- Our company can advise you on all alternative ways to get hold of a golden visa in Greece in order to decide which one suits you best. We can also arrange and complete - on your behalf - the procedures required in order to be eligible.
Greece has set up a flexible and fast procedure for non- EU/ EEA foreign investors who wish to obtain an entry visa and a residence permit for the purpose of investment activity in Greece. Residence permits can also be granted to company executives involved in the implementation and/or the operation of the investment project. Up to 10 permits may be issued for an investment project (investors and executives), depending on the investment scale. The investment activity may be implemented through the construction of new facilities, business or property acquisitions, restructuring as well as expansion of current activities provided that it has a positive impact on the national economy, such as
Residence permits offered to investors and executives can be renewed every five years, as long as they maintain their position in relation to the investment and the investment con- tinues to be active. In addition, they may be accompanied by their family members - spouse, unmarried children up to the age of 21, and the first degree ascendants of the spouses - who are also beneficiaries of the right to enter and obtain a residence permit.
A long-term visa (national visa / D-type visa) is an authoriza- tion issued by the Greek consulates for the entry and stay on Greek territory of non-EU/EEA citizens for a period exceed- ing 90 days and up to 365 days, according to the respective national regulations or European Union law.
A residence permit is an authorization issued by the Ministry of Migration Policy for the legal residence within Greek territory of non-EU/EEA citizens, in accordance with the pro- visions of European Union (Council Regulation (EC) 1030/02, as applicable). There are different categories of residence permits and different types of permits within each category. Employment rights depend on the type of permit issued. For further details concerning the program please contact email@example.com
Beneficiaries of the residence permit for investment activity
Beneficiaries of the right to enter and obtain a permanent residence permit under this program are:
a) non-EU/EEA citizens who intend to invest in Greece (in- vestors), either personally or through a legal entity, provided that their investment project meets the conditions set by the legal framework, as outlined below.
b) non-EU/EEA citizens, company executives, involved in the implementation and/or the operation of the investment project described (upper management, middle management or experts necessary for the project). The above provision for non-EU/EEA citizen company executives also applies with the same preconditions to domestic established enter- prises which are currently in operation and implement a new investment.
Up to 10 permits may be issued for investors and executives for an investment project, depending on the investment scale.
c) Family members of the non-EU/EEA citizen described above who are granted a residence permit and specifically:
- The spouse,
- The other spouse or partner with whom a third-country na- tional has a cohabitation agreement in Greece,
- Their unmarried children up to the age of 21,
- The unmarried children of the dependant or his/her spouse up to the age of 21, provided that the right of custody has been legally granted to the sponsor for his/her children and to the other spouse for the children thereof,
- The first degree ascendants of the spouses. These family members are granted residence permits for family reunifica- tion which does not include access to employment.
Duration-Renewal of the residence permit
The residence permit for investment activity (for investors or executives) is granted for a five-year period and is renewed every time for an equal duration, provided that the benefi- ciary maintains the status (investor or executive) in relation to the investment and that the investment continues to be active.
For the family members concerned, their residence permit expires upon the expiry of the sponsor’s residence permit. Note that the unmarried children of the applicant who are originally admitted to the country under the terms and re- quirements of the residence permit for investment activity are granted residence permits for family reunification until the age of 21.
Children reaching the age of 21 are entitled to an autonomous residence permit up to the age of 24 without specific preconditions. This permit is not linked to the status of the family sponsor. After the age of 24, further renewal is possible according to pertinent national immigration legislation.
The cost for the issuance of a national entry visa is €180. The fee for the issuance of a five-year residence permit or for its renewal is €2000 for investors and company executives, and €150 for their family members. Minor children (under 18 years old) are exempted from this fee. The fee for the issuance of the electronic residence permit is €16.
Conditions for the investment activity
Residence permits for investment activity are granted to non- EU/EEA citizens (investors or executives) in the context of the implementation of an investment project following a positive assessment of the investment by the Directorate for Foreign Capital at the Ministry of Economy and Development.
a) Investment activity
There are no restrictions regarding the sector of activity or the location of the investment project. The requirement that must be met by the investment is to have positive impact on national development and the economy. Investment activity may be implemented through the con- struction of new facilities (greenfield investments) or busi- ness acquisitions, restructuring or expansion of current activities (brownfield investments). Factors taken into account for assessing the impact on national development and the economy are job creation, promotion of domestic resources and vertical integration of domestic production, export orientation, innovation and adoption of new technology.
b) Investment cost
The legal framework does not set specific limits regarding the total cost of the investment project. However an investor applying for a residence permit under this program should contribute to the investment with an amount of at least €250,000, available through own funds. In addition, the number of permits for executives allowed for each investment project depends on the amount of the total investor contribution. Finally, the total number of residence permits allowed for an investment project cannot exceed 10 (for investors and executives).
Process for granting a residence permit for investment activity
a) Entry requirement to apply for a residence permit
To apply for a residence permit for investment activity, non- EU/EEA citizens must:
- either enter the country on a national visa (type-D) issued for investment purposes by the competent consular authority, which is valid for up to one year; or
- already legally reside in the country and hold a residence permit either under a definite residence permit or a visa or a residence permit granted by another EU Member State (in this case Schengen rules for temporary stay in a member state apply) or a long-term residence permit (2003/109/EC) granted by another EU Member State. In this case, the in- vestment activity should have been approved prior to the application for the residence permit and non-EU/EEA citizen should legally reside in the country at the moment of submit- ting the residence permit’s application.
b) Granting an entry visa
In order to obtain a national visa (type D) for investment pur- poses, the non-EU/EEA citizen (investor or executive) or his proxy submits an application to the competent Greek con- sulate, enclosing the necessary documentation for the appli- cant and the investment project.
Family members have the option of entering the country at the same time with the applicant from whom they derive their residence rights (sponsor) or at a later date, and should also be issued the appropriate entry visa.
Documentation for investment project (documents a, b and c) should be submitted in printed and electronic form, in Greek (documents issued in other languages should be accompanied with an official translation). In case of difficul- ty submitting the above information in electronic form or in Greek, assistance can be provided by the Greek consulates.
The consular authority will forward the above documentation to the competent department at the Ministry of Economy and Development for assessment with respect to conditions set by the legal framework. The positive opinion of the above department regarding the investment project is necessary for granting the entry visa.
A. GENERAL DOCUMENTATION FOR GRANTING A NATIONAL VISA (type- D)
A. GENERAL DOCUMENTATION FOR GRANTING A NATIONAL VISA (type- D)
a) A passport or other travel document recognized by Greece, with a period of validity which must exceed by three months the expiry date of the visa, having at least two blank pages and issued within the previous ten years.
b) Travel insurance with a duration covering at least the entire visa period and providing coverage of costs which might arise in case of repatriation for medical reasons, urgent medical care and/or emergency hospital treatment.
c) Criminal record certificate issued by the foreign authorities certifying the criminal record status of the applicant in the coun- try of his/her residence. In cases where the applicant has lived in a country other than that of his/her origin for more than a year before lodging the entry visa application, the consular authority may request a criminal record certificate issued by the country of origin.
d) Medical certificate issued by a recognized state or private institution, showing that the person concerned does not suffer from a disease that could pose a threat to public health, as de- fined by the international data of the World Health Organization (WHO) and the European Union acquis, nor from any other in- fectious, contagious or parasitic diseases that impose measures to protect public health.
B. DOCUMENTATION FOR INVESTMENT PROJECT
B. DOCUMENTATION FOR INVESTMENT PROJECT
a) Presentation of the investment project to include:
- Details of the existing company or one to be established to pursue the investment activity (name, type of legal entity, share-holder / corporate structure)
- Description of the investment project
- The location of the investment project
- The investment budget and its financing structure
- A timetable for implementation of the investment
- The forecasted results for the first five years of investment (fea- sibility study and cash flow forecast)
- The total number of jobs to be created by the operation of the investment
b) Information concerning the applicant in relation to the con- tribution to the investment which includes :
- A brief curriculum vitae
- The applicant’s position and occupation relative to the invest- ment project
- The duration of residence in accordance with the investment implementation
The above (a and b) should be presented and docu- mented in accordance with the relevant forms avail- able on the website of the program, taking into ac- count the instructions and notes provided on them (https://www.ependyseis.gr/sub/nomos4251/n4251.htm).
C. Documentation for investors’ own funds
C. Documentation for investors’ own funds
The documentation of the investor(s)’ ability to fulfill the re- quirements for own funds should be based on quarterly state- ments-certificates of bank deposits or securities for individuals, and balance sheets and other financial statements for legal entities.
c) Application for the residence permit
A non-EU/EEA citizen who has entered the country with a na- tional visa (type-D) for investment purposes should complete the required process for applying for the residence permit before the expiry of the entry visa. In the meantime, visa holders will be able to undertake legal acts and conduct transactions with the competent authorities.
The application and the necessary documentation for a resi- dence permit are submitted in person or by a legal represen- tative to the Directorate for Migration Policy at the Ministry of Migration Policy in Greece. Authorization shall be proven in writing by having the authenticity of the authorizing person’s signature verified by any public authority.
Since February 20th, 2017, a new procedure for granting non EU-EEC nationals residence permits in Greece was launched, pursuant to Regulation (EC) 1030/2002, as valid, under which all EU Member States will issue an electronic residence permit, which will replace the sticker, typically af- fixed in a valid passport.
Family members have the same obligation pertaining to the collection of biometric data. The requirement to provide their fingerprints applies to all third-country nationals over six (6) years old, and the digital signature requirement applies to all citizens over the age of twelve (12) years.
d) Exceptional Procedures for non EU/EEA citizens who legally reside in Greece (Law 4399/2016)
In order to facilitate the process for non EU/EEA citizens who intent to invest in Greece and legally reside in the country, either under a definite residence permit, or a visa, or a long- term residence permit (2003/109/EC) granted by another EU member state, it is possible for them to submit an application with the documentation of the investment project to the authorities in Greece. This application is submitted to the Directorate of Migration Policy (Ministry of Migration Pol- icy), which forwards it to the component department for its required relevant opinion (Ministry of Economy and Devel- opment. After the issuance of a positive opinion, the respec- tive non EU/EEA citizen, under the precondition that he/she legally resides in the country, shall submit an application for a residence permit along with all the necessary documentation as described below.
e) Provisions during the application processing period
The authorities receiving the application and all the neces- sary documentation issue a certificate valid for one year which constitutes an evidencing document/certificate of le- gal residence of the person concerned in the country. Until the residence permit is issued Certificate holders are enti- tled to all benefits of the residence permit they have applied for. Hence, they can proceed with any legal formalities relat- ed to their investment and can contact with all the relevant authorities. Once the Directorate for Migration Policy at the Ministry of Migration Policy verifies that the application ful- fils all necessary conditions, a five-year residence permit is granted.
DOCUMENTATION FOR RESIDENCE PERMIT APPLICATION
- Application form
- Four (4) printed digital passport photos, also stored in digital form(CD)
- A fee paid and obtained through the “e-paravolo” platform ac- cording to article 38 par. 6 of Law 4546/2018, which amounts to €2000 for residence permits of up to a five year duration for investors and company executives (code 2112). For family mem- bers the fee amounts to €150 (code 2107). Minor children (under 18 years old) are exempted from this fee;
- A positive assessment of the investment by the Directorate for Foreign Capital at the Ministry of Economy and Development.
- Certification by the competent national insurance agency that the applicant has applied for the required insurance
- A fee paid and obtained through the “e-paravolo” platform ac- cording to provisions of Law 4018/2011 article 1, which amounts to €16 concerning the printing of the separate document (elec- tronic residence permit).
- Certified copy of a valid passport or travel documents rec- ognised by Greece and with the relevant valid entry visa, where required;
For executives: the contract of employment
For family members: Declaration for their marital status
Renewal of residence permits
The required renewal (every five years) of the residence per- mit is a simple procedure, as long as the beneficiary main- tains his status in relation to the investment, which must con- tinue to be active. The application and required documents are submitted in person or by proxy to the Directorate for Migration Policy at the Ministry of Migration Policy in Greece.
DOCUMENTATION FOR APPLYING FOR RENEWAL OF RESIDENCE PERMIT
A. GENERAL DOCUMENTATION
- Application form
- Four (4) printed digital passport photos also stοred in digital form (CD)
-Certified copy of a valid passport or travel documents recognized by Greece
-Certification by a national insurance agency for the cost of hospital- ization and medical care.
- A fee paid and obtained through the “e-paravolo” platform accord- ing to article 38 par. 6 of Law 4546/2018, which amounts to €2000 for residence permits of up to a five year duration for investors and company executives (code 2112). For family members the fee amounts to €150 (code 2107). Minor children (under 18 years old) are exempted from this fee;
B. SPECIFIC DOCUMENTATION For Investor:
- Solemn declaration (officially certified) by the applicant or the legal representative of the investment activity that it is still in operation or that the current activity being pursued is a continuation or evolution of the initial business.
- Tax clearance certificate
- License for the operation of the company/business.
- Employment contract
- Tax clearance certificate
For family members
- Declaration by the sponsor that the family status has not changed
- Tax clearance certificate and insurance certificate of the sponsor
- Copy of the birth certificate for any child born in Greece
The submitted foreign documents must be certified and offi- cially translated into Greek.
There are two types of certification:
a. The apostille stamp provided by the relevant foreign au- thority on the foreign document for countries that are parties to the Hague Convention, and for which Greece has not issued a warning;
b. Certification by the Greek consulate in the country of origin of the document for any countries that are not parties to the Hague Convention.
Foreign public documents can be translated:
a. By the Translation Service of the Ministry of Foreign Affairs in Greece (Athens); or
b. By an attorney who is a member of a Greek bar associa- tion and whose signature must be certified by the bar association.
During the residence permit renewal, the applicant must provide again his biometric data (digital photographs and fingerprints).
Third country nationals who have already been provided with a residence permit in the form of a sticker affixed on their passport, do not need to replace it with the electronic residence permit, as this will be acceptable for all transactions both within Greece and in other member-countries of the EU until its expiry. Its replacement with an electronic residence permit will be carried out either at its renewal or if necessary at the re-issue which can take place due to loss of the passport on which it is affixed.