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[BUYING AND SELLING REAL ESTATE IN GREECE]
the same above conditions (prior issuance of a permit by the Minister of Defense). 9. IMMIGRATION RULES RELATED TO PROPERTY INVESTMENT Greek law provides that a residence permit of 5 years shall be granted to citizens of non-EU countries who are the owners (either personally or through a legal entity established in Greece or in an EU country, the shares of which belong entirely to them) of real estate property in Greece, or who have concluded a timeshare agreement or have leased hotel accommodations for at least 10 years. As of 1st September 2024, with regard to the Region of Attica and the Regional Unit of Thessaloniki (Region of Central Macedonia), the Regional Unit of Mykonos and Santorini (South Aegean Region) and the islands with a population of more than 3.100 residents, the minimum value of the real estate property and the contractual value of the timeshare or hotel accommodations lease agreement, has been set to the amount of eight hundred thousand (800,000) euros. If the investment concerns the acquisition of only a joint percentage of a real estate property, the value of this percentage must amount to at least 800,000 euros. As for all the other regions of Greece, the minimum value of the real estate property at the time of its acquisition has been set to the amount of four hundred thousand (400,000) Euros. If the investment concerns the acquisition of only a percentage of a real estate property, the percentage in question must meet the same requirements, i.e., its value must amount to at least 400,000 euros.
In both of these cases, the investment must concern only one single property, and if it concerns an already constructed building, its surface area must be at 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's
ILN Real Estate Group – Buying and Selling Real Estate Series
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