With the Greece Residence Permit by Investment and promotion of its natural resources & well-educated human capital, Greece aims to attract foreign direct investments (FDI) in infrastructure, tourism, Information & Communication Technology (ICT), energy, life sciences, export-oriented manufacturing companies, logistics, agriculture and other sectors.
It has set up a flexible and fast procedure for non- EU/ EEA foreign investors who wish to obtain Greece Residence Permit by Investment. Greece Residence Permits can also be granted to company executives involved in the implementation and/or operation of the investment project. Up to 10 permits (collectively for both investors & executives) may be issued for an investment project, depending on the investment scale.
The investment activity may be implemented through the construction of new facilities (greenfield investments) or business acquisitions, restructuring as well as expansion of current activities (brownfield investments), provided that it has a positive impact on the national economy. There are no restrictions regarding the sector or location of the investment project. The requirement that must be met by the investment is that it should have a positive impact on national development and the economy. The factors that are normally taken into account for assessing the impact of a project on national development and the economy are job creation, promotion of domestic resources, vertical integration of domestic production, export orientation, innovation and adoption of new technology.
A Greece Residence Permit 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 continues to be active. In addition, they may be accompanied by the following family members :
- Unmarried children up to the age of 21
- Dependant parents of both spouses
Family members do not have access to employment in Greece.
Duration / Renewal of the Greece Residence Permit
The Greece Residence Permit through investment (for both investors and executives) is granted for a 5-year period and is renewed every time for an equal duration, provided that the investor/executive maintains their status 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 Main Applicant’s residence permit. Unmarried children of the applicant who were originally admitted to the country under the terms and requirements of the residence permit for investment activity are granted residence permits until the age of 21. Upon reaching the age of 21, they 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.
An investor applying for a residence permit under this program must invest at least €250,000 of his own funds to be eligible for the Permit.
Process for granting a Greece Residence Permit through Investment
To apply for Greece Residence Permit through Investment, non-EU/EEA citizens must enter the country on an entry visa issued for investment purposes by the competent consular authority, which is valid for up to one year.
In order to obtain an entry visa for investment purposes, the non-EU/EEA citizen (investor or executive), or his proxy, must submit an application to the competent Greek consulate, enclosing all necessary documentation of the applicant and the investment project. A positive opinion of the relative department regarding the investment project is necessary for grant of the entry visa.
Family members have the option of entering the country at the same time with the applicant or at a later date. Residency Permits granted to family members expire at the same time as the residence permit of the main applicant.
IT MUST BE NOTED THAT GRANT OF GREECE RESIDENCE PERMITS DOES NOT ESTABLISH THE RIGHT OF ACCESS TO ANY FORM OF EMPLOYMENT IN GREECE TO BOTH THE MAIN APPLICANT & ELIGIBLE FAMILY MEMBERS.
A non-EU/EEA citizen who has entered the country with an entry visa for investment purposes must complete the required process for applying for the residence permit before the expiry of the visa. Also, entry visa holders can use this period to undertake the various tasks related to their investment project.
Along with a list of various documents, applicants & eligible family members are also required to submit the following :
- A Certificate of Insurance covering costs of hospitalisation & medical care
Due Diligence processes are less strict compared to other countries.
ALL APPLICATIONS FOR GREECE RESIDENCE PERMITS MUST BE SUBMITTED IN GREEK.
Greece Residence Permits issued by the Greek government provides visa-free access to the whole of the European Union (EU) & the Schengen Area.
Holders of a Greece Residence Permit can apply for Greece Citizenship, subject to certain Residency requirements being met by the Main Applicant & eligible family members, and a language test.