Christmas webinar: Residence permit through investments in Greece Deloitte Tax, Greece 12 December 2018

Transcription

1 Christmas webinar: Residence permit through investments in Greece Deloitte Tax, Greece 12 December 2018

2 Contents Upcoming investment options Introduction Statistics Issuance process Types of real estate investments Advantages 22

3 Residence permit for investors in real estate Introduction Since 2013 the government of Greece has introduced an option for third country citizens to obtain a residence permit, through the investment of at least EUR in real estate. This residence permit is applicable for the investor as well as for his family members, including spouse, parents and children up to the age of 21. The residence permit is granted for life but shall be renewed every 5 years provided that the property investment is retained. Living in Greece in not necessary for the renewal of the residence permit while its holders can travel within the Schengen zone. No employment rights are granted. 33

4 Residence permit for investors in real estate Introduction Statistics (as of Aug ) Top 6 countries , Source : Greek Ministry of Migration Policy China Russia Turkey Lebanon Egypt Iraq 44

5 Residence permit for investors in real estate Categories of investments in real estate Purchase of real estate property directly Purchase of real estate property through a legal entity Timesharing agreement with a duration of at least 5 years Lease of hotel facilities or furnished houses in tourist facilities with a duration of at least 10 years Purchase of a plot of land with an intention to construct or restore a building 55

6 Residence permit for investors in real estate Advantages Right to travel within the EU Schengen area Possibility to lease the real estate property No need to live in Greece Right to apply for long-term residence status or citizenship Family members may follow 66

7 Issuance process Steps to be followed Collection of the residence permit within two months after the submission Submission of the application and supporting documentation Collection. of the documentation for the issuance of the residence permit Issuance of an entry Visa for the Greek Territory 77

8 Issuance process General supporting documentation for main applicant Entry visa (type C or D) Application Four recent color photos (passport type, printed as well as in Compartible Disc form) Certified copy of a valid passport Payment receipt of the relevant government fee amounting to Private health insurance covering the whole length of stay in Greece 88

9 Issuance process Specific supporting documentation Purchase of real estate property directly or through a legal entity The real estate s purchase contract. Registration receipt of the purchase contract by the competent Land Registry. Certificate issued by the Land Registry confirming that the real estate property is free of any encumbrances. Timesharing agreement with a duration of at least 5 years Notarized copy of the timeshare agreement. Registration receipt of the timeshare agreement by the competent Land Registry. Certification by the Greek National Tourism Organization that they have been informed of the establishment of this timeshare lease. 99

10 Issuance process Specific supporting documentation Lease of hotel facilities or furnished houses in tourist facilities with a duration of at least 10 years Notarized copy of the lease agreement. Registration receipt of the lease agreement by the competent Land Registry. Purchase of a plot of land with an intention to construct or restore a building The real estate s purchase contract. Contract with the construction company for the construction/restoration of the building. Building permit in the name of the applicant. Contractors invoices and the corresponding proofs of payment. 10

11 Issuance process Supporting documentation for family members Entry visa (type C or D) Application Four recent color photos (passport type, printed as well as in Compatible Disc form) Certified copy of a valid passport Payment receipt of the relevant government fee amounting to 166 (Minor children pay only 16) Private health insurance covering the whole length of stay in Greece A certified family status certificate establishing family relationship in case the applicant has entered the country as a holder of a type C visa. In case the applicant holds a national visa (type D), a declaration that his/her family status has not changed is required. 11

12 Issuance process General considerations 01 Application processing timeframe In general terms, the time required to process the application, does not exceed two months from the submission of the supporting documents to the competent immigration authority Provisions during the application processing period The third country citizen, who has submitted an application and received the confirmation receipt, can reside legally in the country for the duration of the confirmation receipt (one year). The holder of the confirmation receipt is entitled to the benefits of the residence permit that they have applied for. Hence, he/she can proceed with any legal transactions regarding his/her investment and can transact with all the relevant authorities. Issuance of the decision Once the authority of Aliens and Immigration of the Decentralised Authority has verified that the application fulfils all necessary conditions, in accordance with the decision of the Secretary General of the Decentralised Administration, they will issue a five-year residence permit. 12

13 New legislation expected Upcoming investment options New legislation is soon expected to be introduced by the Greek Government, providing to third country citizens the option to obtain residence permits through liquid investments as well. Indicatively, Greek residence permits may be acquired through: Capital injection amounting to at least in a Greek based company in order to acquire shares in case of a capital increase or bonds in case of a bond loan issuance. Purchase of Greek Government bonds with an acquisition cost of at least through a Greek credit institute. Time deposit of at least to a Greek credit institute. Purchase of parts in mutual funds with an acquisition cost of at least as long as the investments of the mutual fund are made exclusively in stocks and corporate or Greek Government bonds listed in Greece. 13

14 Greek Immigration team Contact details Achilleas Miltsanidis, Partner Angeliki Katsoulaki, Senior Manager Sotirios Batsakis, Manager Eleftheria Vasileiou, Consultant

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