Golden Visa Investors: Update of the Legal Framework

 by  Athina Ledaki, Lawyer, Accredited Mediator

Athina was born in Athens. She studied Law in Athens University Law Faculty and worked as a litigation lawyer in Athens from 1995 to 2002. Since 2002 she is a member of the Bar Association in Chania, Crete, practicing civil and property law. As an English, French and Italian speaking lawyer with a considerable foreign clientele she has acquired a ten years' experience in cross-border property transfers.In 2014 she was certified as a CEDR accredited mediator.

E: athina.ledaki@gmail.com | M:+30 6972 759 426 | T: +30 28210 28101

Following the significant response of foreign investors to the benefits of the residence permit granted basically in the cases of real estate acquisition, the Greek legislation has been  recently modified in order :

• to adapt the economic terms and conditions to the real estate market demands and
• to simplify and thus determine in a more official and uncontested way the process of applying and receiving the residence permit.

So, quoted below some advice and useful information deriving from the recent legal changes: 

If you wish to invest in Athens, Thessaloniki, Mykonos or Santorini, please note that in certain areas of these regions the minimum property investment amount has increased from 250.000 € to 500.000 €. Crete hasn’t been affected by this new measure, therefore, if you wish to invest in Chania, there is nothing to worry about. The 250.000 € remains unchanged.

The ministry of migration and asylum has launched a link allowing the applicants to proceed to the application online without the requirement of their or their proxy’s physical presence. Entering the link https://portal.immigration.gov.gr/electronic-applications/index?lang=en and following the instructions related to the topic: “Investor’s Permanent Residence Permit (Law 4251/2014)” you may apply following the instructions provided, submit the documents demanded and receive the proof of submission right after the completion of the correctly submitted documents.

Clarifications have been provided by the Ministry of Migration in December 2022 (ref.numb.761117/16-12-2022) regarding the authorizations provided by the applicants to their proxies, lawyers etc.: apart from the power of attorney drafted  in the Greek language and signed before the Greek Consular authorities, equivalent mandates signed before foreign competent authorities (notaries/lawyers etc.) BUT bearing the Apostille stamp can be accepted by the Greek authorities allowing the submission of the application on behalf of the applicant.

With reference to the justification documents required you need:  

• to have them Apostilled and
• officially translated either by the Greek Consul authorities or by a Greek lawyer. 

Note that if the power of attorney has been signed in Greece, then along with the poa you will have to submit proof of your entry in Greece (passport stamp, boat or plane tickets) in order to prove that you were legally in Greece on the day the poa was signed.

Once your application for the residence permit has been submitted online, you will receive an email notifying you about your appointment to give your biometrics. If you fail to be present at your appointment, then you will have to email the immigration service to arrange a new appointment.    

Remember that if you have received a temporary residence permit  (blue certificate) granted prior to the electronic system of applications, it will have to be returned to the competent Immigration office. In any case,  your (valid) passport will have to be shown to the Immigration office,  either the original one or a certified copy provided by your proxy.

• residence permit
• buyer