A permanent residence permit is issued to a third-country citizen, if he/she has obtained a visa, if required, and:
- legally owns, either personally or through a legal entity whose shares are wholly owned by him/her, property in Greece, or
- has, at minimum, a ten-year time-sharing contract, or
- a 10-year lease of hotel accommodations or furnished tourist accommodation (houses) in tourist accommodation complexes.
The aforementioned residence permit is renewed for every five (5) years, if the property remains unchanged in its legal ownership status as described above and the contracts of ownership remain in effect, and other statutory conditions detailed above are met.
The minimum value of the property and the contract price of the time-share leases and the leases for hotel accommodations or tourist furnished accommodations (houses) in tourist accommodation complexes, shall be two hundred fifty thousand (250,000) Euro. The value of the above-mentioned property will be determined in accordance with the stated prices of the sale documents of the properties, or leases as per their contracts, or as determined by ministerial objective values.
The aforementioned third-country citizen (property owner) may be accompanied by the members of his/her family. Upon their own request, family members may be granted a personal residence permit that is renewed and/or expires concurrently with the residence permit of the sponsor (property owner).
The residence permits do not allow a right to employment of any type.
UPDATE (November 2014): The legal framework for the Greek ‘Golden Visa” program has been updated and is now even more flexible. A brief guide about the program with the latest updates can be found here: Explore Greece’s Golden Visa Programme (available in English only).