Greece introduces new rules for the 5-year residency

Greece introduces new rules for the 5-year residency

Foreign investors will need to buy a property in Greece worth more than €250,000 to get the five-year residence permit in Hellas. The new rules will take effect in May 2013, according to Greek media. The necessary documents will be signed at the end of April 2013 and will take effect immediately. Earlier, Greece pondered the possibility of granting residence permits to investors buying property in the sum of €300,000.

According to Stefanos Isaias, General Director of the Invest in Greece, the five-year residence permit in Greece will be granted to foreign investors buying a tourist and commercial properties, as well as housing. He said that the new rules "meet the requirements of the market" and soon "will positively impact on the Greek economy and affect almost all the major tourism investments in the country", reported RIA "Novosti".

Stratos Paradias, president of the Pan-Hellenic Federation of the owner, said that the new law will revitalize the real estate market in Greece, including the luxury segment. However, for a more rapid recovery, in his opinion, it is necessary to reduce the real estate transfer tax.