Introduction
People buy property through the Greek Golden Visa programme. They think it is a good investment for a long time.Things can change. You might want to move to a country or buy a different property. You might want to change the way you invest your money. You might just want to sell the property when it is worth more money.
This makes us ask an important question: can you sell the property that you used to get a Greek Golden Visa?
The answer is yes you can sell the property and it is legal.. Selling the property can cause problems with your residence permit because the Golden Visa is connected to keeping the investment that qualifies for it.
So people who invest need to know the difference between being able to sell the property and being able to stay in Greece after they sell it.
This guide will tell you what happens when you sell a Golden Visa property how it can affect your right to live in Greece and what you should think about before you make a decision, about selling your Golden Visa property.
1. Can You Sell a Property Bought for the Greek Golden Visa?
Yes. A property purchased for the Greek Golden Visa can be sold.
Owning a Golden Visa property does not prevent the owner from transferring it to another buyer in the future. From a real estate perspective, the property remains an asset that can be sold according to the normal legal procedures applicable in Greece.
However, the residence permit is a separate issue.
The Golden Visa was granted because the investor made and maintained a qualifying investment. Therefore, selling the property used for that investment can affect the conditions on which the residence permit was issued.
Selling the property and keeping the Golden Visa are different questions
This distinction is important.
An investor may have the legal right to sell the property, but this does not automatically mean that the investor can continue holding the same Golden Visa after the qualifying investment no longer exists.
Under the current framework, maintaining ownership and possession of the qualifying real estate is generally required for the residence permit to continue meeting its investment conditions.
For certain Golden Visa property categories, the official procedures specifically state that resale of the property during the validity of the residence permit results in the simultaneous revocation of the seller’s residence permit.
For this reason, investors planning to sell should review their residence status before signing the sale contract.
2. What Happens to Your Golden Visa If You Sell the Property?
If you sell the property that is supporting your Golden Visa it can affect your right to keep the residence permit.
The Greek Golden Visa is a permit that you get when you invest in something. It is not like permits that you get when you have a job or family, in the country.
The Golden Visa is only valid long as you still have the investment that qualified you for it.
So if you sell the property you should not think that your five year residence permit will still be good until it expires.
What happens when it is time to renew your Golden Visa?
When you renew your Golden Visa it becomes very clear that the investment and the residence permit are connected.
To renew your Golden Visa you have to show that you still own the property.
So if you sell the property you will not be able to renew your Golden Visa because you do not have the investment anymore.
You should not wait until it is time to renew your Golden Visa to think about this.
If you sell the property it can affect your Golden Visa before it expires.
You should get advice from a lawyer before you sell the property.
3. Can You Buy Another Property. Keep Your Golden Visa?
This is one of the important questions for investors who want to sell.
For example an investor may have purchased an apartment years ago but now wants to sell it and purchase a larger property move the investment to another part of Greece or change the structure of the portfolio.
The key issue is whether the new investment satisfies the Golden Visa requirements that apply to the investors situation.
Golden Visa thresholds and property requirements have changed considerably over the years. Therefore selling a qualifying property and purchasing a new one should not be treated as a simple property exchange.
The current rules may be different from when you invested
An investor who qualified under an earlier investment threshold may now be considering purchasing in an area where a higher minimum investment applies.
Under the framework real estate investment thresholds can generally be €800,000, €400,000 or €250,000 depending on the location and the qualifying category of the property.
There are also requirements, for certain investment routes, including rules concerning the number of properties, minimum surface area and property use.
Therefore an investor should verify the Golden Visa eligibility of the replacement investment before selling the existing qualifying property.
The order and timing of the transactions can also be important.
4. Can the Buyer of Your Property Apply for a Golden Visa?
Potentially, but not automatically.
The fact that a property was previously used by one owner to obtain a Golden Visa does not mean that every future buyer will automatically qualify for a residence permit by purchasing it.
The new buyer must independently satisfy the Golden Visa requirements that apply at the time of their own investment and application.
This includes factors such as:
• The purchase price.
• The property’s location.
• The applicable investment threshold.
• The type of property.
• The method of payment.
• Any specific requirements applying to the relevant Golden Visa category.
The notarial documentation used in Golden Visa applications can also include information on whether the property was previously used by the seller for the issuance of an investor residence permit.
Therefore, both the seller’s residence position and the new buyer’s eligibility should be examined separately before the transaction is completed.
5. What If Your Property Has Increased in Value?
One reason an investor may consider selling a Golden Visa property is that its market value has increased since the original purchase.
Property prices in many parts of Greece have risen over recent years, which means some Golden Visa investors may now own properties worth considerably more than the amount they originally invested.
From a real estate perspective, the owner can decide to sell the property and benefit from any increase in value.
However, the fact that the property is now worth more does not change its role as the qualifying investment behind the Golden Visa.
Does the profit affect your Golden Visa?
The amount of profit made from the sale is separate from the residence permit requirements.
For example, selling a property for considerably more than its original purchase price does not automatically allow the investor to keep the Golden Visa after the qualifying investment has been sold.
The important question for residence purposes is whether the investor continues to maintain an investment that satisfies the applicable Golden Visa requirements.
Investors should also consider the taxes, transaction costs and other financial obligations that may apply when selling property in Greece.
For this reason, both legal and tax advice should be obtained before deciding whether a sale is financially beneficial.
6. Can You Sell After Receiving Permanent Residence or Citizenship?
People who get a Golden Visa need to know the difference between a residence permit that is based on an investment and other types of residence or citizenship.
Just because you have a Golden Visa for a time does not mean you can stop keeping the investment that qualifies you for it.
If you still need the Golden Visa to live in the country selling the property that qualifies you for the Golden Visa can affect your permit.
What about becoming a citizen of Greece?
Becoming a citizen of Greece is a thing, from having a Golden Visa.
Having a Golden Visa for a number of years does not automatically make you a citizen of Greece.
If you want to become a citizen of Greece you have to meet the requirements to become a citizen, which can include living in Greece for a certain amount of time.
If you already have citizenship things are very different because you do not need to keep the Golden Visa property investment to be a citizen.
If you are thinking about selling your property while you are waiting to become a resident or a citizen you should talk to a lawyer before you do anything.
The Golden Visa is still important to consider even after you have it because it can affect your ability to live in the country. You should always think about the Golden Visa. How it will affect you even after you have received permanent residence or citizenship.
7. What Happens to Your Family Members Golden Visas If You Sell?
One of the advantages of the Greek Golden Visa program is that family members who qualify can get residence permits that are linked to the investor.
This means that the results of selling a Golden Visa property can go beyond the investor.
If the main investor no longer keeps the investment that qualifies and the residence permit is affected the residence permits of family members who depend on the investor may also be affected because their status is linked to that of the investor.
Depending on the rules in place family members who can qualify include:
• The. Partner of the investor.
• Children who meet the rules.
• Parents of the investor.
• Parents of the investors spouse or partner.
Therefore a choice to sell should be made at the family level of just from the point of view of the property owner.
Check every residence permit before selling
Before finishing a sale investors should check the status and dates when all residence permits linked to the investment expire.
This becomes very important when family members live, study or spend a lot of time in Greece.
A sale that changes the investors residence status could also cause real problems, for family members who depend on the same investment.
8. What Should You Check Before Selling a Golden Visa Property?
Selling a Golden Visa property is a deal. It is not like selling any property. You have to think about what will happen to your residence status.
Before you put the property on the market or say yes to an offer Golden Visa property owners should know how the sale will affect their residence status.
Check the basis of your Golden Visa.
The rules for Golden Visa have changed over time. So Golden Visa property owners should find out:
* When they bought the property.
* What investment threshold applied at that time.
* Which Golden Visa category they got the permit for.
* When they got the residence permit.
* When the permit will expire.
* If family members also have permits connected to the investment.
This information will help Golden Visa property owners figure out what will happen if they sell the property.
Check the rules before buying a replacement property.
If Golden Visa property owners want to sell one property and buy another they should check if the new property is eligible before they do either deal.
The rules that applied when they bought the property may not apply to a new investment.
Depending on where the property’s what kind of property it is a new purchase may need to meet a different investment threshold or other conditions.
Calculate the side of the sale.
Golden Visa property owners should also calculate if selling makes sense financially. They should think about:
* How much they will get from selling the property.
* How much they will have to pay for fees.
* How much they will have to pay for expenses.
* What taxes they will have to pay.
* How much it will cost to buy another property.
* How rental income they will lose if they sell.
* How much it will cost to keep a qualifying investment.
A Golden Visa property that has gone up a lot, in value might seem like an idea to sell but the cost of replacing the qualifying investment can change everything.
9. Is It Better to Keep or Sell Your Golden Visa Property?
There is no one size fits all answer to this question, for every investor.
For some people who own Golden Visa properties keeping the property is the thing to do especially if it is still making them money and they want to keep their Golden Visa.
For owners of Golden Visa properties selling might be a good idea because the value of the Golden Visa property has gone up or they want to invest their money in something else or they want to move their money to a different investment.
Keeping your Golden Visa property might be an idea if:
- You want to keep your existing Golden Visa.
- The Golden Visa property still meets your investment goals.
- It gives you rental income over the long term.
- You think the value of the Golden Visa property will go up more.
- It would be very expensive to replace the Golden Visa property under the rules.
Selling your Golden Visa property might be an idea if:
- The value of the Golden Visa property has gone up a lot.
- You have changed your investment strategy.
- You do not need the Golden Visa anymore.
- You have gotten a residence status or citizenship that does not depend on the Golden Visa property.
- You want to change the way your property portfolio is set up.
The main thing to think about is what will happen to your residence status before you sell the Golden Visa property.
If you sell a Golden Visa property that qualifies you might not be able to change the sale in a way that protects your residence status.
So people who have a Golden Visa and are thinking about selling should look at both the sale of the Golden Visa property and their immigration status before they sign the contract to sell the Golden Visa property.
FAQs
Can I sell my Golden Visa property in Greece?
Yes. You can legally sell a property that was purchased for the Greek Golden Visa. However, if that property is the qualifying investment supporting your residence permit, selling it can affect your Golden Visa status.
The property sale and the residence permit should therefore be considered separately.
Will I lose my Golden Visa if I sell the property?
If you sell the property that forms the basis of your Golden Visa and no longer maintain the qualifying investment, your residence permit can be affected.
Investors should not assume that the permit will simply remain valid until the expiry date printed on the residence card. The consequences should be checked before the sale is completed.
Can I buy another property instead?
Potentially, but the new property must satisfy the Golden Visa requirements applicable to the new investment.
This is particularly important for investors who purchased under older rules. Current investment thresholds and property requirements may be different from those that applied when the original property was purchased.
Therefore, the eligibility of the replacement property and the timing of both transactions should be checked before selling the existing property.
Do I have to keep my Golden Visa property for a minimum number of years?
The important requirement is not simply holding the property for a fixed number of years. The qualifying investment generally needs to be maintained for as long as the investor relies on it as the basis of the Golden Visa.
Golden Visa residence permits can be renewed as long as the applicable investment and renewal requirements continue to be satisfied.
Can I sell my property after five years?
Yes, the property itself can be sold. However, five years of ownership does not automatically mean that you can sell the qualifying investment and continue holding the Golden Visa without considering the residence consequences.
If you still depend on the property investment for your residence status, you should check the applicable requirements before selling.
What if my Golden Visa property is now worth more than I paid for it?
You can sell the property at its current market value and potentially benefit from its appreciation.
However, the profit from the sale does not replace the qualifying investment for Golden Visa purposes. If you want to maintain your investment-based residence status, you need to consider the applicable requirements before completing the sale.
Can the person who buys my property get a Golden Visa?
Possibly, but eligibility is not transferred automatically from one owner to another.
The new buyer must independently meet the Golden Visa requirements in force at the time of their investment. The property’s location, purchase price, category and other legal requirements will determine whether the new purchase qualifies.
What happens to my family’s Golden Visas if I sell?
Family residence permits connected to the main investor can also be affected if the qualifying investment is no longer maintained and the main investor’s Golden Visa status changes.
For this reason, investors should review the residence status of all family members before selling the qualifying property.
Can I sell after becoming a Greek citizen?
Greek citizenship is separate from Golden Visa residence status. Once a person has legally obtained Greek citizenship, their right to live in Greece is no longer based on ownership of the Golden Visa property.
However, holding a Golden Visa for a certain number of years does not automatically result in citizenship. The separate legal requirements for naturalisation must be satisfied.
What should I do before selling my Golden Visa property?
Before completing the sale, you should verify how it will affect your residence permit, whether any family permits are connected to the investment and whether a replacement investment would qualify under the current rules.
It is also important to review the financial consequences of the sale, including applicable taxes, legal expenses, professional fees and the cost of purchasing another qualifying property if required.