Golden Visa – Table of permitted investments (articles 99-100A of Law 5038/2024)

Region of Attica, Regional Unit of Thessaloniki, Mykonos and Thira (Santorini), Islands of the South Aegean with a population of more than 3.100 inhabitants.

The purchase of real estate is carried out on a single property.

If it is a built property or a property for which a building permit has been issued, a minimum of 120 square metres of floor area of the main premises is required.

In the case of investment through purchase of an undivided co-ownership share in a property, the minimum value of the co-ownership share is set at €800,000.

If it is a built property or a property for which a building permit has been issued, a minimum of 120 square metres of main floor area is required.

In the case of investment through purchase of an undivided co-ownership interest in a property, the minimum value of the co-ownership interest is set at €400,000.

The investment is made in a single property and the change of use must be completed prior to the submission of the application for the investor’s residence permit.

In the case of investment through purchase of an undivided co-ownership share of real estate, the minimum value of the co-ownership share is set at € 250.000.

In the case of investment through purchase of an undivided co-ownership interest in a property, the minimum value of the co-ownership interest is set at €250,000.

Transfer of the property before the complete restoration or total reconstruction of the property is void.

Region of Attica, Regional Unit of Thessaloniki, Mykonos and Thira (Santorini), Islands of the South Aegean with a population of more than 3.100 inhabitants.

GENERAL CHARACTERISTICS OF AN AUTHORISATION FOR THE HOLDING OF INVESTMENT PROPERTY

The resale of the real estate during the period of validity of the residence permit, either to another third country citizen who wishes to obtain a residence permit pursuant to Article 100(8) of Law 5038/2023 or to any other third person, leads to its revocation as soon as the competent authorities become aware of it. The notary must notify the competent authorities that the third-country national has transferred the property under which he/she obtained the residence permit.

In case a third country citizen wishes to purchase another property ,and transfer the one under which he/she obtained a residence permit, in order not to lose the permit already granted to him/her, he/she must first acquire a new property, notify the competent authority which will check whether the legal requirements for the granting of the residence permit for the specific property are met and then proceed with the transfer of the previous property. In this case, no new residence permit will be issued but the validity of the previously issued one will continue.

In the case of an undivided co-ownership of real estate, the right of residence is granted only if the co-owners are spouses or cohabiting partners.

Otherwise, the right of residence is granted only if each co-owner’s share is worth at least the minimum value of the investment.

Real estate acquired in full ownership and possession by third-country nationals for the initial granting or renewal of an investor’s residence permit may not be leased on a short-term basis or subleased on a short-term basis in the context of the sharing economy.

Short-term rental is defined as the rental or subletting of a property, regardless of whether it is posted on a digital platform in the context of the sharing economy or not and regardless of whether the contract is concluded through the digital platform, for a specific period of less than 60 days and provided that no services other than accommodation and bedding are provided.

The investment is made either by a natural person or by a legal entity that owns and controls real estate in Greece, with its registered office in Greece or in another EU member state, whose shares or company shares are wholly owned.

The agreed price or rent is paid to the seller’s Greek bank account in the following ways:

α) Two-line bank cheque:

Payment is made by means of a two-line bank cheque, which is deposited in his/her account. This procedure applies to third-country nationals who hold a bank account with a Greek bank. In this case, in order for the application for a residence permit to be accepted, the seller must declare to the notary the bank account in which the money was deposited as in order for the application to proceed, there must be a complete and clear picture of the course of the money.

b) Bank transfer via bank credit:

Payment is made by bank transfer from the buyer’s account held either in a Greek or a foreign bank to the seller’s bank account.

c) Payment via POS:

Payment can be made by credit or debit card from the buyer’s account held either in a Greek or a foreign bank, through a POS installed by a Greek payment service provider.

The payment of the price may also be made by the spouse or relatives by blood or marriage up to the second degree of the buyer.

After submitting the application for a residence permit, applicants who are in Greece may travel to and from other third countries, but not to Schengen countries, with the valid certificate of submission of an application for the initial granting or renewal of a residence permit (Decision of the Minister of Citizen Protection No. 4000/3/99-a΄ / 12.12.2024). In order not to be subject to this restriction, they may proceed to purchase the property through a lawyer’s power of attorney and enter the country shortly before the issue of their residence permit. Once the residence permit is issued, they are entitled to access and circulate in all Schengen countries for a period of 90 days in 180-day increments.

There is no requirement of actual residence in Greece.

The family members of the investor are entitled to a residence permit for family reunification, which expires at the same time as the sponsor’s residence permit.

Family members are considered to be:

α) The spouse or partner in a civil partnership.

b)  Unmarried children under 21 years of age.

c) Unmarried children of the investor or his/her spouse/partner, if they have been awarded custody and are under 21 years of age.

d) the parents of the spouses or

As for the period of time required to obtain a residence permit, it depends on the local authority. In Athens, due to the large number of applications, they are processed in a fairly long period of more than one year.

No right of access to the labour market is granted.

The obligation to pay VAT has been suspended for newly constructed buildings until 31.12.2025.

The investment is made through an intermediary investment firm of article 4 of law 4514/2018 or a bank, with its registered office or branch in Greece.

The realization of the investment is certified by a certificate issued by the above intermediary and its retention by a certificate issued by the investment company of article 4 of law 4514/2018.

After the admission of the company to a regulated market operating in Greece, the provisions of the first case regarding the contribution of capital to a company having its registered office or establishment in Greece, for the acquisition of shares in a share capital increase or bonds in the issuance of a bond loan, apply.

The investor may carry out withdrawal operations from that account, provided that the sum of the remaining balance, the nominal value of the remaining investment in the AIFM and the remaining balance in the blocked account referred to in the second subparagraph is at least equal to the amount initially invested for which the residence permit has been granted.

The realisation and retention of the investment is certified by certificates issued by the manager of the Alternative Investment Fund Agency for the investor’s participation and the bank where the bank account has been opened.

For the investment in the form of a capital contribution to Venture Capital Companies (VCCs), during the initial stage and until the VCC is listed on a regulated market, the realisation of the investment and its retention are certified by certificates issued by the company.

After the admission of the VCCs to a regulated market operating in Greece, the provisions set out in the first case regarding the contribution of capital to a company having its registered office or establishment in Greece, for the acquisition of shares in a share capital increase or bonds in the issuance of a bond loan, shall apply.

The realization and retention of the investment is certified by certificates issued by the bank.

Time deposit, in a Greek bank.

€500.000

The realisation and retention of the investment is certified by certificates issued by the bank.

The beneficiaries of the time deposit may be the spouse, partner(s) and blood or blood relatives up to the second degree of the investor.

The investor is required to maintain a unique and exclusive account in a Greek bank for the realization of the investment and subsequent 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 by a Greek bank.

(i) the amount of the assets of the fund is at least € 10.000.000; and

(ii) the fund and its manager are licensed by the capital market supervisory authority of the country in which it is domiciled, which for countries outside the European Union is required to be a member of the International Association of Securities Commissions (IOSCO) and to have concluded a bilateral information exchange agreement with the Hellenic Capital Market Commission.

The realisation of the investments of the fund is carried out through an intermediary investment firm as defined in Article 4 of the Law. 4514/2018, or a bank with its registered office or branch in Greece.

A unique and exclusive account is maintained for the mutual fund in a bank established in Greece for the realisation of its investments and subsequent portfolio management transactions and the collection of dividends.

The realisation and retention of the investment by the unit-holders and the fund are certified by the annual report of the fund, as well as by certificates issued by the manager of the fund on the participation of the third country citizen in the fund, by the investment undertaking referred to in Article 4 of the Law. 4514/2018 or by a Greek bank.

(i) the amount of the AIF’s assets is at least€  3.000.000; and

(ii) the AIF and its manager are authorised or registered by the capital market supervisory authority of the country where it is established.

For the AIF, a unique and exclusive account is maintained in a Greek bank for the movement of funds relating to the realisation of investments and the collection of amounts from their exploitation or liquidation.

The realisation and retention of the investment by the unitholders and the AIF are certified by a report of the manager of the AIF, accompanied by a report of chartered accountants on the activity of the AIF, as well as certificates issued by the manager of the AIF on the participation of the third country citizen in the AIF and by the Greek bank on the movement of the AIF’s account.

A third country citizen, who has received a national entry visa as an investor, provided that he/she submits a recent certification of the competent authority for the retention of the investment and the other required documents of the decision of the Ministers of Immigration and Asylum and Foreign Affairs of the Ministry of Foreign Affairs (Article 176 par. 1 of Law 5038/2024), a residence permit is granted, by decision of the Minister of Immigration and Asylum, for a period of five years, which is renewed for an equal period of time each time, provided that the retention of the specific investment is certified and the other requirements for the granting of the permit are met.

With the exception of investment through the purchase of units in a mutual fund and the purchase of units/shares in an Alternative Investment Fund (AIF), in the case of an investment by a legal entity, a residence permit in Greece may be granted to third country nationals as follows:

a) for an investment made by a domestic legal entity, a third country citizen may be granted a residence permit in Greece, provided that he/she holds all of the shares in the company,

b) for an investment made by a foreign legal entity (therefore also outside the EU), a residence permit in Greece may be granted to up to 3, depending on the amount of the investment, third country citizens who hold at least 33% of the foreign legal entity’s capital.

The family members of the investor are entitled to a residence permit for family reunification, which expires at the same time as the sponsor’s residence permit.

Family members are considered to be:

α) The spouse or partner in a civil partnership.

b) Common, unmarried children under 21 years of age.

c) Unmarried children of the investor or his/her spouse/partner, if they have been awarded custody and are under 21 years of age.

d) the parents of the spouses or partners

No right of access to the labour market is granted.

A third country citizen who holds a valid residence permit for investment in one of the above categories may liquidate the investment in order to invest, within an exclusive period of 2 months, in the same or another category of financial investments or in real estate , in accordance with article 100 of Law 5038/2023. In case of a change of investment in the same or another category, the third country citizen shall submit a request for change of investment to the Directorate of Residence Permits of the Ministry of Immigration and Asylum with the details of the new total investment and the latter shall forward the request to the Directorate of Foreign Direct Investment of the Ministry of Development and Investment for the certification of the new total investment.

In all the above cases of change of investment, the third country citizen holding a valid residence permit shall retain the residence permit already granted until the completion of the procedures for the certification of the new overall investment. The above shall also cover the members of the applicant’s family.

A third country national may invest in more than one and up to 3 distinct investments in total. In this case, the minimum required amount of the total investment is determined on the basis of the category with the highest required investment amount.

After submitting the application for a residence permit, applicants who are in Greece may travel to and from other third countries, but not to Schengen countries, with the valid certificate of submission of an application for the initial granting or renewal of a residence permit (Decision of the Minister of Citizen Protection No. 4000/3/99-a΄ / 12.12.2024). In order not to be subject to this restriction, they may apply for a residence permit for financial investments through a lawyer with power of attorney and enter the country shortly before their residence permit is issued. Once the residence permit is granted, they are entitled to access and circulate in all Schengen countries for a period of 90 days in 180-day increments.

There is no requirement of actual residence in Greece.

With regard to the timeframe for granting a residence permit, the application is processed within a relatively short period of time after the competent authority has certified the retention of the investment.

α) The acquired shares, 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 jobs.

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

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

If the investment is made by a legal entity, a residence permit in Greece is granted to third country nationals in accordance with the above-mentioned provisions for financial investments.

The investment is made with funds, which are transferred from abroad to Greece, to a Greek bank account of the investor for the purpose of the investment by a third country citizen or foreign legal entity (therefore also outside the EU). The transfer may be made by the spouse or the other party to a civil partnership or by blood or affinity relatives of the investor up to the second degree.

If the securities acquired are registered securities, the realisation and retention of the investment shall be certified by a certificate of the enterprise to which the capital is contributed.

If the acquired shares are traded on regulated markets or multilateral trading facilities operating in Greece, the investment is made through an investment intermediary, an investment firm of article 4 of law 4514/2018 or a Greek bank.

The realisation of the investment is certified by a certificate issued by the above intermediary and the holding by a certificate issued by the investment company or the Greek bank.

A third country citizen is granted a residence permit for a period of one year, renewable for a period of 2 years at a time, provided that the retention of the investment is certified.

A third country citizen holding a valid residence permit granted hereunder shall hold the shares for 5 years from the date of acquisition. If, after the minimum retention period has expired, the third country citizen sells the shares, he/she shall retain his/her residence permit if he/she acquires new shares within 2 months or proceeds with an investment of Articles 96 to 100 of Law 5038/2023 within 2 months.

In cases of bankruptcy or corporate transformation of the company, even before the expiry of the minimum retention period, the residence permit shall not be revoked if the third country citizen acquires, within 2 months, shares in another company or makes an investment under Articles 96 to 100 of Law 5038/2023, even if the purchase of shares or the investment is made with money obtained from the liquidation of the initial investment.

In all the above cases of change of investment, the third-country national holding a residence permit valid under this Regulation and his/her family members shall keep the residence permit already granted until the procedures for the certification of the new overall investment and the granting of the residence permit under this Regulation have been completed.

The family members of the investor are entitled to a residence permit for family reunification, which expires at the same time as the sponsor’s residence permit in accordance with the rules applicable to real estate and financial investments.

No right of access to the labour market is granted.

There is no requirement of actual residence in Greece

After submitting the application for a residence permit, applicants who are in Greece may travel to and from other third countries, but not to Schengen countries, with the valid certificate of submission of an application for the initial granting or renewal of a residence permit (Decision of the Minister of Citizen Protection No. 4000/3/99-a΄ / 12.12.2024). In order not to be subject to this restriction, they can apply for a residence permit through a lawyer and enter shortly before the issue of their residence permit. Once the residence permit is issued, they are entitled to access and circulate in all Schengen countries for a period of 90 days in 180-day increments.

With regard to the timeframe for granting a residence permit, the application is processed within a relatively short period of time after the competent authority has certified the retention of the investment.

i) Residence permit for strategic investments: Up to 5 third country nationals, members of the management and/or shareholders of a foreign legal entity are granted a residence permit upon a proposal from the General Directorate of Strategic Investments of the Ministry of Development and Investment, which is related to the confirmation of the classification of the investment as strategic.

ii) Residence permit for investment through the establishment and operation of a business (natural persons, members of the Board of Directors, shareholders – partners): upon a proposal of the Foreign Direct Investment Directorate of the Ministry of Development and Investment, which concerns the characterization of the investment and the feasibility of granting a residence permit, a residence permit may be granted to third country nationals in Greece to establish and operate a business based in Greece for the purpose of making an investment of a minimum amount of five hundred thousand euros (500,000.00) that will have a positive impact on the national development and economy.

iii) Residence permit for executives of companies established in Greece, subsidiaries of foreign companies established in Greece that carry out commercial activity (shareholders – partners, board members, managers, legal representatives): upon the proposal of the Foreign Direct Investment Directorate of the Ministry of Development and Investment, which concerns the implementation of the investment and the feasibility of granting a residence permit, a residence permit is granted in the following cases:

α) Citizens of third countries who either hold at least 33% of the capital of a domestic company with an amount paid by them in cash of at least€  500.000 and the respective securities they hold are nominal.

b) Citizens of third countries, members of boards of directors, legal representatives and managers to whom no remuneration is paid, of domestic companies, as well as legal representatives of branches of foreign companies that legally carry out commercial activity in Greece and have assets or turnover in the last closed financial period of at least € 4.000.000.