On the 18th of April 2013, Greece introduced the new Law 4146/2013 that offers residency permits to non-E.U. foreign citizens that buy property in Greece.

The minimum value of the property has been set to 250,000 Euros. The residency permit is granted for 5 years and is renewable for as long as the property remains in the possession of the initial owner.

There are different types of property transactions available in the Greek Immigration program. The first type of transaction is the purchase of property in Greece. The second type of transaction is to sign a minimum 10-year time-sharing contract. The last type of transaction is to sign a 10-year lease of hotel accommodations or a furnished tourist residence.

The five-year residence permit is also offered to the family members of the owner of the real estate property. Provided that the ownership of properties is maintained, after the 5-year period, the residency permit can be renewed for another 5 years.

Joint ownership is permitted, provided that the individuals hold the 50% each and the amount invested by each co-owner is a minimum of 250,000 Euros. In this case, both can apply for a residency permit and be accompanied by their families.

Owners are not required to occupy their residential properties; they can lease the properties and generate rental income.

Holders of the residency permit are required to visit Greece once each year to renew and to receive a replacement of their E.U. National Identity Card.

Holders of the residency permit are not allowed to work. However, they can be shareholders of a company.

For more information, please visit the government website:
http://www.investingreece.gov.gr/default.asp?pid=225&la=1