Recently, Greece has expanded the possibility of non-EU citizens, investing in Greece, to obtain a residence permit. This residence permit grants to the beneficiary the right to live and engage in business activities throughout EU. The so called “Golden Visa” Program in Greece, which is already attractive for foreign investors, since it only requires the ownership of real estate property in Greece of value €250.000,00 and above, offers, today, more opportunities.

Art. 42 of Law 4605/2019, which is in effect by 1st of July 2019, provides the non-EU citizens with the possibility to obtain such a residence permit as follows:

  • Contributing an amount of 400.000,00 € at least by purchasing shares or receiving bonds of a company, which increases its share capital or issues bonds and has its seat or an establishment in Greece, if these are quoted for negotiations in regulated markets or multilateral negotiation mechanisms, operating in Greece (Greek Stock of Exchange)
  • Contributing the same amount in a Real Estate Investment Company (REIC) in Greece by purchasing shares, in case of increasing a company’s share capital and if only this company’s purpose is to invest exclusively in Greece
  • Contributing the above-mentioned amount in Alternative Investment Organizations (AIO), such as Venture Capital Companies (VCC) or Venture Capital Funds (VCF), which are investing exclusively in companies in Greece
  • Purchasing government bonds for 400.000,00 € or more and at least three years term via a Greek bank

The procedure of obtaining the Golden Visa in Greece:

The application can be submitted to the Greek Consulate of investor’s residence within the year after the investment has been taken place. Greek authorities are obliged to review the application within two months. The permit is valid for five years and can be renewed without any restriction, as long as the investor keeps the assets required for issuing this permit.

What is of particular importance, is that the law provides for the investor the possibility to be accompanied by members of his /her family. They can also apply for a residence permit, that is subsequent to the permit of the investor Specifically, the members of family that are entitled to file for permit are:

  • Spouses
  • Children of the spouses, or children of the one of the spouses, that are under 21 years old.
  • Parents and parents-in law.

Do children obtain the Golden Visa in Greece simultaneously with their parents?:

As for the children under 21 there is an ability to obtain the Golden Visa in Greece simultaneously with their parents and when the children reach the age of 21, they can file for an independent 3-year residence permit, which can also be renewed each 3 years. By obtaining a residence permit, the investor and the above family members have access to healthcare system and to public education, equally to Greeks. With the temporary visa and then the residence permit, the beneficiaries can, also, travel freely across the Schengen zone. This residence permit, though, does not give the access to employment.