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“Three-generation” Golden visa for investors of real estate in Greece

The Greek law 4251 /2014 introduced a very favourable policy for non EU citizens has now been amended.

On the 9th of July 2015 the amendments were made official and were published in the government’s gazette (No. 76/9-7-2015).

The main characteristics of the law, as it exists until now, are that non EU citizens who purchase property in Greece of a value more than 250,000 euros can stay continuously in Greece for the whole duration of the residence permit, they may travel to other Schengen countries without a visa, but their stay in those countries cannot exceed 90 days in each 6-month period and they have access to health or education services, just like any European citizen.

Now the Greek parliament has approved the new immigration law that introduces more benefits to investors of real estate with value more than 250,000 euros (approximately 1,7m CNY) .

According to the newly approved law:

· The 5 years residence permit is renamed to “Permanent residence permit for investors”.

As long as the investors holds the ownership of the property, the residence permit is permanent and it is renewed every five years.

· Real estate investors who got the permanent Residence Permit are allowed to apply for Greek citizenship, under certain conditions, following the same legal procedure as other foreigners and holders of Residence Permits.

Investors and their spouses can now apply for citizenship after a 7-year stay in Greece. Their children can apply if i) they have attended for 9 years a Greek school, or ii) they have attended during 6 years a Greek secondary school, or iii) they have attended a Greek University.

· Investors’ parents can now also benefit from the Residence Permit, without being obliged to purchase a property, because according to the law, the right for Residence Permit is extended also to the direct ascendants of the investors.

· The investor can now sell his/her property any time. If the new buyer is another non EU citizen then the new owner can also apply for Residence Permit, but the seller will abolish his/hers.

These amendements also apply to those foreign citizens who have already purchased properties and got the 5 year Residence Permit.