PERMANENT INVESTOR RESIDENCE PERMIT – GOLDEN VISA

The Immigration and Social Integration Code (L. 4251/2014, Official Gazette A’ 80) includes provisions that facilitate the stay of investors from third countries, whose investments have been characterized as strategic investments, through the provision of extended time limits of stay for the representatives of the investment agencies and their partners, Golden Visa.

At the same time, it is possible to grant residence permits, Golden Visa, to citizens of third countries and their family members, who purchase real estate in Greece, the value of which exceeds 250,000 Euros or 500,000 Euros for specific areas in Greece.

Legal services for Golden Visa Application

1st Level

1. Give instructions for the document are needed
2. prepare a proxy for the application and give instructions where can be signed from the clients
3. review the documents
4. Translation of the documents in Greek Languange (proxy, kinship etc..)
5. Pay the public fees
6. Proceed to insurance contract
7. Proceed to the application to the immigration.

2nd Level

1. Receive the application and certification documents
2. Arrange fingerprint appointment to the immigration depending on client’s interest
3. Prepare the documents for the appointment 
4. Give instructions for the procedure

3rd Level

1. Prepare the additional documents the usually ask from the immigration (Stamp of entrance, flight tickets etc..)
2. Any further modifications to the documents may be asked
3. send the documents through the system

4th Level

1. Check if the card and final decision of the immigration is ready
2. Make the appointment of receiving the final decision and the card on behalf of the client
3. Send the documents per courier to the address of the client or keep it to the office until the client receives it.

GENERAL INFORMATION ABOUT THE REQUIREMENTS

RESIDENCE PERMIT FOR PROPERTY OWNERS (Article 20)

By decision of the Secretary General of the Decentralized Administration, a residence permit is granted for five years, with the possibility of renewal, to a citizen of a third country, who:

1. He has entered the country lawfully with any entry visa or is lawfully residing in the country even if the residence permit he holds does not permit a change of purpose.
2. He has, by full ownership and county, real estate in Greece. On undivided co-ownership of real estate, the acquisition value is at least equal to that defined in subpar. 2, right of residence is granted, only if the co-owners are spouses or partners who have entered into a cohabitation agreement. Otherwise, the right of residence is granted only if the percentage of each co-owner is of a value at least equal to that defined in the next paragraph.
3. Has full ownership, jurisdiction and possession of the immovable property in Greece, through a legal entity, whose shares or company shares are wholly owned by him
4. Has entered into at least a ten-year lease of hotel accommodation or tourist-furnished houses in complex tourist accommodation, in accordance with the provisions of article 8 par. 2 of Law 4002/2011 (A 180).
5. Has entered into a timeshare contract in accordance with the provisions of Law 1652/1986 “Timeshare Contract and Regulation of Related Matters” (A 167), as applicable.

AREAS – AMOUNT CONDITIONS

For the Regional Units of the North, Central and South Sectors of Athens and the Municipality of Vari – Voula – Vouliagmeni of the Region of Attica, the Municipality of Thessaloniki of the Region of Central Macedonia and the Regional Units of Mykonos and Santorini of the Region of the South Aegean the minimum value of real estate by the time of its acquisition, as well as the total contractual rent for the leases of hotel accommodation or tourist homes herein, is set at five hundred thousand (500,000) euros and must have been paid in full before submitting the request for the granting of the investor’s permanent residence permit.

In the case of investment through the purchase of real estate in the areas mentioned above, it is carried out in a single property. In the case of investment through the purchase of an undivided co-ownership percentage of a property, the minimum value of the co-ownership percentage is set at five hundred thousand (500,000) euros and the investment is made in a single property.

For the rest regions of the country, the minimum value of the real estate at the time of its acquisition, as well as the total contractual rent for the leases of hotel accommodations or tourist residences herein, is set at two hundred and fifty thousand (250,000) euros and must have been paid completely before submitting the request for the granting of the investor’s permanent residence permit. In the case of investment through the purchase of real estate in the areas of the first paragraph, it is carried out in one or more properties.

Citizens of third countries, owners of real estate, are given the possibility to rent them.

FAMILY MEMBERS

The family members of the main investor who can apply for the residence permit, Golden Visa, are the following:

1. The wife
2. the other of the spouses or partners with whom the third country citizen has entered into a cohabitation agreement in Greece
3. the unmarried joint children of spouses or partners under 21 years of age
4. the unmarried children of the supporter or the other spouses or partners, as long as custody has been legally assigned to him/her for the children of the supporter and for the children of the other spouses or partners to him/her under 21 years
5. the direct ascendants of spouses or partners
6. The above license can be renewed for an equal duration, each time, as long as the real estate remains in the ownership and jurisdiction of the citizen of a third country or the contracts in paragraph 1 of this document remain in force and the other conditions prescribed by law are met. Periods of absence from the country do not constitute an impeding reason for renewing the residence permit.

“The resale of the real estate during the validity of the residence permit, to another citizen of a third country gives the right to grant a residence permit to the new buyer with the simultaneous revocation of the seller’s residence permit.”

The residence permits granted in accordance with paragraphs 1 and 4 of this article do not establish a right of access to any form of work.

RESIDENCE PERMIT FOR INVESTMENT ACTIVITY (article 16)

• The entry and residence of citizens of a third country in Greece are permitted, in order to make an investment that will have a positive impact on the national development and economy.
• Depending on the amount and characteristics of the investment, up to ten citizens of third countries, including the investors, may enter and reside in the country for its implementation and operation.
• With the recommendation of the Directorate of Foreign Capital of the Ministry of Economy and Development, which concerns the characterization of the investment and the feasibility of granting a residence permit, the entry and residence of citizens of third countries in Greece may be allowed for the implementation and operation of the investment.
• The application and the required supporting documents, as determined by the joint ministerial decision of paragraph 12 of article 136, are submitted to the Greek consular authority of the place of residence of the interested parties which, within a month, forwards them to the Directorate of Foreign Capital of the Ministry of Economy and Development. Within a month, the above service examines the application and forwards the relevant recommendation to the competent consular authority in order to grant the required national entry visas.
• The competent consular authority, in the event of a delay in the transmission of the relevant recommendation of the Directorate of Foreign Capital of the Ministry of Economy and Development, may grant it the required relevant permits and entry visas.
• The citizen of a third country, who has received an entry visa for the purpose of making an investment, is granted a residence permit for the same reason, provided he presents the required supporting documents
• The residence permit is valid for five years and is renewed for an equal period each time, as long as the implementation of the investment or its operation continues after its completion.
• The above citizens of third countries may, in derogation of the provisions of paragraph 1 of article 70, be accompanied by their family members who are granted a residence permit for family reunification that expires at the same time as the residence permit of the dependents.
• The Department of Immigration Policy of the Ministry of Immigration Policy is responsible for examining the application and issuing a decision to grant or renew a residence permit for investment activity.
• The provisions of this article apply similarly to the entry and residence of third-country nationals in the context of new investments carried out by domestic companies that are already operating or by third-country nationals who already reside legally in Greece and hold a residence permit for independent economic or investment purposes. activity.
• Up to ten (10) citizens of third countries, per investment, who are deemed necessary, are allowed to enter the country if they previously obtained, where required, an entry visa (Visa D) in order to carry out investments that have been characterized as “Strategic Investments”, following a decision of the Interministerial Strategic Investments Committee on inclusion in Law 3894/2010 (A 204).
• The above visa is granted free of charge, upon presentation of the decision of the Interministerial Committee for Strategic Investments, which characterizes the investment as a “Strategic Investment” and a recommendation from the Secretary General of Strategic and Private Investments that refers to the relationship of third-country citizens with the entity of the strategic investment.
• The above are granted, by decision of the Minister of the Interior, a ten-year residence permit which is renewed for ten years, as long as the same conditions apply.
• For the granting of the residence permit, an application with the required supporting documents, as defined in the joint ministerial decision provided for by the provisions of paragraph 1 of article 136, is submitted to the Migration Policy Directorate of the Ministry of the Interior. The residence permit is issued within five (5) days from the date of submission of the application.
• The above citizens of third countries may, in derogation of the provisions of paragraph 1 of article 70, be accompanied by their family members who are granted a residence permit for family reunification that expires at the same time as the residence permit of the dependents, as well as by auxiliary staff, if it concerns people with special needs.

RESIDENCE PERMIT FOR INVESTMENT IN SECURITIES OR BANK DEPOSIT (Law 4605/2019 Article 42 par. C.)

• The entry and residence of third-country nationals in Greece are permitted, in order to make an intangible investment in Greece in specific forms of securities or a bank deposit exceeding €400,000 in value, either as natural persons or through legal entities.
• Right of entry and permanent residence permit, under this program, is granted:
• To citizens of third countries who, as natural persons, invest in Greece in securities or bank deposits
• To citizens of third countries who make an investment in Greece in securities or a bank deposit through a national legal entity in which they own all of their corporate shares.
• To shareholders or executives of a foreign legal entity that invests in Greece in securities or bank deposits (up to three residence permits are granted depending on the amount of the investment)
• To family members of a third-country citizen

The residence permit, Golden Visa, granted to the above citizens of third countries does not grant them the right to work in Greece.

CATEGORIES OF INVESTMENTS:

• Capital contribution, in the amount of at least four hundred thousand (400,000) euros, to a company that has its headquarters or establishment in Greece, excluding Portfolio Investment Companies and Real Estate Investment Companies, for the acquisition of shares in a share capital increase or bonds during the issuance of a bond loan, which is imported for trading in regulated markets or multilateral trading mechanisms operating in Greece.
• Capital contribution, in the amount of at least four hundred thousand (400,000) euros, to a Real Estate Investment Company (AIEAP) of article 21 of Law 2778/1999 (Government Gazette A’ 295), whose purpose is to invest exclusively in Greece, for the acquisition of shares to increase its share capital.
• Contribution of capital, in the amount of four hundred thousand (400,000) euros at least, to a Mutual Fund of Business Participations (EKES) of article 5 of Law 2367/1995 (A ́ 261) for the acquisition of shares, or contribution of capital to a Mutual Fund of Business Participations (EKES), of article 7 of Law 2992/2002 (Government Gazette A’ 54) for the acquisition of shares, since the above Alternative Investment Organizations (AIE) aim to invest exclusively in companies with headquarters or establishment in Greece.
• Purchase of Greek Government bonds, with an acquisition value of at least four hundred thousand (400,000) euros and a remaining duration at the time of purchase, at least three (3) years, through a credit institution established in Greece, which is also their custodian.
• Term deposit of at least four hundred thousand (400,000) euros, in a local credit institution, of at least one year’s duration, with a standing order to renew.
• Purchase of shares, corporate bonds, or even Greek State bonds, which are imported for trading or traded in regulated markets or multilateral trading mechanisms, operating in Greece, with an acquisition value of at least eight hundred thousand (800,000) euros.
• Purchase of shares with an acquisition value of at least four hundred thousand (400,000) euros in a mutual fund, that has been established in Greece or another country and whose purpose is to invest exclusively in shares, corporate bonds, or even Greek government bonds that are introduced for trading or traded in regulated markets or multilateral trading mechanisms operating in Greece.
• Purchase of units or shares with an acquisition value of at least four hundred thousand (400,000) euros in an Alternative Investment Organization (AIE), which has been established in Greece or in another European Union member state and whose purpose is to invest exclusively in real estate in Greece if it is included, upon its request, in the list drawn up by the Foreign Capital Division of the Ministry of Development and Investments in cooperation with the Capital Market Commission.