Introduction: Nestled along the picturesque Mediterranean coast, Greece stands as a captivating crossroads of diverse cultures and economic opportunities. At the heart of Greece’s appeal is its Golden Visa Program, a dynamic initiative that offers a spectrum of enticing advantages, from financial incentives to the invaluable freedom of visa-free travel across Europe. However, like any significant endeavor, obtaining a Golden Visa requires a clear understanding of the stringent eligibility criteria set forth by the Greek government. In this article, we delve into the intricacies of Greece’s Golden Visa Program, shedding light on the critical provisions and opportunities it presents to prospective investors.
Eligibility Criteria for a Golden Visa: The cornerstone of the Golden Visa Program is found in Article 20Β, paragraph 1 of Law 4251/2014, which outlines the requirements for granting a renewable 5-year residence permit to third-country nationals. To qualify for a Golden Visa, applicants must meet one of the following criteria:
(a) Legal Entry or Residence:
- Applicants must have legally entered Greece with any type of visa or have a legal residence status, even if the current residence instrument does not permit a change of residence purpose.
(b) Ten-Year Lease Agreement:
- Applicants who have signed a minimum ten-year lease agreement for hotel accommodation or furnished tourist residences within tourist accommodation complexes, as governed by Article 8(2) of Law 4002/2011, are eligible, if the value is above 250.000 Euros
Understanding the Ten-Year Lease Agreement: The provision for a ten-year lease agreement is a pivotal pathway to obtaining a Golden Visa. There are two distinct scenarios:
Lease of Tourist Accommodation and Furnished Apartments:This involves leasing tourist accommodation and furnished apartments within tourist complexes for a minimum duration of ten years. Key requirements include a notarized lease agreement, proof of a one-time payment of EUR 250,000, and certification by the Greek National Tourism Organization. Transcription of the lease agreement at the Land Registry Office and insurance for hospitalization and medical care are also mandatory.
Analyzing Tourist Accommodation Complexes: Tourist accommodation complexes play a pivotal role in Greece’s Golden Visa Program. These complexes must meet specific criteria under Law 4002/2011 to be considered eligible:
1. Size and Star Rating:
- To qualify as a tourist accommodation complex, the property must cover an area of at least 150,000 square meters. Furthermore, it must maintain a prestigious five-star rating, reflecting a commitment to high-quality hospitality.
2. Affidavits and Responsibility:
- Both the supervising engineer and the owner of the complex are required to produce affidavits, affirming the compliance of common area spaces with Greek law. Furthermore, they bear responsibility for maintaining these common areas in functional condition throughout the year, rather than solely during peak tourist seasons.
3. Ministerial Approval:
- To formalize the complex’s eligibility, a notarial document must be approved by the Minister of Tourism, ensuring alignment with Greece’s tourism standards.
4. Co-Ownership Regulation:
- A pivotal aspect of tourist accommodation complexes is the signing of a co-ownership and functioning regulation by all involved parties, including lessors/owners and lessees. This regulation serves as the “Constitution” of the complex, governing relationships among stakeholders and allowing for subleasing under specified provisions.
Advantages and Considerations: While a Golden Visa obtained through a ten-year lease agreement within a tourist accommodation complex presents numerous advantages, investors and prospective lessees should carefully weigh their options. This pathway is particularly attractive for larger tourist enterprises, as only five-star category hotels can be considered complex tourist accommodations.
On one hand, it offers financial security and guarantees a high level of services from the tourist complex. On the other hand, it may not be accessible to Small and Medium Enterprises (SMEs). Regardless, it serves as a viable option for those seeking to renew their Golden Visa for at least five additional years.
Greece’s Golden Visa Program, enriched by the complexities of ten-year lease agreements and tourist accommodation complexes, offers a dynamic opportunity for investors and individuals seeking European residency. As one explores this pathway, it becomes evident that understanding the intricate provisions is paramount to making informed decisions.
In conclusion, a Golden Visa acquired through a ten-year lease agreement or investment in a tourist accommodation complex unveils the possibilities and potentials that Greece holds. Whether opting for permanent residency or exploring the subleasing avenue, it is an avenue brimming with opportunities, financial and otherwise.
At Amoiridis Law Services® we are dedicated at assisting our well-respected clients successfully complete any of their investment projects in Greece. Thanks to our longstanding experience, we are able to provide a full package of consultancy services to our almost exclusively international clientele, customized to their specific needs.
As a result, we have represented clients from all around the globe regarding their projects in Greece. Our network of associate experts, composed by both in-house and external solicitors, notaries, accountants, tax experts, civil engineers, topographers, realtors etc., enables us to provide an all-in-one package of consultancy services, guiding you throughout the entire procedure of transferring your tax residence to Greece and benefiting from the upcoming tax exemption package.
For any further information and clarifications please do not hesitate to contact our qualified legal team, ready to provide you with further personalized information tailored to your needs and your profile.
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Athens, September 2023
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