Residence Permit in Greece Via Property Acquisition

by Christos Iliopoulos, Esq.

If you are a foreign (not Greek and not EU) national, you do not have Greek ancestry, you have not obtained the Greek citizenship via your ancestors and you do not have a residence permit, neither a visa for stay in Greece, you are now going to be able to obtain the right to reside in Greece by purchasing real estate property in the country.

This is not yet enacted law, passed by the Greek Parliament. However, according to the Greek press, the Greek government has prepared a bill for boosting foreign investment in Greece. When the bill becomes law, it will state that any foreign national who is willing to invest in Greece a minimum of 300,000 euros in the real estate market, will be able to obtain a residence permit for a long period of time (possibly for five years initially).

The requirement will be to buy in Greece property worth of 300,000 euros at least.

Syros--Photo courtesy of Iliopoulos

Although more details of the bill have not been published yet, it must be noted that under the basic rules of European Union law, any person legally residing in one member state (like Greece), has the right to travel and, under conditions, to reside in any other member state of the European Union.

As a result of such rules, foreign nationals of third countries (who are not EU citizens, as in that case they have the right of residence anywhere in the EU, anyway), who obtain a residence permit in Greece by purchasing property, will also enjoy free travel and possibly residence rights in other European countries.

*Christos ILIOPOULOS, attorney at the Supreme Court of Greece , LL . M .

(Posting date 21 November 2012

Christos Iliopoulos is an attorney at the Supreme Court of Greece, LL.M., in Athens, Greece, specializing in International and European Business Law. For more information about him, see his brief biographical sketch under the HCS section for Contributing Authors at He has submitted many articles to HCS; readers can browse these in the archives section bearing his name at the URL He can be contacted by e-mail at or by phone (from the US) 011-30-210-6400282; mobile 011-30-693-2775920, fax 011-30-210-6400282, or by postal mail at the address: 105 Alexandras Ave., Athens, 11475, HELLAS

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