LEGAL UPDATE: AMENDMENTS TO THE IMMIGRATION LEGISLATION AND GOLDEN VISA PROGRAM

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Posted on : 02 Jan 2019

On 24/12/2018, law 4587/2018 regarding urgent matters of the Ministry of Migration Policy and other provisions was published in the Official Gazette, introducing among other things, amendments to the Greek Immigration and Social Integration Code regarding the residence permit for investors in real estate (also known as the Golden Visa Program).

More particularly in relation to the amendments concerning the Greek Golden Visa Program, the relevant provisions of the Immigration Code it is worth noting that:

– The amended wording of the law provides the possibility to third country nationals acquiring property which is leased at the time of the purchase of the property to be benefit of the relevant provisions.

– The term of “companion” is included in addition to the term “spouse”. As such, spouses or companions having entered into a civil partnership may own together, indivisibly, a property in Greece.

– As per the amendments introduced by law 4587, the property in Greece may be held in Greece through a legal entity having its seat in Greece or any other EU member-state. Are therefore excluded companies having their registered office outside the EU.

– A person having acquired the property either through intestate succession, through a will or as a parental benefit may also benefit of this type of residence permit, provided he is over 18 years old.

– In case of sale and purchase of a property at any price, where the seller is a third country citizen, he must provide a document from the competent local immigration authorities certifying whether such property has been used for the purposes of obtaining a Greek residence permit for owners of real estate. The same provisions apply accordingly to the sale of real estate property owned by a corporate entity the shares or corporate share parts of which are owned by a third country citizen.

Finally, are introduced clarifications as to the payment methods of the purchase price of the property.

For more information on the Golden visa program, please consult our brochure or contact us.

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E-MAIL: info@vassiliades.gr

TEL.: +302103388625

*This publication is intended only to provide general information and does not constitute personal advice. We do not accept or assume any responsibility towards readers of the present document for any loss resulting from acting on the basis of this publication.