One of the most common questions raised by holders of a permanent investor residence permit (golden visa – investment in real estate) or other residence permits granted for investment purposes (financial investments or investment in start-ups) is whether such permits provide access to the labour market and whether the holders have the right to establish a company.
Article 100 par. 9 of Law 5038/2023, concerning the permanent investor residence permit, provides that residence permits granted under this article do not confer the right to access any form of employment. A similar provision is found in article 99 par. 7 of Law 5038/2023, concerning residence permits for financial investments, as well as in article 100A par. 9 of Law 5038/2023, concerning residence permits for investment in start-up businesses.
It follows from the above provisions that the permanent investor residence permit, as well as the other residence permits granted for investment purposes, do not provide access to the labour market in Greece, neither in the form of dependent employment nor for self-employment.
It is noted that, due to the lack of access to the labour market, holders of the above residence permits are not eligible to obtain a Social Security Registration Number (AMKA) and, consequently, cannot be insured with any social security institution in Greece.
Despite this restriction, holders of a permanent investor residence permit or a residence permit granted for investment purposes may establish companies, that is, they may be shareholders or partners and exercise corporate rights as shareholders or non-executive members of boards of directors, provided that they do not, under any circumstances, perform work for the company.
The capacities that may be held by a third-country national who is the holder of a permanent investor residence permit or a residence permit for investment purposes do not include those of the legal representative of a company or an executive member of the board of directors.
In conclusion, the permanent investor residence permit and the residence permit granted for investment purposes do not confer the right to engage in any form of employment. They only permit the exercise of economic activity in the capacity of a company shareholder, a member of the board of directors, or a Chief Executive Officer, provided that such involvement does not constitute employment or the provision of services to the company.
If you are interested in obtaining a Golden Visa residence permit or if you are already a holder of a Golden Visa residence permit and would like to learn more about all the rights and benefits it provides, you can contact our office by phone 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. We will also provide comprehensive legal advice on all issues related to obtaining and maintaining your Golden Visa residence permit.
One of the most common questions raised by holders of a permanent investor residence permit (golden visa – investment in real estate) or other residence permits granted for investment purposes (financial investments or investment in start-ups) is whether such permits provide access to the labour market and whether the holders have the right to establish a company.
Article 100 par. 9 of Law 5038/2023, concerning the permanent investor residence permit, provides that residence permits granted under this article do not confer the right to access any form of employment. A similar provision is found in article 99 par. 7 of Law 5038/2023, concerning residence permits for financial investments, as well as in article 100A par. 9 of Law 5038/2023, concerning residence permits for investment in start-up businesses.
It follows from the above provisions that the permanent investor residence permit, as well as the other residence permits granted for investment purposes, do not provide access to the labour market in Greece, neither in the form of dependent employment nor for self-employment.
It is noted that, due to the lack of access to the labour market, holders of the above residence permits are not eligible to obtain a Social Security Registration Number (AMKA) and, consequently, cannot be insured with any social security institution in Greece.
Despite this restriction, holders of a permanent investor residence permit or a residence permit granted for investment purposes may establish companies, that is, they may be shareholders or partners and exercise corporate rights as shareholders or non-executive members of boards of directors, provided that they do not, under any circumstances, perform work for the company.
The capacities that may be held by a third-country national who is the holder of a permanent investor residence permit or a residence permit for investment purposes do not include those of the legal representative of a company or an executive member of the board of directors.
In conclusion, the permanent investor residence permit and the residence permit granted for investment purposes do not confer the right to engage in any form of employment. They only permit the exercise of economic activity in the capacity of a company shareholder, a member of the board of directors, or a Chief Executive Officer, provided that such involvement does not constitute employment or the provision of services to the company.
If you are interested in obtaining a Golden Visa residence permit or if you are already a holder of a Golden Visa residence permit and would like to learn more about all the rights and benefits it provides, you can contact our office by phone 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. We will also provide comprehensive legal advice on all issues related to obtaining and maintaining your Golden Visa residence permit.