Golden Visa – Investments in greek entities (articles 97, 98, 99, 100A of Law 5038_2023)

Excludes Portfolio Investment Companies and Real Estate Investment Companies

The investment is carried out through an investment intermediary company under Article 4 of Law 4514/2018 or a bank, with its registered office or branch in Greece, by creating a personal account for the investor in the Dematerialized Securities System of the Central Securities Depository.

The realization of the investment is certified by a certificate issued by the aforementioned intermediary, and its retention is certified by a certificate issued by the investment company under Article 4 of Law 4514/2018 or the credit institution that maintains the relevant operator’s account.

Although Ministerial Decision 95391/2024 has been issued regarding the supporting documents required by the Ministry of Migration and Asylum, the Joint Ministerial Decision specifying the documents required for the recommendation on the certification of the investment by the Ministry of Development — which must precede — has not yet been issued.

The realization of the investment is carried out through an investment intermediary company of article 4 of law 4514/2018, or a bank with its registered office or branch in Greece, by creating a personal account for the investor in the Dematerialized Securities System of the Central Securities Depository.

The investor is obliged to maintain a unique and exclusively used account in a Greek bank for the execution of the investment transactions and the subsequent portfolio management transactions.

The realization and retention of the investment is certified by certificates issued by the investment company of article 4 of law 4514/2018 or the credit institution that maintains the relevant operator’s account.

Although Ministerial Decision 95391/2024 has been issued regarding the supporting documents required by the Ministry of Migration and Asylum, the Joint Ministerial Decision specifying the documents required for the recommendation on the certification of the investment by the Ministry of Development — which must precede — has not yet been issued.

(a) The acquired shares or participations must not exceed 33% of the capital of the company or of the voting rights.

(b) the enterprise must create, within the first year of the investment, at least 2 new job positions.

(c) the enterprise must maintain the same total number of job positions plus 2 jobs for at least 5 years after the investment is made.

The enterprise must be registered in the National Register of Start-ups.

Implementation of an investment through the establishment and operation of a business (natural persons as members of the Board of Directors, shareholders – partners)

By decision of the Minister of Migration and Asylum, following a recommendation from the Directorate of Direct Foreign Investments of the Ministry of Development — which concerns the characterization of the investment and the appropriateness of granting a residence permit — a residence permit may be granted to third-country nationals to establish and operate a business based in Greece for the purpose of carrying out an investment that will have positive effects on national development and the economy.

If the investment is made by a foreign legal entity, and depending on the amount of the investment, a residence permit in Greece may be granted to up to three (3) third-country nationals who are either members of the Board of Directors, or hold at least thirty-three percent (33%) of the capital of the Greek legal entity, or act as its directors, or its legal representatives, without remuneration.

By decision of the Minister of Migration and Asylum, following a recommendation from the Directorate of Direct Foreign Investments of the Ministry of Development — which concerns the realization of the investment and the appropriateness of granting a residence permit — a residence permit may be granted to third-country citizens who fall under the following categories:

(a) Third-country citizens who either hold at least thirty-three percent (33%) of the capital of a Greek company, with a cash contribution of at least five hundred thousand (500,000) euros made by them and whose corresponding titles / shares are registered, provided that, subject to Article 94, they submit to the competent consular authority a duly signed and certified certificate issued by the company in which they participate; or who participate in a Greek company whose shares are traded on regulated markets or multilateral trading facilities operating in Greece, and the nominal value of the shares they hold amounts to five hundred thousand (500,000) euros, provided that, subject to Article 94, they submit to the competent consular authority a certificate issued by the investment company referred to in Article 4 of Law 4514/2018 or by the credit institution, with registered office or branch in Greece, that maintains the relevant operator’s account.

(b) Third-country citizens who are members of boards of directors, legal representatives, or managers (who do not receive remuneration) of Greek companies, as well as legal representatives of branches of foreign companies that lawfully conduct commercial activity in Greece and have total assets or turnover in their last closed financial year of at least four million (4,000,000.00) euros, provided that, subject to Article 94, they submit to the competent consular authority the act or decision of the competent body under which they hold the position, and, where publication in the General Commercial Registry (G.E.MI.) is required, the relevant registration, along with the official financial statements of the company’s last closed financial year.

For both of the above categories, although Ministerial Decision No. 95391/2024 has been issued concerning the supporting documents required by the Ministry of Migration and Asylum, the Joint Ministerial Decision (by the Ministers of Development, Foreign Affairs, and Migration and Asylum) specifying the documents required for the recommendation/proposal by the Ministry of Development — which must precede — has not yet been issued.