1. By decision of the Decentralised Administration Secretary-General, a residence permit is granted for five years, with the option to renew, to a third-country citizen, who:
(a) Has legally entered the country with any entry visa or is legally residing in the country, even if the currently held residence permit does not allow a change in purpose.
(b) Personally has ownership, possession and peaceful enjoyment of real property in Greece. Where there is co-ownership of property valued at €250,000, a right of residence is granted only if the property owners are spouses and own the property jointly. In all other cases involving co-ownership, the right of residence is granted only if the share of each co-owner is valued at €250,000.
(c) Has full ownership, possession and peaceful enjoyment of real property in Greece through a legal person, the shares of which are wholly owned by the applicant.
(d) Has entered into a lease for hotel accommodation or furnished tourist residences in tourist accommodation complexes of at least 10 years, as specified in Article 8(2) of Law 4002/2011 (A 180).
(e) Has entered into a timeshare lease agreement in accordance with the provisions of Law 1652/1986 “Timeshare Lease Agreement and Regulation of Related Matters” (A 167), as in force.
2. The minimum value of real property and the contractual lease amount for hotel accommodations or tourist residences in this article is set at €250,000 and must be paid in full by the time the contract is signed.
“The price is paid by crossed bank cheque to the beneficiary’s payment account held at a credit institution operating in Greece, or by credit transfer, as specified in Article 4, definition 24 of Law 4537/2018 (A 84), to the beneficiary’s payment account held at a payment service provider, as specified in Article 4 definition 11 of Law 4537/2018, operating in Greece.”
By joint decision of the Ministers of Interior and Finance, the amount of such real property may be adjusted and will be derived from the values of the properties listed in the contracts or in the lease agreements.
3. Third-country citizens who own property have the option of leasing it.
4. The third-country citizen above may be accompanied by members of their family to whom individual residence permits may be granted following their application and which expire at the same time as the sponsor’s permit.
Family members are:
a. The spouse
b. the other spouse or partner with whom the third-country citizen has entered into a co-habitation agreement in Greece
c. the unmarried shared children, under the age of 21, of the spouses or partners
d. the unmarried children, under age 21, of the sponsor or other spouse or partner, if custody has legally been awarded to the sponsor for the sponsor’s children, or custody of the other spouse’s or partner’s children to the spouse or partner
e. direct ascendants of the spouses or partners
5. This permit may be renewed for an equal period of time each time provided ownership and possession of the property is still held by the third-country citizen or agreements under par. 1 hereof are still in effect and all other conditions specified by law are met. Intervals of absence from Greece do not impede the renewal of the residence permit.
“The resale of the real property while the residence permit is in effect to another third-country citizen grants the new buyer the right to obtain a residence permit while the seller’s permit is revoked at the same time.”
6. The residence permits granted under pars 1 and 4 of this article do not establish any right to access any type of employment.
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