Greece’s Offer to Non-EU Citizens: Trade “Residence Permit” for “Real Estate Investment”

Posted by in Economy

In an effort to attract investors the Greek government is examining to  grand residence permit to citizens of third countries (non-EU countries). According to Greek media, the government considers to grant a five-year residence permit with right to extension to those who have received an entry visa and who own a main or secondary residence in Greece. Providing the property value exceeds 300,000 euro.

Another option under consideration is to give a residence a permit to foreign investors who aim to invest over 1 million euros in the real estate sector in Greece.

The duration of residence permit will not be added to the years needed to receive a citizenship (citizenship law is currently under revision), while it will not grand a work permit as well.

The practice of giving residence permits is already in operation in other countries under EU/IMF bailout mechanism, like Portugal and Ireland. Also Spain joined the residence-giving club, however prime minister Rajoy put the property value limit much lower: to 150,000 euro.

According to ekathimerini Development Ministry sources suggest, however, that these ideas have not matured yet and may not be included in the current bill on strategic investments.

State broadcaster NET TV reported that these plans will be matured by early spring of 2013.

PS early spring? short before the bank recapitalization and a possible lifting of eviction ban? with thousands of homes ready for auction? with certain funds from certain countries counting their money in order to buy mortgage contracts from the banks? coincidence? just asking…