According to the Greek immigration law, third-country citizens who have signed a 10-year timeshare agreement (lease), based on the provisions of Law 1652/1986, are granted the permanent resident permit for property owners. In the case of third-country citizens who have signed a lease of at least 10 years for hotel accommodations or furnished tourist residences in integrated tourist resorts, provided the minimum value of the lease is 250,000, the contract must require a single payment of the lease for the equivalent of the 10-year leasing of the property. A timeshare lease, according to the legal provisions of article 1 of law 1652/1986, is the commitment of the lessor to grant, each year, to the lessee, for the duration of the time share, the use of the tourist accommodation and to provide to them the relevant services for the determined period of time according to the contract. The lessee must pay the agreed rent tourist accommodation, according to Law 1652/1986, which are are considered hotel units and generally tourist facilities operating under the permission of the Hellenic Tourism Organization (EOT), being subject to the provisions of the law by a decision of the secretary general of the National Tourist Organization. A timeshare could be agreed for a period of one to 60 years The lessor is required to notify the EOT in writing of the time share agreements. The EOT has the right to control and check the execution of timeshare contracts. By decisions of the Minister of National Economy, published in the Government Gazette, are determined: a) the conditions for the total or partial inclusion of tourist accommodation, by region of the country, followed the provisions of this law; (b) regulations of any matter relating to the operation and organization of the accommodation and services rented in accordance with the provisions of this law; (c) additional conditions to be included in the timeshare, sub-lease or concession agreement. In Greece there are a lot of companies that offer timeshare services and, according to the above, have to be approved by the competent authorities.
