Following a recent amendment to the Greek Immigration Law, new alternative investment options have been introduced as means for individuals to obtain a residence permit in Greece, on top of the already existing provisions regarding real-estate property owners with value equal or more than 250.000 thousand Euros.
Concisely, the investment options added by the above said amendment through Law 4605/2019 and currently in force, are demonstrated below, namely:
- The contribution of the amount of 400.000 Euros minimum to the share capital of a company registered or located in Greece except for a) Portfolio Investment Companies and b) Real Estate Investment Societe Anonymes, which do not have as corporate scope the investment exclusively in Greece. The said funds have to be contributed in terms of acquiring corporate stocks or corporate bonds of the company, which are negotiated in regulated markets or multilateral negotiation mechanisms operating in Greece.
- The contribution of the amount of 400.000 Euros minimum to the share capital of Closed-end Investment Companies (C.I.Cs) or Closed-end Mutual Funds (C.M.Fs) which have as their corporate scope the investment of funds exclusively to companies registered and/or located in Greece.
- The purchase of Greek State corporate bonds with purchase value of minimum 400.000 Euros and outstanding duration of minimum three (3) years, calculated on the basis of the effective date of the transaction. The aforementioned purchase has to be concluded via a credit institution located in Greece.
- Fixed- term deposit of the amount of 400.000 Euros minimum to a national credit institution. The deposit should have a term of one year or more and should be performed by granting a renewal standing order to the credit institution.
- The purchase of shares, corporate or Greek state bonds having a minimum transaction value amounting to 800.000 Euros and which are already or about to be negotiated in regulated markets or multilateral negotiation mechanisms operating in Greece.
- The purchase of corporate shares of a hedge fund incorporated in Greece or in another country having purchase value of 400.000 Euros minimum. However, such hedge fund should meet certain further statutory requirements, inter alia, should have as corporate scope the investment exclusively in shares, corporate or Greek state bonds that are already or about to be negotiated in regulated markets or multilateral negotiation mechanisms operating in Greece.
It is to be highlighted that pursuant to the Immigration Law currently in force, in case any of the above from 1 to 5 investment is substantiated by a legal entity, then certain of its shareholders or executives may be eligible for a residence permit in Greece subject to the requirements contemplated by the applicable provisions.