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Why is some real estate restricted on the Greek Golden Visa program?

I am a Turkish citizen. I am interestied in buying a property in Greece that’s near the Greece-Turkey border to get a Golden Visa and still be close to Turkey to stay in touch with my family. Is this possible? I have heard conflicting information.


Answers
  • Dimitra Mella & Partners
    June 21, 2019

    The restriction you refer is not related to the Greek Golden Visa program per se, but it is rather a more general one. More precisely, according to the pertinent provisions of Greek law, any foreigner who wants to proceed to a purchase of land in certain Greek areas which are characterized as borderlands has to be granted a permission beforehand by the Greek government. Of course, depending on the circumstances, this procedure might take some time.

  • Anastasios D. Michopoulos
    March 21, 2019

    For reasons of national security, there is a law that fordids real estate transactions around the borders of Greece.

  • Stilianos Ch. Proestakis
    March 21, 2019

    There are some certain frontier areas that you need to apply for a license from the Greek state, but still, it is not forbidden if you have the requirements.

  • Key To Success Limited
    March 21, 2019

    As per the current law and regulations relating to Greek Golden Visa program, I am not aware of any restrictions to property investment in Greece as per a location. Perhaps there is a restriction as per a specific directive by the Ministry of Foreign Affairs (I am not aware if this is definite) to ensure sovereignty of lands/real estate near national borders.

  • Right Target Estate
    March 21, 2019

    Buying a property close to the border might be problematic since you need to get a specific authorization, which could take some time. This is why we don't really recommend it as such. Athens or Thessaloniki is probably a better option. It's also still easy to travel from and to Turkey.

  • Penny Konitsioti
    March 21, 2019

    Please be aware that due to existing Greek legislation, some areas near borders are under restriction for obtaining property. In that case you will need to reconsider other options for areas that are still close to the areas you are interested but not under the restriction measures of the existing law.

  • Mila Zosimidou Law Office
    March 22, 2019

    Under the applicable laws of Greece, a purchase of land or any other right in areas within the Greek territory characterized as borderlands is forbidden for foreigners (natural and legal persons) without the prior governmental permission. For this reason, if a third-country national wishes to purchase a property in a borderland, he/she should firstly submit an application to a competent authority and obtain the permit.

  • Energopiisi SA Investment Consulting Services
    March 21, 2019

    For properties located in border regions some additional rules are applied, but it does not mean that properties in these areas are not eligible for Greek Golden Visa program. It should be noted that border regions are defined as the prefectures of the Dodecanese, Evros, Thesprotia, Kastoria, Kilkis, Lesvos, Xanthi, Preveza, Rodopi, Samos, Florina, Chios, and the islands of Thera and Skyros. They are also the former regions of Nevrokipi in the former prefecture of Drama, Pagoniou and Konitsas in the prefecture of Ioannina, Almopia and Edessa in the prefecture of Pella, and Sintiki in the prefecture of Serres. Individual or legal entities that are interested in buying properties in these areas should follow an additional procedure before the property acquisition. They could request the lifting of the ban for the border regions, along with their application, which should clearly state the intended use for the property. The decision to lift the ban is made by the Minister of Defense following the submission of an application; it should take place before the property purchase contract. In any case, since this procedure takes time, perhaps you should take into account to invest either in Athens or Thessaloniki as options for more investment opportunities.

  • Aggeliki G. Androutsou
    March 28, 2019

    There are no geographical limitations. Purchase is made on what the buyer wants to buy in the whole of Greece.