Pursuant to article 97 par. 1 of Law 5038/2023, a residence permit for investment activity (Golden Visa) may be granted to third-country nationals who intend to establish and operate a business based in Greece for the purpose of making an investment of at least five hundred thousand (500,000) euros, which will have a positive impact on national development and the economy.
If the investment is carried out by a foreign legal entity and depending on the amount of the investment, a residence permit may be granted to up to three (3) third-country nationals in total who:
are members of the Board of Directors of the domestic legal entity or
hold, at least thirty-three percent (33%) of the share capital of the domestic legal entity, indirectly, through their participation in the foreign legal entity or
are managers or legal representatives of the domestic legal entity, without compensation.
In order for the residence permit to be issued, an application along with the required specific supporting documents is initially submitted to the Directorate of Residence Permits of the Ministry of Migration and Asylum. The latter forwards the application and supporting documents to the Directorate of Foreign Direct Investments of the Ministry of Development, which then issues and sends back to the above Directorate of Residence Permits the required recommendation regarding the classification of the investment and the expediency of entry into the country.
It is noted that, for the implementation and operation of the investment, upon the recommendation of the Directorate of Direct Foreign Investment of the Ministry of Development, it is permitted for up to ten (10), at maximum, third-country nationals who are executives of the investment entity to enter and reside in the country, in accordance with the procedures for residence permits for highly skilled employment, intra-corporate transfer or employment invitation. The number is determined depending on the total amount of the investment.
Specific supporting documents submitted to the Directorate of Residence Permits of the Ministry of Migration and Asylum:
A brief presentation of the investment plan (“business plan”)
Documentation demonstrating the investor’s ability to cover the investment’s equity capital
Certificate issued by the legal representative of the legal entity regarding its business activity, the results of the latest financial year, the share capital, the details of all its partners/shareholders, as well as the amount and percentage of each partner’s/shareholder’s participation in the capital.
Certificate of incorporation and lawful operation of the foreign legal entity issued by the competent authority of the country where it is established.
Details of the third-country nationals (investors) for whom entry and/or residence permits are requested
Details of the third-country nationals (executives) deemed necessary for the implementation and operation of the investment, for whom entry or residence permits are requested
Declarations of intent to participate in the investment from all natural and legal persons participating in the newly established or under-establishment investment entity
Declarations regarding the employment of executives by the legal representative of the newly established investment entity or the persons who will participate in the entity under establishment
Initial Granting of a Residence Permit for Investment Activity
The required supporting documents for granting a residence permit for investment activity include, among others, the following:
Any valid entry visa or valid residence permit or certificate of application submission
Certification that an application has been submitted to the competent insurance body for coverage of hospitalization, medical care, and occupational accident expenses
Recommendation of the Directorate of Foreign Direct Investments of the Ministry of Development regarding the classification of the investment and the expediency of granting the residence permit
Renewal of Residence Permit for Investment Activity
For the renewal of the residence permit, the following are required, among others:
Certificate of insurance capacity from the competent insurance provider
Certification from the Ministry of Development regarding the stage of implementation of the investment or its progress and operation, as well as the expediency of renewing the residence permit (confirming that the third-country national continues to be a member of the Board of Directors, a shareholder, or a manager)
Proof of fulfillment of tax obligations during the validity period of the residence permit to be renewed
Duration and Renewal of Residence Permit for Investment Activity – 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 investment continues to be implemented or remains in operation after its completion.
The investor’s family members are entitled to be granted residence permit that expire 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 is obliged to inform the Directorate of Foreign Direct Investments of the Ministry of Development about any changes in the foreign legal entity’s ownership interest in the domestic legal entity/investment body and in its capacity held within the domestic legal entity/investment body.
If you are interested in obtaining a Golden Visa residence permit for investment activity, 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.
Pursuant to article 97 par. 1 of Law 5038/2023, a residence permit for investment activity (Golden Visa) may be granted to third-country nationals who intend to establish and operate a business based in Greece for the purpose of making an investment of at least five hundred thousand (500,000) euros, which will have a positive impact on national development and the economy.
If the investment is carried out by a foreign legal entity and depending on the amount of the investment, a residence permit may be granted to up to three (3) third-country nationals in total who:
In order for the residence permit to be issued, an application along with the required specific supporting documents is initially submitted to the Directorate of Residence Permits of the Ministry of Migration and Asylum. The latter forwards the application and supporting documents to the Directorate of Foreign Direct Investments of the Ministry of Development, which then issues and sends back to the above Directorate of Residence Permits the required recommendation regarding the classification of the investment and the expediency of entry into the country.
It is noted that, for the implementation and operation of the investment, upon the recommendation of the Directorate of Direct Foreign Investment of the Ministry of Development, it is permitted for up to ten (10), at maximum, third-country nationals who are executives of the investment entity to enter and reside in the country, in accordance with the procedures for residence permits for highly skilled employment, intra-corporate transfer or employment invitation. The number is determined depending on the total amount of the investment.
Specific supporting documents submitted to the Directorate of Residence Permits of the Ministry of Migration and Asylum:
Initial Granting of a Residence Permit for Investment Activity
The required supporting documents for granting a residence permit for investment activity include, among others, the following:
Renewal of Residence Permit for Investment Activity
For the renewal of the residence permit, the following are required, among others:
Duration and Renewal of Residence Permit for Investment Activity – Rights and Obligations
If you are interested in obtaining a Golden Visa residence permit for investment activity, 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.