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What types of commercial property are eligible as investments in the Greek Golden Visa program?
Does any kind of commercial development, provided that it is valued at 250,000 euros or more, work for the program? Does Greece have any restrictions on foreign ownership? Also, can I live in the commercial property and make money of it as well?
Answers
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According to the Greek Golden Visa program, every kind of property is eligible for the program.The law states that a minimum of 250,000 euros must be the stated price on the contract. It does not distinguish between commercial and residential properties. Also, there are no restrictions for foreign ownership. The usage of the property depends on the permit issued for each specific one.
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Commercial property is totally permitted.
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There is no restriction on the type of property that is bought for 250,000 euros, a purchase which grants a right to remain in Europe but not a right to work. Τhe market for investing in a site for a hotel is within the jurisdiction of the finance ministry and is time-consuming.
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Yes, any property purchased for 250,000 euros or more is eligible for applying. No restrictions apply on the property. Yes, you can.
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According to the pertinent provisions of the Greek law, the Golden Visa is granted to a third-country national (i.e., a person who is not a citizen of the European Union) who satisfies one of the following requirements: has personally the full ownership, possession and peaceful enjoyment of real estate property in Greece; has the full ownership, possession and peaceful enjoyment of real estate property in Greece via a legal entity, whose shares are fully owned by him/her; has concluded an agreement for at least a 10-year lease of hotel accommodation or furnished tourist residence in tourist accommodation complexes, pursuant to the pertinent provisions of the Greek law; has concluded a time-share agreement, pursuant to the pertinent provisions of the Greek law. In all of the above cases, the minimum value of the investment (either the real estate property, or the contractual consideration of hotel accommodation or tourist residence leases) is determined at 250,000 euros. Subsequently, as you can appreciate, the Greek law does not provide specifically for commercial property, but neither does it distinguish between residential and commercial property. Besides, as an owner of real estate property (which is worth at least 250,000 euros), you have the possibility and right of leasing that property. Finally, the pertinent provisions of the Greek law do not include any restrictions on foreign ownership.
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