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Granting of visa permits in May 2013

Granting of visa permits to buyers who invest in properties over 250.000 Euros in Greece, begins in May

The Greek government gives the opportunity to foreign investors that are willing to buy or lease for at least 10 years properties over 250.000 Euros, to acquire a five-year visa permit that can be renewed, both for themselves and their family members.
It was actually told that at the end of May, all relevant decrees and circulars will have been signed, to put the measure into effect. However, it was clarified that the visa permit does not include permission to live and work, and the years spent in obtaining citizenship are not calculated, regarding it.

The interest of Russians, Chinese, Americans and citizens of Arab countries is more intense for the property market in our country, either as a holiday home or for investments in the tourism industry.

Concerning the smaller investments of over 250.000 Euros, (purchase property or timeshare),the Greek law states that the investor and his family members are allowed to renew the visa permits as long as he continues to have this property in his ownership. This visa is a type C Visa and gives the right to travel in the EU but not the ability to work.

This setting, which is included in the new Investment Law, benefits investors from countries such as Russia, China, the U.S. and the Arab countries, and allows them to claim opportunities offered by the Greek market for investment in high-value properties. The law removes a major bureaucratic hurdle and enhances the competition of the Greek market against this of the EU countries that already offer other incentives, such as Hungary, Spain and Portugal.

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