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How can I transfer ownership of the property I purchased to my immediate family member and still keep residency permits?

My son, my wife and I receive Greek residency permits through the Golden Visa program three years ago. The property we purchased is under my name. My wife and I are considering a divorce, but she is worried that she might lose her residency permit if she divorces me. We are wondering if I can transfer the ownership of our property to my son, who just turned 18 years old. Our assumption is that in this way, as his parents, we would still be able to keep/get residency permits of Greece, even if we divorced. Is this a viable solution? What do you suggest?


Answers
  • Varnavas Law Firm 1978
    August 08, 2018

    Since your son has turned 18 years old, then you can transfer the full ownership to his name and then you will switch the residency permits. In that case, your son will be considered as the main investor and you will qualify both as his family members, even if you are divorced. However, this is not a common issue and there is need for tailor-made legal advice, depending on the property value, the location of the property, etc. This issue should be discussed with the Ministry of Immigration Policy in order to secure a safe procedure.

  • Dafni Siopi & Associates Law Firm
    August 08, 2018

    Transfering the property to your son is indeed the best solution for your situation, because otherwise your wife will lose her right to reside in Greece in case of divorce. According to the law, the parents of the property owner are entitled to get a residency card (Golden Visa) and in this case, the divorce procedure would be irrelevant for the status of your residency cards.

  • Energopiisi SA Investment Consulting Services
    August 08, 2018

    In accordance with the legal provisions, when regulating the status of permanent residency permits for property owners, the residence permit remains valid for as long as the investor is the owner of the property. In the case of a sale of the investment, the residency permit of the investor and his family members are not renewable anymore. However, in your case, the proposed solution about the transfer of the property to your adult son is the most appropriate one. On the one hand, his parents are entitled, as his family members, to a permanent residency permit, irrespective of whether they are married or not. On the other hand, on a long-term basis, his permanent residency permit is ensured as long as he keeps the investment. There are two ways of transferring the property between family members by either selling or through parental grant. An issue that should be taken into consideration is the applicable taxes for each case.