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How can co-owners of a property keep their eligibility for Greek golden visas if they get married and switch to a cheaper property?

My girlfriend and I each invested 250,000 euros in a residential property two years ago and got our golden visas as separate investors. Recently we got married. I am wondering if we can sell the current property, buy a cheaper one that is worth 250,000 euros and still keep our golden visas. In this case she will be my dependent. If it is possible, does our accumulative year of residency start to count from zero? Our ultimate goal is to apply for the Greek citizenship.


Answers
  • Right Target Estate
    December 18, 2018

    In theory, it should not affect your status. But you need to make sure there is no time gap between the two operations which might be difficult in practice. Also, I would recommend to address yourself through your lawyer to the specific authorities that are competent for the new resident permit to confirm with them since some instances might give you hard time in case of change of property.

  • Papalois & Associates Legal
    December 18, 2018

    This can be done, and time will not count from zero.

  • Energopiisi SA Investment Consulting Services
    December 18, 2018

    According to the Law in force, in cases of joint ownership of the real estate property by spouses, the residence right is granted to both spouses with an investment of 250,000 euros totally. Furthermore, in cases when the real estate property is transferred, the third country citizen loses the right to residence permit except if at the same time another property will be purchased according to the Law requirements. So theoretically the switch of the properties won’t affect your residence status if you ensure that there won’t be any time gap between the two transactions. Also, it is advisable to ask your lawyer to ask for an appointment with the competent authority for your new application of residence permit, on time.

  • December 19, 2018

    Yes, you can sell the property, but in order to maintain the residence permit and prior to selling this one, you should have purchased another property fulfilling the same requirements. The necessary requirements in your case so that you do not lose your golden visas is to get married before you sell your current property and then when you purchase your new one, you will have to buy it undivided. Therefore, if you sell your current property due to which you both got your golden visas and buy a cheaper one that is worth in total 250,000 euros, you do not simultaneously lose one of your golden visas. This is only happening because you will be married you will have the new property undivided. Regards to the Greek citizenship, according to Article 8, paragraph 30, Law 4332/2015, the third country citizen has the right to apply for the long-term resident status, provided they fulfill the conditions of Articles 89 and 90, Law 4251/2014. Having been granted the long-term residence status is a prerequisite in order to apply for Greek citizenship by naturalization, provided all other requirements are fulfilled.