By the end of the year, the revised legal framework is expected to be finalised, according to which the issuance of a residence permit is to be issued to citizens of third countries who wish to purchase real estate in Greece with a purchase value of more than EUR 250,000.
All the new changes aimed at boosting investment in the Greek real estate sector include, among others:
- The possibility of granting citizenship also to citizens of third countries who wish to acquire real estate in Greece, according to the procedures currently in force for obtaining Greek citizenship.
- Granting of a residence permit also to relatives in the ascending line of the corresponding property owners. Until now, only the owner’s wife and children were entitled to a residence permit under the current law.
- Permanent residence permit with a five-year renewal obligation.
If the acquired property is transferred within the five-year term, and if the new owner is also a third-country citizen and meets all the requirements, he or she will automatically receive the residence permit, while the previous owner will be automatically withdrawn.
