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 €500,000 to a Venture Capital Company for the acquisition of shares or to a Venture Capital Mutual Fund for the acquisition of units.
Key Requirements
A capital contribution of at least €500,000 to a Venture Capital Company for the acquisition of shares or to a Venture Capital Mutual Fund for the acquisition of units.
These Alternative Investment Funds must have as their exclusive investment objective investments in companies that are established and/or have their registered seat in Greece.
Where the investor's commitment is paid in instalments, in accordance with the operating terms of the Alternative Investment Fund, the investor is required to deposit the outstanding committed amount into an escrow account maintained with the credit institution acting as the custodian of the Alternative Investment Fund.
In the case of an investment by way of a capital contribution to a Venture Capital Mutual Fund, the investor is required to open with the above-mentioned credit institution a dedicated bank account to be used exclusively for the deposit of capital distributions returned to the investor by the Alternative Investment Fund. The investor may withdraw funds from this dedicated account, provided that the aggregate of the remaining balance of the dedicated bank account, the nominal value of the remaining investment in the Alternative Investment Fund and the remaining balance of the escrow account, is at all times equal to at least the amount of the initial investment on the basis of which the residence permit was granted.
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.
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 via capital contribution to Alternative Investment Funds, 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 €500,000 to a Venture Capital Company for the acquisition of shares or to a Venture Capital Mutual Fund for the acquisition of units.
Key Requirements
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.
Duration and Renewal of the residence permit – Rights and Obligations:
If you are interested in obtaining a Golden Visa residence permit by investing via capital contribution to Alternative Investment Funds, 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.