The imminent entry into force of Law 5038/2023 on April 1, 2024, has caused concern among people interested in living their dream in Greece, as many changes are occurring in Greek immigration law. In this context, it is stated by several that the residence permit for Financially Independent Persons is being abolished under the new Law.

The FIP residence permit is not only not abolished but also is about to be upgraded.

The residence permit for Financially Independent Persons will from now on be named “residence permit for third-country nationals with sufficient resources” (I.8 residence permit), and the conditions for its issuance are regulated in Article 163 case 8 L. 5038/2023.

By the new Law, if a third-country national has been granted a national visa D as a person with sufficient resources, they may apply to the Directorate of Foreigners and Immigration of their place of residence for the issuance of a residence permit, proving that they have sufficient resources at the level of stable annual income to cover monthly living expenses. The monthly stable income will be later on be specified by a Ministerial Decision.

By the new Law the FIP residence permit is granted for a duration of three (3) years (and not as previously for 2 years) and can be renewed for an equal period.

Family members of the main applicant (spouse, children till treagi of 18) can also apply and receive a separate residence permit which will expire simultaneously with the residence permit of the main applicant. The requirement of sufficient recourses can be met by the main applicant or by all the family members cumulatively.

It is reminded that the FIP residence permit does not grant access and the right to labor market or to an independent economic activity of any kind in Greece.

Law Office Stathaki can help you apply for a Financially Independent Persons (FIP) residence permit and navigate this process with professional and to-the-point advice. Contact us today here.