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Does transferring property ownership affect my Greek Golden Visa?

I bought a property in Greece about a year ago and received my Golden Visa. However, I don’t want to maintain the home anymore and wish to completely transfer ownership of it to either my son or cousin, neither of whom was on my original Golden Visa application as a dependent a year ago. They haven’t established any Greek residency. So, I’m wondering if the property stays in our family and transfers to them, can I still keep my visa, even though I don’t have an eligible property anymore?


Answers
  • Aggeliki G. Androutsou
    February 25, 2019

    The property may be transferred to your son and he becomes the owner and you are a member. With your cousin, you could sell it but you would lose the Golden Visa.

  • Dimitra Mella & Partners
    February 26, 2019

    Generally, transferring property ownership affects the Greek Golden Visa eligibility or the maintaining of it (if someone already has it). Accordingly, third country nationals who wish to maintain their Greek Golden Visa (or the eligibility for it) after transferring their property ownership, should purchase another property fulfilling the necessary requirements. In your case, transferring property ownership to your cousin does not give you the right to the Greek Golden Visa. However, things might be different in case of transferring property ownership to your son. More precisely, if upon the transferring of the property ownership to your son (which must happen through a sales contract), the latter can acquire the Greek Golden Visa (that depends on whether this transfer meets all the necessary requirements of the Greek migration law or not), then you could also acquire the Greek Golden Visa as your son’s ascendant.

  • Energopiisi SA Investment Consulting Services
    February 23, 2019

    Regarding your question, please be advised that in order to keep your resident permit the following condition must be met: The real estate property must remain in the full ownership of the applicant. So, in case of sale of the property to your cousin, there is no option to keep your resident permit for property owners, but regarding your son’s case, it is a viable solution. According to the law, the family members of the investor are also entitled for Golden Visa benefits, as family members are considered the direct relatives of both spouses in the ascending line, e.g., the parents.

  • Right Target Estate
    February 23, 2019

    No, you will lose your permit as soon as you transfer your property. Sorry about that!

  • Papalois & Associates Legal
    February 23, 2019

    You cannot. But if your son obtains a Golden Visa, you can also obtain one as a dependent member.