Pursuant to Article 100A of Law 5038/2023, a residence permit has been established for third-country nationals who make an investment of at least €250,000 in startup companies.
What qualifies as a startup company?
Startup companies are those registered or in the process of being registered to the Registry maintained by the public limited company “National Registry of Startup Companies S.A.”. Eligible for registration to the National Registry are capital companies having the legal form of a Private Capital Company, Limited Liability Company or Public Limited Company (S.A.), with their registered office in Greece, as well as equivalent capital companies established abroad, provided that they maintain a subsidiary or branch in Greece.
Key Requirements for the granting and renewal of the residence permit:
Acquisition of shares, corporate units or equity interests in a startup company by payment of an amount of at least €250,000 as part of a share capital increase or participation in a bond loan issued by the startup company through the purchase of bonds with a total value of at least €250,000.
The acquired shares, corporate units or equity interests along with the corresponding voting rights, must not exceed thirty-three per cent (33%) of the total share capital and voting rights of the company.
Creation of at least two (2) new job positions within the first year following the completion of the investment.
Maintenance of both the newly created and the existing job positions for a minimum period of five (5) years from the completion of the investment.
It is noted that the funds invested in Greek startup companies must originate from foreign capital.
Investment via a Legal Entity:
Where the investment is carried out by a legal entity, residence permits may be granted to third-country nationals as follows:
In the case of an investment carried out by a Greek legal entity, a residence permit may be granted to a third-country national provided that holds one hundred percent (100%) of its partnership interests or shares.
In the case of an investment carried out by a foreign legal entity, residence permits may be granted to up to three (3) third-country nationals, depending on the amount of the investment, provided that each holds at least thirty-three percent (33%) of the share capital of the foreign legal entity.
Duration and Renewal of the residence permit – Rights and Obligations:
The residence permit is initially granted for a period of one (1) year and may be renewed every two (2) years, provided that all statutory requirements are met.
No right of access to any form of employment is granted.
The third-country national is required to retain the acquired shares for a period of five (5) years from the date of acquisition. If, after five years, the shares are disposed of, the residence permit shall be revoked, unless the holder proceeds with an investment in another startup company or in a different eligible investment category within two (2) months from the disposal.
In the event of bankruptcy or corporate transformation of the startup company, the residence permit shall not be revoked, provided that an investment in another startup company or in a different eligible investment category is completed within two (2) months.
The residence permit may also be renewed in cases where the company loses its status as a startup, namely where the maximum operating period has elapsed and the company is removed from the National Registry of Startup Companies.
Periods of absence from the country do not prevent the renewal of the residence permit.
If you are interested in investing in startup companies and obtaining the relevant Golden Visa residence permit, you can contact our office by telephone at +30 210 3319753 or by email at info@georgallis-law.com.
Pursuant to Article 100A of Law 5038/2023, a residence permit has been established for third-country nationals who make an investment of at least €250,000 in startup companies.
What qualifies as a startup company?
Startup companies are those registered or in the process of being registered to the Registry maintained by the public limited company “National Registry of Startup Companies S.A.”. Eligible for registration to the National Registry are capital companies having the legal form of a Private Capital Company, Limited Liability Company or Public Limited Company (S.A.), with their registered office in Greece, as well as equivalent capital companies established abroad, provided that they maintain a subsidiary or branch in Greece.
Key Requirements for the granting and renewal of the residence permit:
It is noted that the funds invested in Greek startup companies must originate from foreign capital.
Investment via a Legal Entity:
Where the investment is carried out by a legal entity, residence permits may be granted to third-country nationals as follows:
Duration and Renewal of the residence permit – Rights and Obligations:
If you are interested in investing in startup companies and obtaining the relevant Golden Visa residence permit, you can contact our office by telephone at +30 210 3319753 or by email at info@georgallis-law.com.