The Greek Permanent Residence permit allows foreign investors to reside in Greece and travel freely through the Schengen zone. It is also a gateway to Greek Citizenship upon termination of 7 years of residence. Residence is optional, it is not mandatory to reside in Greece as a Permanent Residence holder. Investors can apply upon having invested EUR 250,000 in real estate. Dependent family members can also be included in the residency application.
Holding a Greek Permanent Residence, movement is no longer restricted in the Schengen zone which encompasses over 25 countries in Europe. Greek Permanent Residence who decide to reside in/relocate to Greece can set up a business and receive dividends, but they can not work locally.
Stepping stone to Citizenship
It is not mandatory for Permanent Residents to reside in greece but should they so wish to, they can use this as a route to Greek Citizenship in 7 years. This is subject to them demonstrating they meet the respective criteria. Greek is both a member of the European Union and of the Schengen zone hence a Greek passport is a highly coveted asset.
The Greek Permanent Residency holder can reside in Greece if they so wish to, with any family members that have successfully been processed. The need to reside in the country is not mandatory though, and the Greek Residency permit can be renewed in 5 years without having had to relocate to Greece.
Greek Permanent residency allows for the freedom to travel to and through the EU Schengen visa freely. This enables the investor to have increased global mobility.
It can also be a gateway to citizenship. If the investor decides to reside full-term in Greece, and has a foreign source of income or a business established in Greece, within 7 years they can obtain Greek Citizenship. Upon receipt of the citizenship, there is no longer a requirement to hold onto the EUR 250,000 real estate investment.
Upon sale of the EUR 250,000 property, the investor can also transfer the Greek Permanent Residency rights to a new investor, should they be interested. This is an added benefit for investors, looking at the long-run exit strategy. AXESA advise all clients on the process from submission to exit and work in close collaboration with agents, lawyers and service providers on the ground in Greece to provide a holistic residency solution.
The Greek Permanent Residency program is one of the most accessible investment level programs of any European residency scheme. Our team at AXESA is readily available to provide you with a free consultation elaborating on the program and on the steps required in your particular circumstances.
The Greek government implemented the Greece Residency Program in 2013 to encourage foreign direct investment into Greece. This has drawn a pool of foreign investors who have benefitted from this residency route and also contributed needed funds to the Greek economy, supporting its economy. Investment Criteria It is imperative that the main applicant/investor can demonstrate … Continue reading Greece Criteria
The Greek Residency Permit applicant must submit a complete due diligence and comprehensive source of funds with their application. The application is then reviewed and can be approved within 2 months of the investment being made. In order to apply, the applicant must have invested in the selected real estate option (commercial/residential) after having completed … Continue reading Greece Fees