Greece, in a strategic move to further allure international investors, Greece has recently revamped its Golden Visa program, offering an array of pathways for obtaining residency through financial investments.
Let’s explore the nuances of these changes and the exciting opportunities they present for global investors.
Analyzing the Changes
The revised Article 99 introduces a comprehensive framework for acquiring residency in Greece through financial investments. Investors can now secure a residence permit by making significant financial contributions to various avenues within the Greek economy. These include capital contributions to Greek companies, investments in real estate investment companies, participation in capital companies for entrepreneurial ventures, purchase of Greek government bonds, fixed deposits in domestic credit institutions, and investments in mutual funds or alternative investment funds.
A notable shift in the program is the emphasis on diversification and expansion of investment options. By broadening the scope of eligible investments, Greece aims to attract a more diverse range of investors while stimulating economic growth across various sectors.
Transitional Provisions: A Closer Look
Understanding the transitional provisions is crucial for investors currently navigating the investment process or contemplating entry into the Greek financial market. These provisions offer a clear pathway for investments initiated under the program’s previous conditions to be completed or adjusted according to the new legal framework.
Investors who have initiated their investments before the implementation of the revised Article 99 may still be eligible to complete their investment under the existing conditions. The transitional period provides investors with the opportunity to adapt to the new regulations without undue financial strain or procedural complexity.
For those unable to finalize their investments within the specified timeframe, the law offers alternatives. Investors may redirect their investments to other eligible avenues, provided they meet the criteria outlined in the revised legislation.
Looking Forward
The updates to Greece’s Golden Visa program represent a significant step towards enhancing the nation’s attractiveness to foreign investors. By expanding the range of eligible investments and providing clear guidelines for investors, Greece aims to position itself as a premier destination for international capital.
As these changes unfold, potential investors and stakeholders must carefully consider the implications of the new legal landscape. The transitional provisions, in particular, warrant close attention, offering a window of opportunity for those who act promptly and decisively.
For individuals and entities navigating this shifting terrain, the assistance of legal and financial advisors who are well-versed in the nuances of Greek investment laws will be invaluable. With the right guidance, investors can successfully adapt to the
Expanding Investment Avenues: Under the updated Article 99 of law L.5038/2023, investors now have a multitude of options to secure residency in Greece by contributing to its economy. These avenues include:
- Capital Contribution to Companies: Investors can inject a minimum of €500,000 into a Greek-based company, excluding certain entities, through shares acquisition or bonds issuance, traded in regulated markets.
- Investment in Real Estate Investment Companies: A capital infusion of €500,000 into a Public Limited Real Estate Investment Company (AEΕΑP) exclusively investing in Greece facilitates residency acquisition.
- Entrepreneurial Ventures: Investors can participate in Greek business growth by contributing €500,000 to a Capital Company for Entrepreneurial Participations (EKES) or a Mutual Fund for Entrepreneurial Participations (AKES).
- Purchase of Government Bonds: Acquiring Greek government bonds worth €500,000 for a minimum duration of three years through a Greek credit institution qualifies investors for residency.
- Fixed Deposit: A fixed deposit of €500,000 in a domestic credit institution for at least one year, with a standing renewal order, offers a pathway to residency.
- Investment in Securities: Purchase of securities worth €800,000, including shares, corporate bonds, or Greek government bonds traded in regulated markets, ensures eligibility for the Golden Visa.
- Investment in Mutual Funds: Investing €350,000 in a mutual fund established in Greece or another country, focusing on Greek securities traded in regulated markets, grants eligibility for residency.
- Investment in Alternative Investment Funds (AIF): An investment of €350,000 in an AIF, focusing on Greek real estate, facilitates Golden Visa acquisition.
Prerequisites and Procedures: To qualify for the Golden Visa under Article 99, investors must adhere to certain prerequisites and procedures:
- Certification of Investment Realization: The investment must be certified by competent authorities, ensuring its realization and retention align with program requirements.
- Legal Entity Investments: Investors can utilize legal entities for investments, either holding the entirety of corporate shares or a significant stake, as specified in the legislation.
- Supervision and Certification: Lists of eligible investment vehicles are compiled under the supervision of the Directorate of Foreign Direct Investments, streamlining the residency application process.
Flexibility and Adaptability: The updated Golden Visa program offers investors unparalleled flexibility, allowing for changes in investments within a specified period and facilitating multiple investments across different categories. This adaptability empowers investors to maximize their investment potential and explore diverse opportunities within the Greek market.
Greece’s revamped Golden Visa program presents an enticing proposition for global investors seeking residency in one of Europe’s most captivating destinations. With its expanded investment avenues, investor-friendly provisions, and streamlined procedures, Greece is poised to attract a new wave of investment, fostering economic growth and cultural exchange. As Greece continues to evolve as a hub for international investment, the Golden Visa program stands as a beacon of opportunity for investors worldwide.
At Amoiridis Law Services® , we stand ready to navigate these changes with you. Our commitment to providing comprehensive consultancy services, bolstered by our network of legal and financial experts, remains unwavering. Whether you’re exploring the potential of the Golden Visa program or embarking on other investment ventures in Greece, our team is equipped to ensure your success, offering tailored advice that aligns with your investment objectives.
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.
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Athens, May 2024