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New residence permit law for the issuing of rp with the purchase of real estate property in Greece

Introduction
The Greek Parliament recently passed a law allowing non-EU citizens to acquire a five (5) year residence permit in Greece if they purchase property or property rights with a value of at least €250.000. In particular, article 6 of the new law no 4146/2013 (published in the National Gazette Bulletin A’ No 90/18.4.2013) has added a new article (36A) to the already existing law no 3386/2005 regulating the granting of residence permits in Greece.
II. Residence Permit Prerequisites
According to this new provision of the law, a five (5) year residence permit can be granted to citizens of third countries who:
– have acquired – either personally or through a legal entity of their full ownership – real estate in Greece with a contractual value of at least €250.000 or;
– have entered into (a) a time-sharing agreement of at least ten year term or (b) a ten year lease of hotel resorts or furnished holiday houses, with a contractual value of at least €250.000,
provided that a visa by the Greek consulate in their country of residence has been granted for their initial entry into Greece.
The residence permit is granted by a decision of the General Secretary of Decentralized Administration for a five (5) year period which is renewed every five years for an indefinite period of time. The residence permit can be renewed as long as the real estate remains in the ownership and possession of the applicant or the above time sharing/lease agreements remain in force. Holders of such residence permit are not entitled to be employed in Greece for any form of employment nor is the duration of their residence permit taken into account in the event of an application to obtain the Greek nationality.
III. Our services
In order to satisfy the above mentioned needs, KCH law has already established a separate department within the Law firm, regarding housing immigration.
KCH Law firm , with a deep knowledge of the Greek real estate market, has already identified sufficient units available for sale in the market through our trusted partners in the real estate market in Greece, throughout the country (mainland – islands).
KCH Law firm offers a one – stop – shop service to its clients as it undertakes the whole procedure on behalf of the client starting from buying a property in Greece to finally assisting the client until the Permanent Residence Permit is issued.