BUYING A PROPERTY IN CRETE FOR GOLDEN VISA RESIDENCY PERMIT.
Purchasing property in Crete, Greece, can be a great way to obtain a Golden Visa, which grants residency to non-EU citizens who invest in the country. Here's a guide on how to do it:
1. Understanding the Greek Golden Visa Program
- Minimum Investment Requirement: You must invest at least €250,000 in real estate to qualify for the Golden Visa. This is one of the lowest thresholds in Europe.
- Residency: The visa grants residency in Greece for five years, renewable every five years as long as you maintain ownership of the property.
- Family Benefits: The visa extends to your immediate family members (spouse, children under 21, and parents of both the applicant and the spouse).
- EU Travel: Visa holders can travel freely within the Schengen Area for up to 90 days within any 180-day period.
2. Choosing the Right Property in Crete
- Location: Crete offers diverse options, from bustling cities like Heraklion and Chania to quieter villages. Coastal properties are particularly popular due to the island's beautiful beaches.
- Property Type: You can buy a wide range of properties, including apartments, villas, and traditional houses. New developments, as well as renovated historical properties, are available.
- Legal Status: Ensure the property has clear legal status, with all necessary permits and no encumbrances.
3. Legal and Financial Considerations
- Hiring a Lawyer: It’s crucial to hire a local lawyer to handle the legal aspects of the purchase. They will ensure the property is free of legal issues and assist with the transaction.
- Notary Fees and Taxes: Budget for additional costs like notary fees (around 1.5-2% of the property value), property transfer tax (3%), and legal fees (typically 1-2%).
- Due Diligence: Your lawyer will conduct due diligence, including title checks, planning permissions, and ensuring the property complies with all regulations.
- Contract Signing: After due diligence, you’ll sign a Preliminary Contract and pay a deposit. The final contract is signed before a notary, and the balance is paid.
4. Golden Visa Application Process
- Document Preparation: Gather necessary documents, including a valid passport, proof of health insurance, proof of property purchase, and a clean criminal record certificate.
- Submission: We submit your Golden Visa application at the local Aliens and Immigration Department in Crete or through a Greek Consulate in cooperation with the Law firms.
- Processing Time: The application typically takes 2-3 months to process. Once approved, you’ll receive a residency permit.
5. Managing Your Property
- Maintenance: Consider how you will maintain the property, especially if you won’t live there full-time. You may need to hire a property management service.
- Rental Income: You can rent out your property when not in use, potentially generating income to offset costs. Crete is a popular tourist destination, so short-term rentals can be lucrative.
6. Future Prospects
- Citizenship: Although the Golden Visa itself does not lead directly to citizenship, after seven years of residence, you may be eligible to apply for Greek citizenship, provided you meet other criteria such as language proficiency and integration into Greek society.
- Selling the Property: If you sell the property before the five-year period, your Golden Visa will be revoked unless you reinvest in another property that meets the minimum investment threshold.
Buying a property in Crete not only provides you with a beautiful place to live or vacation but also offers a pathway to residency in Greece. The process involves careful legal and financial planning, but with the right guidance, it can be a rewarding investment.
