Granting of entrance and residence permit in Greece to citizens of third countries for investing in titles (shares or bonds) or for bank deposit
With the No. 46440/19/2019 Joint Ministerial Decision, issued pursuant to par.12b, article 136 of L. 4251/2014 as it is in force, important amendments emerged regarding L. 4251/2014 (A’80) «Immigration and Social Integration Code and other provisions».
The entrance and residence of a citizen of third country in Greece is now allowed under the condition of making an investment regarding of the subcategories of par.Γ1 of article 16, L. 4521/14 as it is valid («Investment categories of par. Γ».
Amongst the amendments that occurred, we stress and emphasize two new categories of investment which currently constitute criteria for entrance and residence in Greece.
More specifically, within the new legislation framework, it is plausible for residents of foreign countries to acquire national VISA with a bank term deposit of at least four hundred thousand (400.000) euros, in a Greek credit institution, with duration of at least a year and standing order of renewal.
In addition, the issuance of national VISA is now plausible for capital contribution of at least four hundred thousand euros (400.000), in a company with its seat or facilities in Greece (investment holding companies and real estate investment companies are excluded), regarding the acquisition of shares relevant to the increase of capital share or credit bonds regarding the issuance of bonded loan, which are introduced for negotiation in regulated markets or multilateral trading facilities that function in Greece. The process of the investment is completed with the mediation of an intermediary investment company of the article 4, L. 4514/2018 (A’14), which provides the investment service pertinent to case 4, Annex I, Section A of the aforementioned law, or credit institution, with its seat or branch in Greece, with the creation of personal share of the investor in the Dematerialized Securities System (DSS) of «Greek Central Securities Depository SA».
For the granting of entrance permit in Greece, based on the new criteria of investment of the aforementioned provision, the following documentation needs to be submitted in the competent Greek consulate of the applicant’s place of residence;
Application of the investor
Declaration of the applicant with his personal information
Short curriculum vitae
The general documentation pertinent to No. Φ3497.3/ΑΠ24245/28.5.2014 (B’ 1820) joint ministerial decision «Determination of the general documentation and the process of granting long-term VISΑ (VISA-type D) ».
The specific documentation for the certification of the completion and retention of the investment, which are defined in par.3 of the Joint Ministerial Decision and variate depending on the category of the investment.
In more detail, the specific documents are variated as follows;
For bank term deposit with the aforementioned amount and conditions, the necessary documentation is; i. Certification of the credit institution for the information of the term deposit, the initial amount, the duration and the existence of standing order of renewal and ii. Certification of the credit institution with the bank account statement, until the date of the certification’s issuance
For capital contribution regarding a company in the form of shares or bonds, with the aforementioned amount and conditions, the necessary documentation is; Certification of the mediator regarding the creation of a personal share, the company that he invested in and the information of the increase of capital share that took place or the issuance of bond loan in which the investor participated, the number of shares or bonds he acquired and the value of the acquisition, as well as the retention of these titles (shares or bonds) until the date of the certification’s issuance.
Finally, we note that the consulate authority, within a one (1) month deadline from the receival of the application, forwards it along with the attached documentation to the Administration of Foreign Capitals, for the certification of the completion and retention of the investment.
The above authority, examines the information that has been submitted and within a one (1) month deadline from their receival, issues the relevant certification, which consequently forwards to the consulate authority and discloses to the Administration of Immigration Policy of the Ministry of Citizen Protection, in order, as long as the rest of the conditions are met, to grant the national VISA «Α5. Investment in titles or bank deposit».