Savvaidis & Associates | New Legislation for Greece

Posted on December 6, 2012 by

Residence permits to be issued for Non Europeans buyers of Property in Greece over €300,000!


The Ministries of Development, Finance and Internal Affairs are pushing through legislation to enable residency permits to be issued to foreign nationals who have purchased (or will purchase) property in Greece worth over 300,000 euros.

The permit will be multi-annual but will only apply for residency and does not give the right to work nor will it pave the way for obtaining citizenship.

According to the government, the current regulations act as a disincentive to Non-European citizens purchasing real estate in Greece because of the difficulties they have in staying or visiting their property on regular basis.

Sources state that the changes to the law were brought about to create a friendly environment for strategic and private investments and will be presented to Parliament in the coming days.

Spain takes similar action

At the same time the Spanish government plans to issue permits for foreign nationals purchasing property in Spain worth 160,000 euros in its efforts to relaunch its property market and to promote the hundreds of unsold homes.

As broadcast by CNBC, citing a publication by the New York Times, Spain’s Minister of Commerce, Jaime Garcia-Legaz said, during the announcement of the government’s proposal, that the target market is mostly Chinese and Russian investors who may be experiencing problems in purchasing property in Spain because they are not residents of the European Union.

Jaime Garcia Legaz pointed out that Spain is following in the footsteps of Ireland and Portugal, the two other eurozone economies experiencing difficulties, in trying to stimulate the housing market by relaxing the conditions for granting residence permits to foreign nationals.

‘This decrease in red tape for Non Europeans will enable easier access to holiday homes and longer stays, which will  undoubtedly lead to an increase in high-end buyers’. Says Savvas Savvaidis of Savvaidis & Associates