Unlocking Opportunities in Greece’s Golden Visa Program for Residency through Financial Contributions
In an effort to attract international capital and drive economic growth, Greece has revamped its Golden Visa program through the recent amendments under Article 99 of Law L.5038/2023 as applicable today. This expanded framework offers a comprehensive list of investment options for third-country nationals seeking residency through substantial contributions to the Greek economy.
Here’s a detailed examination of the categories and prerequisites under this new legal framework.
Comprehensive Investment Categories for Residency under Article 99:
1. Capital Contribution to a Company:
– Minimum Investment: €500,000.
– Eligible Entities: Companies headquartered or established in Greece, with the exclusion of Portfolio Investment Companies and, subject to subparagraph b, Real Estate Investment Companies.
– Purpose: Acquisition of shares through a capital increase or bonds through the issuance of a bond loan, listed on regulated markets or multilateral trading facilities operating in Greece.
– Investment Process: The investment must be conducted through an investment intermediary as defined by Article 4 of Law 4514/2018, providing investment services according to Annex I, Section A, paragraph 4 of the same law, or a credit institution headquartered or with a branch in Greece. This requires the creation of a personal account for the investor in the Greek Central Securities Depository (S.A.T.).
– Certification: The realization of the investment is verified by certification issued by the investment intermediary or credit institution, confirming its retention through an additional certification by the relevant institution maintaining the account.
2. Capital Contribution to a Public Real Estate Investment Company (A.E.E.A.P.):
– Minimum Investment: €500,000.
– Investment Objective: Exclusively in Greece for acquiring shares through a capital increase.
– Certification:
– Before listing on a regulated market, the investment and its retention are certified by the company.
– After listing, all conditions of subparagraph a apply.
3. Contribution to a Venture Capital Company (E.K.E.S.) or Venture Capital Mutual Fund (AKES):
– Minimum Investment: €500,000.
– Scope: Exclusively for enterprises headquartered or established in Greece.
– Provisions for Partial Contributions:
– If contributions are made in installments, any remaining amounts must be placed in a restricted escrow account at the credit institution serving as the fund’s custodian.
– For investments in AKES, the investor must open a unique bank account at the credit institution solely for receiving funds returned from the investment entity.
– Certification: Verified by the Alternative Investment Fund (AIF) manager and the relevant credit institution.
4. Purchase of Greek Government Bonds:
– Minimum Purchase Value: €500,000.
– Conditions: Minimum remaining duration of three years upon purchase, through a Greek-based credit institution acting as a custodian.
– Verification: Certification by the credit institution confirming investment realization and retention.
5. Fixed Deposit in a Domestic Credit Institution:
– Minimum Amount: €500,000.
– Duration: At least one year with an automatic renewal order.
– Co-owners: May include the investor’s spouse, partner, or relatives up to the second degree of kinship.
– Verification: Certification from the credit institution confirming the deposit and its renewal.
6. Purchase of Shares, Corporate Bonds, or Greek Government Bonds:
– Minimum Value: €800,000.
– Market Conditions: Securities must be listed or traded on regulated markets or multilateral trading mechanisms in Greece.
– Process: Investment conducted through a financial intermediary or credit institution in Greece, requiring the creation of a personal securities account with the Greek Central Securities Depository (S.A.T.).
– Account Maintenance: A dedicated, exclusive-use account must be maintained at a Greek institution for all related transactions, and withdrawals may only occur for reinvestment purposes.
7. Purchase of Units in a Mutual Fund:
– Minimum Value: €350,000.
– Fund Objective: Investment in Greek securities listed on regulated markets.
– Fund Criteria:
– Minimum assets of €10,000,000.
– The mutual fund and its manager must be licensed or registered by the market supervision authority of their host country, requiring bilateral agreements with the Hellenic Capital Market Commission for non-EU states.
– Account Requirements: Establishment of a unique account at a Greek credit institution for transactions and distributions related to the investment.
8. Investment in Alternative Investment Funds (AIFs):
– Minimum Value: €350,000.
– Fund Objective: Exclusive investments in Greece.
– Management and Regulatory Requirements:
– The AIF and its manager must be licensed or registered by the relevant market authority.
– Maintenance of a unique investment account at a Greek credit institution.
Additional Provisions for Legal Entities:
– Domestic Legal Entity: Residency permits may be issued if the investment is conducted by a legal entity wholly owned by the investor.
– Foreign Legal Entity: Permits may be granted to up to three foreign nationals holding at least 33% of the company’s capital.
Certification and Supervision:
– Competent Authorities: Verification and certification of investments are managed by the Directorate of Foreign Direct Investments in collaboration with the Capital Market Commission.
Residency Benefits and Flexibility:
Investors are afforded flexibility for transitional adjustments and are eligible for five-year renewable residence permits upon meeting criteria, with detailed supervision and certification measures ensuring compliance and investment integrity.
Engaging with Greece’s Revamped Golden Visa Program:
At Amoiridis Law Services® , we are committed to guiding you through every step of these investment pathways, ensuring a seamless journey toward obtaining Greek residency through the Golden Visa program. Contact our expert legal team to explore how these opportunities can align with your financial and residency goals.
For any further information and clarifications please do not hesitate to contact our qualified legal team, ready to provide you with further personalized information tailored to your needs and your profile.
You can email us: or call/text us directly at: +306908351705 (WhatsApp/Viber)
Athens, November 2024