Great news for Greece’s second homes market!
The Ministries of Development, Finance and Internal Affairs have introduced the long awaited legislation to enable residency permits to be issued to foreign nationals who have purchased (or will purchase) property in Greece worth over 250,000 euros.
The permit will be multi-annual and it will be applicable to all first degree family members (such as children, parents and siblings). It has to be noted that it will only apply for residency and does not give the right to work nor will it pave the way for obtaining citizenship.
According to the government, the current regulations act as a disincentive to Non-European citizens purchasing real estate in Greece because of the difficulties they have in staying or visiting their property on regular basis.
The move is expected to have a positive impact in the real estate market of Rhodes enabling easier access to holiday home and longer stays.
Rhodes will feel like home to non Europeans!