One of the eligible forms of financial investment provided for under article 99 of Law 5038/2023, which grants eligibility for the issuance of a Golden Visa residence permit, is a capital contribution of at least five hundred thousand euros (€500,000) to a Real Estate Investment Company that invests exclusively in Greece, for the purpose of acquiring shares through an increase in its share capital.
The investment must be made using funds originating from abroad, which are transferred to Greece by the interested third-country national specifically for the purposes of the investment.
For both the grant and renewal of the residence permit, prior certification of the execution or retention of the investment, respectively, is required by the competent authority, which is the Foreign Direct Investment Directorate of the Ministry of Development and Investments. An application, along with the required supporting documents, is initially submitted to the Directorate of Residence Permits of the Ministry of Migration and Asylum. This Directorate forwards the application and accompanying documentation to the Directorate of Foreign Direct Investments of the Ministry of Development, which subsequently issues and transmits the required certification to the Directorate of Residence Permits. The certification confirms either the completion of the investment, in the case of an initial residence permit application or the continued holding of the investment, in the case of a residence permit renewal.
Specific supporting documents submitted to the Directorate of Residence Permits of the Ministry of Migration and Asylum
During the initial stage and until the Real Estate Investment Company is listed on a regulated market, a certificate issued by this Company must be provided, specifying the details of the share capital increase in which the investor participated, the number of shares acquired, their acquisition value (purchase price paid) and confirmation that the shares have been continuously held from the date of acquisition until the date of issuance of the certificate.
Following the listing of the Real Estate Investment Company on a regulated market, a certificate issued by the intermediary must be provided, confirming the creation of the investor’s personal account in the Dematerialized Securities System, the company in which the investment was made and the details of the share capital increase or bond issuance in which the investor participated. The certificate must also specify the number of shares or bonds acquired, their acquisition value (purchase price paid) and confirmation that such securities (shares or bonds) have been continuously held until the date of issuance of the certificate.
A report issued by the Real Estate Investment Company demonstrating compliance with the terms and conditions applicable to the specific investment. The report must be accompanied by the latest available financial statements and an independent auditors’ report verifying the matters set out therein.
A certificate issued by a credit institution containing details of the transfer(s) of funds used to carry out the investment, including the amount transferred, the date on which the beneficiary’s account was credited, the remitter and their relationship to the beneficiary, as well as the country of origin of the funds.
Duration and Renewal of the residence permit – Rights and Obligations:
The residence permit is initially granted for a period of five (5) years and may be renewed for an equal period each time, provided that the retention of the specific investment is duly certified and all other statutory requirements are met.
The investor’s family members are entitled to be granted residence permit that expires simultaneously with that of the investor. Family members include:a) the spouse or civil partner, b) common unmarried children under the age of twenty-one (21), c) unmarried children of the investor or his/her spouse or partner who are under the age of 21 and for whom they have custody, d) the parents of the spouses or partners and e) adult children of the investor or of the spouse/partner, provided they are third-country nationals, lack legal capacity, regardless of age, and reside with and are supported by the investor.
No right of access to any form of employment is granted.
There is no obligation to reside in Greece. Therefore, absence from the country does not affect the renewal of the residence permit.
The investor holding a residence permit under article 99 of Law No. 5038/2023 may liquidate the investment in order to reinvest, within a period of two (2) months, in the same or another category of investment or in real estate. In such cases of modification of the investment, the already granted residence permit remains valid until the certification procedures for the new investment are completed and the new residence permit is issued.
The investor may carry out more than one investment, up to a maximum of three (3) distinct investments in total. In such cases, the minimum required total investment amount is determined based on the category with the highest applicable investment threshold.
If you are interested in obtaining a Golden Visa residence permit by investing in a capital contribution to a Real Estate Investment Company, you can contact our office by telephone at +30 210 3319753 or by email at info@georgallis-law.com. Our law office and associates, with their expertise and experience in Golden Visa residence permit matters, will guide you step by step and assist you in completing the relevant procedure promptly, securely and effectively.
One of the eligible forms of financial investment provided for under article 99 of Law 5038/2023, which grants eligibility for the issuance of a Golden Visa residence permit, is a capital contribution of at least five hundred thousand euros (€500,000) to a Real Estate Investment Company that invests exclusively in Greece, for the purpose of acquiring shares through an increase in its share capital.
The investment must be made using funds originating from abroad, which are transferred to Greece by the interested third-country national specifically for the purposes of the investment.
For both the grant and renewal of the residence permit, prior certification of the execution or retention of the investment, respectively, is required by the competent authority, which is the Foreign Direct Investment Directorate of the Ministry of Development and Investments. An application, along with the required supporting documents, is initially submitted to the Directorate of Residence Permits of the Ministry of Migration and Asylum. This Directorate forwards the application and accompanying documentation to the Directorate of Foreign Direct Investments of the Ministry of Development, which subsequently issues and transmits the required certification to the Directorate of Residence Permits. The certification confirms either the completion of the investment, in the case of an initial residence permit application or the continued holding of the investment, in the case of a residence permit renewal.
Specific supporting documents submitted to the Directorate of Residence Permits of the Ministry of Migration and Asylum
Duration and Renewal of the residence permit – Rights and Obligations:
If you are interested in obtaining a Golden Visa residence permit by investing in a capital contribution to a Real Estate Investment Company, you can contact our office by telephone at +30 210 3319753 or by email at info@georgallis-law.com. Our law office and associates, with their expertise and experience in Golden Visa residence permit matters, will guide you step by step and assist you in completing the relevant procedure promptly, securely and effectively.