In the context of successfully implementing the Golden Visa program and taking into consideration the requirements of foreign investors, Greece has expanded this program. It has introduced a more flexible and expedited process for non-EU/EEA citizens who intend to acquire a residence permit (Greek Golden Visa) through intangible investments in Greece, specifically in the form of securities or a bank deposit exceeding 500,000 euros.
Specifically, according to Article 99 of Law 5038/2023, which came into effect on 31-3-2024:
The right to enter and apply for a residence permit under this program is granted to non-EU/EEA citizens who have invested in one of the following categories:
1/ Purchase of Greek Treasury bonds, with an acquisition value of at least five hundred thousand (500,000) euros and a residual duration, at the time of purchase, of at least three (3) years, through a credit institution established in Greece, which is also their custodian.
2/ Term deposit of at least five hundred thousand (500,000) euros, in a domestic credit institution, for at least one year, with a standing renewal order.
DURATION OF THE RESIDENCE PERMIT
The residence permit is granted for 5 years with the possibility to renew it for equal periods of time, provided that the investment activity continues. The residence permit shall be withdrawn or refused renewal if the conditions for granting it are no longer fulfilled. Residence permits granted in accordance
with the Greek Immigration Code do not establish the right of access to any form of work.
FAMILY MEMBERS
Third-country nationals may be accompanied by their family members who are granted, upon their request, a residence permit for family reunification which expires at the same time as the residence permit of the main applicant.
Family members are:
a. the spouse or partner with whom the third-country national has a civil partnership
b. unmarried joint children of the spouses or partners under the age of 21,
c. the unmarried children of the main applicant or of the spouse or partner, provided that the custody of the child has been legally entrusted to the main applicant under the age of 21,
d. the direct ascendants of the spouses or partners.
REQUIREMENTS BEFORE APPLYING FOR A RESIDENCE PERMIT
To apply for a residence permit for investment in securities or a bank deposit, non-EU/EEA citizens must: either enter the country on a national visa (type D) issued for this specific purpose by the competent consular authority, which is valid for up to one year; or, at the time of submission of the application for a residence permit, already legally reside in the country either under a definitive 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). Granting a national entry visa (type D) for investment in securities or a bank deposit, the non-EU/EEA citizen or his/her proxy submits an application to the competent Greek consulate, enclosing the necessary general and special documentation.
We, at Law Office Stathaki, can help you navigate this process with professional and to-the-point advice. Contact us today here.
LEGAL DISCLAIMER: The information in this blog has been carefully researched, but does not constitute and should not be construed as legal advice on any particular matter. Consequently, we bear no responsibility towards the readers of this in case of use of this information in their legal matters. Readers should seek appropriate legal counsel for any legal matter they encounter. All rights reserved.
