Greek authorities intend to implement small changes for attracting foreign investors from third countries and plan to complete the current law on the "golden visas" (or "golden residence permit"). It could be that buyer of real estate in Greece worth €250,000 would obtain not only a residence permit, but the citizenship of Greece in 7 years as well, informs the ee24.com citing ekathimerini.com.
Another innovation is to be the residence permit given for housing purchase worth up to €250,000 which will be given not only to the investor, investor’s spouse or their children under the age of 21 years (according to current law version), but also to the parents of buyers of property in Greece – grandmothers and grandfathers. And the third point is: if an investor from non-European country wishes to sell his Greek property for which he had received the "golden visa", his residence permit will be given to the new owner. That is the totally new statement.
Such plans were announced by Angelos Syrigos, General Secretary for population and social cohesion in the Ministry of Foreign Affairs of Greece. It is expected that the law will be approved by the Parliament before the end of 2014.
Now a residence permit in Greece issues for 5 years, then you can apply for permanent residence. Citizenship in Greece may be legally obtained after 10 years of living in the country. Thus, the new law may reduce this period to 7 years in case of purchase the expensive real estate.