Secure Your Residency: Greece's Investment Visa Explained

Greece offers various residency programs for non-EU citizens who are looking to move to Greece and establish legal residency. Amongst these schemes, including the FIP and the Digital Nomad Visa, there is an alternative legal framework to establish residency, called the Investment Visa.

What is the Investment Visa?

According to article 99 of the Greek Immigration Law, 5038/2023, an individual who makes specific investments with specific financial thresholds can be qualify for an investment visa.

The type of investments which can be deemed eligible for an investment visa by the investor are the following:

1. Invest at least €500,000 to a company with a registered office in Greece, either by buying new shares on bonds. These shares or bonds must be traded on official or regulated markets in Greece.
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2. Invest at least €500,000 to a Real Estate Investment Company (R.E.I.C.), whose purpose is to invest exclusively in Greece by acquiring shares to increase its share capital.
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3. Invest at least €500,000 in Closed-end Investment Companies (C.I.C) by buying shares, or in a Closed-End Mutual Fund (C.M.F). These funds must exclusively invest in companies that are based or established in Greece.
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4. Invest at least €500,000 in Greek government bonds with a minimum remaining maturity of three years at the time of purchase, using a credit institution based in Greece.
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5. Have a fixed-term deposit of at least €500,000 with a Greek credit institution, with a maturity of at least one year, with a fixed renewal mandate.
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6. Invest at least €800,000 in shares, corporate bonds, and/or Greek government bonds that are traded on regulated markets or multilateral trading facilities in Greece, under specific conditions.
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7. Invest at least €350,000 in shares or bonds of a mutual fund established in Greece or another country, which aims to invest exclusively in shares, corporate bonds, or Greek government bonds, under specific conditions.
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8. Invest at least €350,000 in shares or bonds of an Alternative Investment Fund (AIF) established in Greece or another EU Member State, with the purpose of investing exclusively in Greece, under specific conditions.

Investments in Fixed-Term Deposits, Greek Government Bonds and more

For investors or applicants looking to apply under this residency scheme, they must contact a Greek bank of their choice and apply to open a designated fixed-term bank account (logariasmos prothesmiakis katathesis) with an option for annual renewal to finalize their investment.

By selecting this type of account, the investor can benefit from the interest rates offered specifically for fixed-term bank accounts.

Required documents:

Due to Anti Money Laundering (AML) legislation, financial providers in Greece request to review specific documentation from each applicant.

• Proof of residency status both in Greece and abroad
• Proof of income sources from abroad

The bank, after the opening of the said account, provides a certification to the account holder which he uses to get an official certification of investment.

Investments in Shares, Corporate Bonds and/or Greek Government Bonds

For applicants wanting to apply under the investment scheme and make an investment of at least €800,000 in shares, corporate bonds, and/or Greek government bonds, the investment must be through a Greek-based investment services intermediary or credit institution.

1. Account Requirements:
   
   • Maintain a personal account at a Greek credit institution for investment transactions and portfolio management.
   • Do not withdraw from the account except for reinvestment.
   • The average annual balance should not exceed 20% of the initial investment amount.
2. Investment Certification:
   
   • Obtain certification from the investment services intermediary or credit institution managing the portfolio.
3. Visa Eligibility:
   
   • Must be legally present in Greece (with any visa or residency permit).
   • Apply for an investment visa through a proxy if outside Greece; enter Greece within 12 months and provide biometric data.
4. Investment Visa Requirements:
   • Complete an eligible investment with foreign funds transferred to Greece.
   • The investment may be through a Greek legal entity (with 100% ownership) or a foreign legal entity (up to 3 investors with at least 33% share each).
   • Obtain official investment certification from the Directorate of Direct Foreign Investments.
5. Visa Duration and Renewal
   • The investment visa is valid for 5 years.
   • Renewals require a recent investment certification; periods of absence from Greece do not affect renewal.
6. Changing Investments:
   • ‍‍Investors can switch investments (same or different category) or opt for real estate within 2 months.
   • Submit a request for the new investment to the Ministry of Immigration and Asylum, and obtain new certification.
7. Family Members:
   • Family members (spouse, unmarried children under 21, and certain direct ascendants) can receive residence permits expiring with the main applicant's permit.
   • Children who turn 21 receive an independent 3-year residence permit.
8. Work Restrictions:
   • Investment residence permits do not grant the right to work

If you are an investor, retiree or entrepreneur and you are looking to apply for this regime, feel free to book a 15-minute discovery call to learn more about your eligibility.