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[BUYING AND SELLING REAL ESTATE IN GREECE]
least 120 square meters. Such residence permits may be renewed for an equal period (5 years) for as long as the real estate property remains in the ownership of non-EU citizens, or the timeshare- lease agreements remain in force. The minimum value of the investment is set to 250,000 euros in the following cases: a. For real estate properties the use of which has been converted from commercial to residential before applying for the residence permit. b. For real estate properties located in preservable buildings which the investor shall restore or reconstruct. In order for the residence permit to be renewed after five (5) years, the restoration/reconstruction must be fully completed. If the property is not fully restored/reconstructed within the above period, the residence permit shall be revoked, and an administrative fine of 150,000 EUR shall be imposed. Any transfer of the property before the completion of the restoration or the reconstruction by the investor is invalid. In both of the above cases, the amount of 250.000 euros must be invested in one single real estate property, regardless of its location and size. Said non-EU citizens may be accompanied by their family members (spouse, unmarried children under 21 years old, parents), to whom a separate residence permit may also be granted following their request. Their permit shall be terminated at the same time as the property owner permit. To children over 21 years old, a separate residence permit may be granted, having a duration of 3 years, for reasons of family reunification.
ILN Real Estate Group – Buying and Selling Real Estate Series
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