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What are some of the rules for tourist accommodations to obtain a Greek Golden Visa?

have a family friend who runs a resort in Greece. He is willing to let me use it for my Golden Visa at a discount rate, which would still make it a tourist accommodation for the long term. Is this an acceptable method that will be approved by authorities? Is there a minimum that needs to be spent on such accommodations?

  • Energopiisi SA Investment Consulting Services
    July 12, 2019

    According to the provisions of article 20 Law 4251/2014, besides the acquisition of real estate either personally or via a legal entity, there are other two alternative ways under which you can proceed to the Greek Golden Visa acquisition: sign 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; sign a timeshare agreement (lease), with a minimum amount 250,000 euros, based on the provisions of Law 1652/1986. 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 according to the Greek legal framework for Golden Visa program. In the case of third-country citizens who have signed a lease of at least 10 years for hotel accommodations or furnished tourist residences in integrated tourist resorts, provided the minimum value of the lease is 250,000, the contract must require a single payment of the lease for the equivalent of the ten year leasing of the property. In all cases outlined above, the value of the real estate property will be determined based on the value of the property, or the lease, indicated in the contract of purchase.

  • Stilianos Ch. Proestakis
    July 12, 2019

    For third-country nationals out of E.U. who have been renting hotel accommodation or tourist furnished accommodation for at least 10 years in complex tourist accommodation, provided that the minimum lease amount is € 250,000, the one-time payment of the ten-year lease rental of accommodation or tourist furnished dwellings.