Requirements in process for obtaining a Greek residency permit

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A residency permit is by default any document issued by a Greek government division and which allows a foreigner to reside in Greece on legal terms and in accordance to the regulations of the European Union. There are various types of permits with differences between those types.

For owners of properties valued no less than 250 000 Euro the residency permit includes the following process:

  1. Individuals must be owners of a property valued no less than 250 000 Euro. Their immediate family members (spouse and underaged children) also receive entitlement to a Greek residency permit for duration of five years with possibility of extension based on remaining in ownership of such property.

  2. Foreigners who collectively own a property valued no less than 250 000 Euro receive a Greek residency permit only on the basis of the joint owner being their spouse with unlimited rights to property ownership. The only other case of residency permit entitlement is when each property share owner has invested no less than 250 000 Euro.
  3. Individuals receive entitlement to a Greek residency permit also in cases when their several properties amount to a joint value of 250 000 Euro.

  4. If a property is purchased by a corporation or legal entity, the owner of business must hold a 100% of business shares of such corporation of legal entity.

  5. Residency permits are also issued to foreigners who undersigned a lease about letting hotel apartments or furnished visitor housing valued at no less than 250 000 Euro in a designated tourist destination for no less than 10 years.
  6. It is also possible to request a residency permit when a foreigner intends a property acquisition in person in Greece. In such cases it is necessary to produce proof of financial competency for acquisition of no less than 250 000 Euro-valued property, as well as an agreement draft certified by a relevant attorney or real estate agency.

Residency permit requirements for financially-independent persons.

Foreigners who are able to live a financially independent life in Greece by having enough earnings or savings from overseas, are able to obtain a Greek residency permit. In order to request a permit in such case, it is best to open a Greek bank account with a deposit statement of 24 000 Euro per person, – or otherwise a statement of earnings from workplace, inclusive of tax declaration statement, referring toan amount of no less than 2000 Euro per person per calendar month. This can be expressed in assets inclusive of renting property prices, pension payouts, alimony payments, salaries, etc. In the case of an inquiry for family reunification visas, the calculable amount is increased as follows: 2000 Euro per person per calendar month x 20% for spouse and a minimum of 15% per every child, i.e. 2400 for married couple each pcm, and minimum 2300 pcm per spouse starting with one child. In such case the Greek residency permit is issued for two years without a right to work in Greece.

Residency permit requirements for financial and economic activities.

1.1 Independent entrepreneurship activities with at least 60 000 Euro investment. Requirements as follows:

clear record of convictions

clear health record for entry into EU

a business plan compiled by local Greek economist as technical proof regarding investment of at least 60 000 Euro showing such economic activity as beneficial to Greek National Economy Development

Proof of income for investment purposes, such as property sale agreement, taxed income, bank savings, etc.

Availability of a monetary deposit no less than 60 000 Euro in a Greek bank account

The permit request along with all necessary documents is submitted to the Greek consulate, which then forwards documentation to local administrative authorities relevant to location of economic activities proposed by the individual’s request. The reviewed case is transformed into an act that is then forwarded back to the Greek consulate to allow issuance of residency permit.

1.2 Development of activities with at least 300 000 Euro investment. Requirements as follows:

clear record of convictions

clear health record for entry into EU

a business plan compiled by local Greek economist as technical proof regarding investment of at least 300 000 Euro showing such economic activity as beneficial to Greek National Economy Development

Proof of income for investment purposes, such as property sale agreement, taxed income, bank savings, etc.

Availability of a monetary deposit no less than 300 000 Euro in a Greek bank account

The permit request along with all necessary documents is submitted to the Greek consulate relevant to current residential address of the individual; this consulate then forwards documentation to the Greek Ministry of Economy and Finances department of foreign investment monitoring division on governance of foreign capital. The reviewed case is transformed into an act that is then forwarded back to the Greek consulate to allow issuance of residency permit.