Responding to the challenge of the new era established by Blockchain technology and the non-regulated legal framework concerning digital currency aka crypto currency, Vassilios P. Bokos handled cases of investors or entrepreneurs concerned with digital currencies (Bit coin, Etherium, Bit shares etc.), after having attended a course of relevant seminars both in Greece and abroad.

He drafted the first lease/rental contract in Greece with the rent agreed to be paid in digital currency and he processes the appropriate adjustments in legal texts concerning ICO (Initial Coin Offering) issuing. Furthermore, he reviews new applications that use digital coins.

He is a legal advisor/consultant of foreign companies that deal with Block chain technology products and he collaborates with lawyers in Cyprus, Switzerland, Germany and Denmark on cases of digital currency companies. He is also member of the Hellenic Blockchain Hub (HBH), which aims to develop a national strategy for Blockchain in Greece.

PROCESS AND CONDITIONS

Third country citizens who own real estate property valued 250.000 euros and enter Greece with any kind of Visa or o D type Visa or already have a permit in Greece can get a 5 year permit for themselves and their family members.

Preconditions for a residence permit for real estate owners in Greece

In order for third country citizens to pursuit a five year permit as investor the following conditions are requested:

1) The third country citizen may own and have in possession a property valued at least € 250.000. If there is a joint ownership, where the value of the property is €250.000, the residence permit is only granted if the owners are spouses or partners with a cohabitation agreement in Greece, with undivided ownership of the property. Otherwise each owner must have invested separately at least € 250.000.

2) If the owner has acquired the property through a legal entity, the applicant must own 100% of the company shares.

3) The residence permit is also granted when the owner has more properties and the combined value is € 250.000.

4 )When the interested third country wants to enter the country with a type D Visa, then he must prove his intention of buying such property by providing to the Consulate authority documentation which prove the financial capacity (e.g., certificate of an A-class certified bank, or other recognized financial institution), which certify the existence of bank accounts or other mobile assets, such as bonds or shares, which can cover the cost of the investment of at least €250.000, and which certify the intention of the applicant to purchase the property (contract with a law firm or with a real estate office).

The value is based on the amount indicated on the contract through which the transfer of property is made, not by other assessments or estimations.

The Process

STEP ONE: Apply for a Visa at the Greek Embassy – Consulate. The justifications are pretty much the same required after to issue the permit in Greece at the Immigration Office.

• Especially for Visa type D the intention of buying such property must be proved by providing to the Consulate authority documentation which prove the financial capacity (e.g., certificate of an A-class certified bank, or other recognized financial institution), which certify the existence of bank accounts or other mobile assets, such as bonds or shares, which can cover the cost of the investment of at least €250.000, and which certify the intention of the applicant to purchase the property (contract with a law firm or with a real estate office).
• Must have valid passport for more than six months.
• Any other documentation proving his working status last years, his residence within his country.
• When family members are to follow, family certificates are required.

STEP TWO

Once the Visa is issued the third country citizen must process after entering Greece to the local immigration office in order to apply for his 5 year permit. Depending on the way he got the property the applicant must submit some relative documentation and some common documents for all cases. Specifically:

1^st Case. Residence permits for third country citizens who own and possess, either wholly or jointly, property in Greece.

• A contract of purchase stating that the contract of sell and purchase of the property is not subject to conditions or exemptions, the total price amounts to € X which has been paid in full with a crossed bank cheque to a bank account of the beneficiary, held in a credit institution operating in Greece or with a credit transfer, as defined by Law 4537/2018 article 4, par. 24 (Official Government Gazette Α΄ 84) to a beneficiary’s bank account held in a payment service provider, as defined by Law 4537/2018 article 4 par. 11 operating in Greece.
• Proof of transfer of the contract by the competent Land Registry and a certificate issued by the Land Registry or national cadaster agency attesting to the non-existence of any encumbrance.

2^nd Case. Residence permits for third country citizens who own property in Greece through

a legal entity, where the applicant owns all shares.

• A contract of purchase stating that “the contract of sell and purchase of the property is not subject to conditions or exemptions, the total price amounts to € X which has been paid in full with a crossed bank cheque to a bank account of the beneficiary, held in a credit institution operating in Greece or with a credit transfer, as defined by Law 4537/2018 article 4, par. 24 (Official Government Gazette Α΄ 84) to a beneficiary’s bank account held in a payment service provider, as defined by Law 4537/2018 article 4 par. 11 operating in Greece.
• Proof of transcription of the contract by the competent Land Registry and a certificate issued by the Land Registry or national cadaster agency attesting to the non-existence of any encumbrance.

The rest of the documents no matter how the property was obtained are:

• Four recent color photos (passport type printed as well as in Compatible Disc form).
• Certified copy of a valid passport or travel documents recognized by Greece and with the relevant valid entry visa, where required.
• A fee paid and obtained through the “e-paravolo” platform.

(Code 2112). Fee for family members. Minor children (under 18 years old) are exempted from this fee.

• A fee paid and obtained through the “e-paravolo” platform, which amounts to €16 concerning the printing of the separate document (electronic residence permit).
• Certification by an insurance agency for the cost of hospitalization and medical care. To certify that this condition is fulfilled, the following are accepted:

– Insurance contracts which have been signed outside Greece, provided that they explicitly mention that they cover the interested party for the duration of their stay in Greece.

– Insurance contracts which have been signed in Greece.

The submission at the immigration office can be executed by a lawyer through power of Attorney at a notary’s office and doesn’t demand the presence of the applicant himself. However the applicant must proceed for figure prints in a specific date appointed once the documents are submitted.

The process for family members

1. Spouses,
2. the other spouse or partner with whom a third-country national has a cohabitation agreement in Greece,
3. the direct unmarried descendants of the spouses, who are under the age of 21,
4. the direct unmarried descendants of the supporter or of the other spouse/partner, provided that their custody has been legally entrusted to the sponsor (for his/her children) and to the other partner (for his/her children), under 21 years of age,
5. the direct relatives of the spouses in the ascending line (Parents of both spouses),

Family members are not obliged to submit their application for initial residence permit simultaneously with the investor, they have the option to submit it subsequently, whenever they enter the country.

These family members are issued with a residence permit of the same duration as the applicant, but this permit does not include access to employment.