation of a lawyer, on the one hand, is not required by law, but from the point of view of a competent and safe approach, it is highly desirable.
As in any other country, a transaction involves reserving an object and making a deposit of 5,000 – 10,000 euros, the remaining amount is transferred to the seller at the time of signing the contract of sale or within 7 days after. In the event of a sales failure due to the fault of the buyer, the deposit remains with the seller. The rule is also relevant for most countries.
After making a deposit, the lawyer begins checking the property for encumbrances and debts. If no questions arise, the transaction proceeds to the final stage – signing the contract in Greek. As a rule, a lawyer, a notary and a translator are present at this moment. A notarized contract is the main document confirming ownership.
At the next stage, the lawyer begins the state registration of the object, formalizes the transfer of ownership and registers the contract in the Mortgage Register. At this time, the buyer must transfer the remaining amount and pay the necessary taxes.
The whole process takes an average of 1-2 months and, if you do not have the opportunity to devote such a long time, it is possible to issue a power of attorney for a representative or immediately for a lawyer who will deal with the transaction. For all questions you will be advised by our experts.
Houses in Greece: Actual objects
On the AWAY REALTY website, all real estate is divided into types and, if you are interested in houses, we recommend that you look at the following categories: mansions, villas, cottages, townhouses and houses in Greece. Set the appropriate price range and view the lots that appear.
Below are some relevant options available for sale.
Buy an elegant cottage in Crete (Greece), worth 1,400,000 euros
The luxury building with ocean views occupies 2 floors with a total area of 280 square meters. Year of construction 2004. On the ground floor there is 1 bedroom, 2 living rooms and 2 showers. If desired, the 1st floor can be rented as two separate apartments fenced from each other.
On the second floor there are 3 bedrooms, a living room, a kitchen, a shower and a bathroom. It offers stunning views of the mountains and the sea.
Land near the house is 3000 square meters. m, it has a separate building with a kitchen and a boiler room, there is a swimming pool, a well-groomed flowering garden and a barbecue area. From the airport only 37 km, to the sea 1100 m.
Buy a luxurious house in Fiskardo (Greece) , worth 2,300,000 euros
An elegant mansion stands on the first coastline and is surrounded by a magnificent, picturesque forest. A great example of traditional Greek architecture. The house has 6 spacious bedrooms with private bathrooms, 2 professional kitchens and several living rooms. Nearby is the harbor, many small cozy cafes, beautiful yachts and the best views of the Ionian Sea. A great option for a large family or rental.
Buy a modern villa in Rhodes (Greece) . The price is 3 536 687 euros
The house is located in an elite area – Dodecanese, near the famous Mount Monte Smith. The total area of the house is 1,000 square meters. m. 5 bedrooms with dressing rooms and private bathrooms + 2 guest baths, private spa complex with sauna, hammam, gym, etc. All rooms are decorated and furnished with the latest technology. The villa is surrounded by a beautiful garden, in the shade of which hides a large swimming pool and relaxation areas.
Our catalog contains more than 200 selected real estate options in Greece . Leave a request on the website or call the specified phone number and our specialists will be able to find the most suitable object for you.