Apart from the ownership of real estate either personally or via a legal entity, the other two ways under which you can proceed to the Greek Golden Visa acquisition are the following: conclusion of an agreement for at least a 10-year lease of hotel accommodation or furnished tourist residences in tourist accommodation complexes, pursuant to the pertinent provisions of the Greek law; conclusion of a time sharing agreement, pursuant to the pertinent provisions of the Greek law. But in any way, the amount of 250,000 euros is the minimum amount of investment allowed under the pertinent provisions of the Greek law in order to be eligible for the Greek Golden Visa program.
How does Greece define “tourist residence” when it comes to acceptable housing that will grant a Golden Visa?
I am interested in relocating to Santorini with a Golden Visa. I can’t afford the 250,000 euros for a property purchase at the moment, but can I rent something instead? Will this make me eligible for a Golden Visa? What exactly is a “tourist residence” and how is it different from an apartment, hotel or other long-term lodging?
There is no way to go around the 250,000 condition. Yes, you can rent (long term) or buy any kind of real estate (tourist residence, flat, house) anywhere in Greece, but the total paid price should be 250,000.
A resident permit for real estate owners is a new type of resident permit, according to the Greek immigration law for third-country citizens who have entered the country legally on any kind of visa. Beneficiaries of the right of this permanent resident permit, which shall be renewed every five years, are: third-country citizens who own real estate property in Greece, either personally or through a legal entity based in Greece or another EU member state, of which they own the total of the company shares, provided the minimum value of the property is 250,000 euros; third-country citizens who have signed a lease agreement – for a minimum of 10 years – for hotel accommodations or furnished tourist residences in integrated tourist resorts according to article 8, paragraph 2 of law 4002/2011 (Government Gazette 180 A'), provided the minimum cost of the lease is 250,000; third-country citizens who purchase a plot of land or acreage and proceed to erecting a building, provided that the cumulative value of the land purchase and the contract with the construction company is at minimum 250,000; third-country citizens who have signed a timeshare agreement (lease), based on the provisions of Law 1652/1986; family members of the third-country citizens described above. As it is clear from the above the minimum 250,000 euros investment is the basic prerequisite for participation in the Greek program of a Golden Visa.
For the Golden Visa, the property market is worth 250,000 euros, not the lease of a property. The tourist accommodation program does not know it. The purchase of a hotel is quite time-consuming and it is the responsibility of the ministry of finance.