golden visa and hotel

@david anastasiadis Dear David- within the Greek Golden Visa law, as you likely know, there are several different ways to obtain permanent residence.  You can buy property totalling 250,000 or more, or have shares in a company that does, and so on.  The law does not distinguish between the types of property- whether land, buildings, etc.  The law also does not distinguish between the license or permit that happens to be on the land.  I will put a little of the law below, and you can look it up and read the rest yourself.  So if you buy property of any kind for 250,000 or more, you get a Golden Visa, but there are of course requirements you have to meet.  As for living in the hotel, that depends on a lot of things that are beyond the scope of this forum.  It depends on the year the hotel was built and whether you are going to change the use and the hotel license and many other things.  This is a question for a Greek attorney specializing in Golden Visas and a real estate law.  It is a clever idea and perhaps worth investigating.  Did you find one that is going bankrupt?  I am curious to see it!  You might choose (c) below and operate as a condo hotel and notice (d) as well.  I looked at hotels to renovate and live in with my Greek Village Cohousing group and found only one worth considering.  Here is the beginning part of the law Golden Visa law.  Look on our website for the tab to read the rest or just find the law a different place.

"1. By decision of the Secretary General of the Decentralized Administration,  residence permit for five years, subject to renewal,  is granted to  a third country national who:

(a) has legally entered the country with any type of visa or legally resides in the country, even if the type of residence permit that he possesses, does not permit change of purpose.

(b) has  personally the full ownership, possession and peaceful enjoyment of real estate property in Greece. In the case of jointly owned property, worth 250,000 euro, the right of residence is granted only if the owners of the property are spouses with indivisible shares in the property. In all other cases of joint ownership, the right of residence is granted only if the   joint ownership rate of each joint owner is worth 250,000 euro.

(c) 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.

(d) has concluded an agreement for at least  a ten year lease of hotel accommodation or furnished tourist residences in tourist accommodation complexes, pursuant to Article 8 par. 2 of Law 4002/2011 (Government Gazette 1, no 180).

(e) has concluded  a time sharing agreement pursuant to the provisions of Law 1652/1986 "Time sharing agreement and related issues" (Government Gazette 1, no 167), which is in force.

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2. The minimum value of the real estate property, as well as the contractual consideration of hotel accommodation or tourist residences leases of this Article, is determined at two hundred and fifty thousand (250,000) euro and must have been paid in full upon the signing of the contract.

@GreekVillageCohousing You have to spend 500.000 now mimimum

@GreekVillageCohousing

thank you for respnsing me

@concertina  That's only for big cities.

Investors in real estate in Greece must also budget for the additional taxes on real estate at 3%- 24%. At €250,000 + taxes and fees (just over €300,000 in total) this programme offers the lowest cost residency in Europe. The Greek residency programme is relatively fast, taking around 40 days until a residency card is issued. There are also favourable family rules for dependents.

You can read up on it from Google.

@Ant PJ No its not just for big cities.wrong!

cant see problems living in my hostel or hotel

@concertina No you don't.  Mitzotakis announced the upcoming law in Thesoloniki, the parliment has taken up the discussion and drafted some sections, but the law has not been passed nor regulations made.  Furthermore, the amount of 500,000 is not for all of Greece- they are modeling the law after Portugals.  As of this date the law has not passed yet, but you are right that for some areas of Greece it will pass soon- and then apply to purchases made after another date. 

@GreekVillageCohousing You have right,january i believe it comes into force but not for everywhere,some parts of Athens,near the Acropolis,Plaka and some islands,the main tourist ones like santorini,mikonos etc..will be 500.000,the rest stay at 200.000,if it is already going through at 200.000 and deposits are paid then they have until end of jan 23 to complete at that price.people can buy two flats etc..to make up the 20.000 or just over I think,but see..Greek News... these last few days and they talk about it in some depth.I think it is a great scheme and chance for people to get here.