The right to enter and a residence permit under this program is granted to non-EU/EEA citizens who have invested in one of the following categories:

a. Capital contribution, amounting to at least four hundred thousand (400,000) euros, to a company head – quartered or established in Greece, except for Holding Companies and Real Estate Investment Companies, for the acquisition of stock in a capital stock increase or bonds upon the issuance of a bond loan, which are listed for trading in regulated markets or multilateral trading facilities operating in Greece.

The investment must be made with the intermediation of an investment company under article 4 of Law 4514/2018, which provides the portfolio management investment service, or a credit institution with head – quarters or a branch in Greece, by creating a personal account of the investor in the System of Dematerialised Securities (SDS) of “Hellenic Central Securities Depository S.A”.

b. Capital contribution, amounting to at least four hundred thousand (400,000) euros, to a Real Estate Investment Company (REIC) under article 21 of Law 2778/1999 (OJHR A-295), whose object is to invest exclusively in Greece, for the acquisition of stock in an increase of its capital stock. During the initial stage and until the listing of the REIC in a regulated market, the implementation and holding of the investment is confirmed with certificates issued by the company. If the REIC, under the provisions of the law, has been listed in a regulated market, the investment must be made as defined for category (a).

c. Capital contribution, amounting to at least four hundred thousand (400,000) euros, to a Venture Capital Company (VCC) under article 5 of Law 2367/1995 (OJHR A-261) for the acquisition of stock, or capital contribution to a Venture Capital Fund (VCF) under article 7 of Law 2992/2002 (OJHR A-54) for the acquisition of shares, provided that the object of the said Alternative Investment Funds (AIF) is to invest exclusively in companies headquartered or established in Greece.

In the case of partial payment of the participation, according to the Alternative Investment Fund’s operating conditions, the investor must place the remaining amount of his/her participation in an escrow account at the credit institution that is the custodian of the Alternative Investment Fund. For the investment with a capital contribution to a VCF, the investor must open a unique bank account in the said credit institution for the exclusive purpose of depositing the funds returned to the investor by the Alternative Investment Fund.

The investor may proceed with disbursements from that account, provided that the sum of the remaining balance, the nominal value of the remaining investment in the Alternative Investment Fund, and the remaining balance of the escrow account is at least equal with the initially invested amount for which the residence permit has been granted.

d. Purchase of Greek Treasury bonds, with an acquisition value of at least four hundred thousand (400,000) euros and a residual duration, at the time of purchase, of at least three (3) years, through a credit institution established in Greece, which is also their custodian.

e. Term deposit of at least four hundred thousand (400,000) euros, in a domestic credit institution, for at least one year, with a standing renewal order.

f. Purchase of stock, corporate bonds, or Greek Treasury bonds, which are listed for trading or traded in regulated markets or multilateral trading facilities operating in Greece, of an acquisition value of at least eight hundred thousand (800,000) euros. This category differs from categories a. and d. because the acquired shares are not required to relate to a capital stock increase and the corporate bonds are not required to refer to the issuance of a new bond loan.

The condition of the residual duration of three (3) years does not apply to Greek Treasury bonds. The investment must be made with the intermediation of an investment company under article 4 of Law 4514/2018 (OJHR A-14), which provides the portfolio management investment service, or a credit institution with headquarters or a branch in Greece, by creating a personal account of the investor in the System of Dematerialised Securities (SDS) of “Hellenic Central Securities Depository S.A”.

The investor must hold, in a credit institution established in Greece, a unique and exclusive account for the operations of the investment and the subsequent management transactions of his/her portfolio and must not disburse any amount from the liquidation of securities, except for its reinvestment in securities eligible for this category, so that the average annual balance of the said account does not exceed twenty percent (20%) of the amount of the initial investment.

g. Purchase of shares of an acquisition value of at least four hundred thousand (400,000) euros in a mutual fund, which has been established in Greece or another country and whose object is to invest exclusively in stock, corporate bonds or Greek Treasury bonds that are listed for trading or traded in regulated markets or multilateral trading facilities, operating in Greece.

The mutual fund, in this case, must: a) have assets amounting at least to three million (3,000,000) euros; and b) the same and its manager must be licensed by the authority supervising the capital market of the country in which it is established, which, for countries outside the European Union, must be a member of the International Organisation of Securities Commissions (IOSCO) and have concluded a bilateral information exchange agreement with the Hellenic Capital Market Commission.

h. Purchase of shares or stock of an acquisition value of at least four hundred thousand (400,000) euros in an Alternative Investment Fund (AIF), which has been established in Greece or another Member State of the European Union and whose object is to invest exclusively in real estate in Greece, provided it is included, upon its request, in the list compiled by the Foreign Funds Directorate of the Ministry of Development and Investment in cooperation with the Hellenic Capital Market Commission.

The AIF, in this case, must:

i. have assets amounting at least to three million (3,000,000) euros; and

j. the same and its manager must be licensed by the authority supervising the capital market of the country in which it is established, which, for countries outside the European Union, must be a member of the International Organisation of Securities Commissions (IOSCO) and have concluded a bilateral information exchange agreement with the Hellenic Capital Market Commission.

In the case of an investment in securities or a bank deposit by a legal entity the following applies:

1. In the case of a domestic legal entity of which the non-EU/EEA citizen holds all corporate shares, the same minimum investment limits as those applicable to investment by individuals apply.
2. In the case of a foreign legal entity, the number of residence permits in Greece that may be granted to its shareholders or executives is scaled depending on the amount of the investment made by the legal entity in one of the categories provided for by the law, as follows:

To apply for a residence permit for investment in securities or a bank deposit, non-EU/EEA citizens must:

• either enter the country on a national visa (type D) issued for this specific purpose by the competent consular authority, which is valid for up to one year;
• or, at the time of submission of the application for a residence permit, already legally reside in the country either under a definitive residence permit or a visa or a residence permit granted by another EU Member State (in this case, Schengen rules for temporary stay in a member state apply).

​In this case, the submission of the application for the residence permit must be preceded by the issuance of the certification of the implementation and holding of the investment by the Foreign Funds Directorate of the Ministry of Development and Investment.

To obtain a National Visa (type D) for Investment in Securities or a Bank Deposit, the NON-EU/EEA citizen or his/her proxy submits an application to the competent Greek consulate, enclosing the necessary general and special documentation.

Family members have the option of entering the country at the same time with the applicant from whom they derive their residence rights (sponsor) or at a later date and should also be issued the appropriate entry visa.

The investor may submit the application with the documentation immediately after the completion of the investment in one of the investment categories in securities or a bank deposit and, in any case, no later than one (1) year from the beginning of its implementation.

The consular authority shall forward the application with the attached documentation to the Foreign Funds Directorate of the Ministry of Development and Investment to certify the implementation and holding of the investment. The above department examines the data submitted and, within one (1) month from receipt, issues the relevant certification, which it transmits to the consular authority with a copy to the Migration Policy Directorate of the Secretariat-General for Migration Policy of the Ministry of Migration and Asylum, for the national entry visa to be granted, provided that the other conditions are met.

The supporting documents are submitted in original form and, if issued abroad, must be legally certified and accompanied by an official translation into Greek.

The non-EU/EEA citizen, during the validity period of the national entry visa, submits an application for a five-year residence permit to the Migration Policy Directorate of the Secretariat-General for Migration Policy of the Ministry of Migration and Asylum.

The application is accompanied by the general documentation for the issuance of a residence permit in the country, as well as a recent certificate, issued not earlier than two months by the Foreign Funds Directorate of the Ministry of Development and In – vestment, confirming the implementation and holding of the specified investment.

The application and the necessary documentation for a residence permit can be submitted in person or by a legal representative.
The authorization shall be proven in writing by having the authenticity of the authorizing person’s signature verified by any public authority.

In the meantime, visa holders will be able to take legal action and transact with the competent authorities.
The Migration Policy Directorate of the Secretariat-General for Migration Policy of the Ministry of Migration and Asylum notifies the decision to grant the residence permit to the Foreign Funds Directorate of the Ministry of Development and Investment to monitor the holding of the investment.

If the two-month period has elapsed since the issuance of the certification on the implementation and holding of the investment, it shall be reissued by the Foreign Funds Directorate of the Ministry of Development and Investment upon request of the interested party accompanied by a copy of the entry visa or the valid residence permit, as appropriate, and the special documentation. The certificate issued is sent to the applicant with a copy to the Directorate of Migration Policy of the Secretariat-General for Migration Policy of the Ministry of Migration and Asylum.

Note: as of February 20, 2017, the new procedure for issuing residence permits for non-EU/EEA citizens in Greece has started, according to Regulation (EC) 1030/2002, as in force, according to which all EU Member States issue the electronic residence permit, which replaced the sticker affixed to a valid passport.

​Family members have the same obligation pertaining to the collection of biometric data. The requirement to provide their fingerprints applies to all non-EU/EEA citizens over the age of six (6) years. The digital signature requirement applies to all citizens over the age of twelve (12) years.

The residence permit for investment in securities or a bank deposit can be renewed for an equal period each time, provided that the holding of the specified investment is certified, and the other requirements for granting the permit are met.

​The application and the required supporting documents are submitted in person or by proxy to the Migration Policy Directorate of the Ministry of Migration and Asylum in Greece.

A. Capital contribution, amounting to at least four hundred thousand (400,000) euros, to a company headquartered or established in Greece, for the acquisition of stock in a capital stock increase or bonds upon the issuance of a bond loan, which are listed for trading in regulated markets or multilateral trading facilities operating in Greece.

• A certificate from the intermediary on the creation of a personal account of the investor in the System of Dematerialised Securities (SDS), the company in which he/she invested, and the details of the performed capital stock increase or bond loan issue in which the investor participated, the number of stocks or bonds he/she acquired and their acquisition value, and the holding of the securities (stocks or bonds) until the issue date of the certificate.

B. Capital contribution, amounting to at least four hundred thousand (400,000) euros, to a Real Estate Investment Company (REIC) whose object is to invest exclusively in Greece, for the acquisition of stock in a capital stock increase.​

• At the initial stage and until the listing of the REIC in a regulated market: A certificate from the company (REIC) with the details of the performed capital stock increase in which the investor participated (the payment of the initial capital stock of the company being understood as an increase), the number of stocks he/ she acquired and their acquisition value, and their holding from their acquisition until the issue date of the certificate.
• After the listing of the REIC in a regulated market: A certificate from the intermediary on the creation of a personal account of the investor in the System of Dematerialised Securities (SDS), the company in which he/ she invested, and the details of the performed capital stock increase in which the investor participated, the number of stocks he/she acquired and their acquisition value, and the holding of the securities until the issue date of the certificate.

C. Capital contribution, amounting to at least four hundred thousand (400,000) euros, to a Venture Capital Company (VCC) for the acquisition of stock, or a Venture Capital Fund (VCF) for the acquisition of shares, provided that the object of the said Alternative Investment Funds (AIF) is to invest exclusively in companies headquartered or established in Greece.
​
*Acquisition of stock in a VCC:

• During the initial stage and until the listing of the VCC in a regulated market: a certificate from the VCC with the details of the capital stock increase in which the investor participated, the number of stocks he/she acquired and their acquisition value, and their holding from the time of acquisition until the issue date of the certificate.

​*After the listing of the VCC in a regulated market:

• A certificate from the intermediary on the creation of a personal account of the investor in the System of Dematerialised Securities (SDS), the company in which he/she invested, and the details of the performed capital stock increase in which the investor participated, the number of stocks he/she acquired and their acquisition value, and the holding of the securities until the issue date of the certificate.

*Acquisition of shares in a VCF:

• A certificate from the Alternative Investment Fund manager on the number of shares and the capital contributed by the investor to the AIF for their acquisition, the time of the acquisition, their holding from their acquisition until the issue date of the certificate, and the investor’s total commitment.
• A certificate from the credit institution, which is the custodian of the Alternative Investment Fund, with the details of the investor’s escrow account (if required) and a validated statement of this account from its creation until, at least, the issue date of the previous certificate.

D. Purchase of Greek Treasury bonds, with an acquisition value of at least four hundred thousand (400,000) euros and a residual duration, at the time of purchase, of at least three (3) years, through a credit institution established in Greece.

• A certificate from the credit institution for the purchase of bonds with a residual duration, at the time of purchase, of at least three (3) years, their number, the value of their acquisition, and their holding until the issue date of the certificate.

E. A term deposit of at least four hundred thousand (400,000) euros, in a domestic credit institution, for at least one year, with a standing renewal order.

• A certificate from the credit institution on the details of the time deposit, its initial amount and duration, and the existence of a standing renewal order.
• A certificate of the credit institution with a statement of the bank account until the issue date of the certificate.

F. Purchase of stock, corporate bonds or Greek Treasury bonds, which are listed for trading or traded in regulated markets or multilateral trading facilities operating in Greece, of an acquisition value of at least eight hundred thousand (800,000) euros.

• A certificate from the intermediary confirming the creation of a personal account of the investor in the System of Dematerialised Securities (SDS) of “Hellenic Central Securities Depository S.A.” and customer code for making an investment in the specific investment category, and that the transactions carried out from the beginning of the investment until the issue of the certificate (reference period) concern exclusively the securities provided in this subcase. The certificate shall also include the details of the bank account used for the transactions, the total amount of transactions in the purchase and sale of securities during the reference period, the current balance of the customer investment account and the average balance for the reference period.
• A certificate from the credit institution on the creation of the exclusive account and its movement from the beginning of the investment until the issue of the intermediary’s certificate (reference period), which shall indicate the balance on the issue date of the intermediary’s certificate, and the average balance for the reference period.

G. Purchase of shares of an acquisition value of at least four hundred thousand (400,000) euros in a mutual fund, which has been established in Greece or another country and whose object is to invest exclusively in stock, corporate bonds or Greek Treasury bonds that are listed for trading or traded in regulated markets or multilateral trading facilities operating in Greece.

• Certificate from the fund manager for the participation of a non-EU/EEA citizen in it, the number and the value of shares, the time of the acquisition, and their holding from their acquisition until the issue date of the certificate
• A certificate from the credit institution, in which the mutual fund holds the unique and exclusive account, on the transfer thereto of the amount of the investor’s participation and, in the case of foreign currency, the corresponding amount of conversion into euro with which the account was credited, which is considered the acquisition value of the shares for the specific investment category.

H. Purchase of shares or stock of an acquisition value of at least four hundred thousand (400,000) euros in an Alternative Investment Fund (AIF), which has been established in Greece or another Member State of the European Union and whose object is to invest exclusively in real estate in Greece.

• A certificate from the Alternative Investment Fund manager on the participation of the non-EU/EEA citizen in it, the number, the value and the date of acquisition of the stock or shares, and their holding from their acquisition until the issue date of the certificate;
•  A certificate from the credit institution, in which the Alternative Investment Fund holds the unique and exclusive account, on the transfer thereto of the amount of the investor’s participation and, in the case of foreign currency, the corresponding amount of conversion into euro with which the account was credited, which is considered the acquisition value of the shares for the specific investment category.

If the investor is a legal entity, to certify the implementation and holding of the investment, the following documentation is required, in addition to the documentation mentioned above for the investment by an individual:

• A statement of the legal entity with its details, and, in the case of a foreign legal entity, the non-EU/EEA citizens (shareholders or executives) proposed for entry and residence permit in Greece.
• A certificate from a relevant Chamber or other Public Authority of the legal entity’s country of establishment concerning its legal status and operation, the composition of the Board of Directors (BoD), and the persons binding it with their signature. If the composition of the BoD and the persons binding the company cannot derive from the said certificate based on the current legislation of the country of establishment, other documentation shall be provided as appropriate.
• Duly signed recent official financial statements of the legal entity, accompanied by the auditors’ report, if provided for by the current legislation of the country of establishment.
•  In the case of a domestic legal entity, the appropriate evidence documenting its corporate structure, depending on its legal form.
•  In the case of a foreign legal entity, a copy of the minutes containing a recent decision of the Board of Directors regarding the entry and residence permit in Greece of the specific person with reference to his/her capacity (shareholder or executive).

The Department responsible for the certification of the implementation and holding of the investment and its monitoring after the granting of the residence permit is the Foreign Funds Directorate of the Ministry of Development and Investment.

The above Department informs the Migration Policy Directorate of the Secretariat-General for Migration Policy of the Ministry of Migration and Asylum about any change in the holding of the investment.

Citizens who have obtained a residence permit in Greece for “investment in securities or a bank deposit” must:

1. Notify the Ministry of Development and Investment (Foreign Funds Directorate) of any changes in the holding of the investment for which the residence permit has been granted in Greece, within two months from the time of the change, producing the appropriate documentation. If the investor is a legal entity, any change in the status of the person who has received the residence permit in Greece in such a legal entity (shareholder or executive) must be notified to the same Department within the same time limit.
2. Submit, within the first two months of each year, to the Ministry of Development and Investment (Foreign Funds Directorate) an annual report for the previous year and the special documentation for each case with that year as a reference period in proportion.

If the investor is a legal entity, the following documentation must also be submitted:

1. A statement of the legal entity with its details, and, in the case of a foreign legal entity, the non-EU/EEA citizens (shareholders or executives) proposed for entry and residence permit in Greece, and
2. evidence documenting the corporate structure, in the case of a domestic legal entity, the appropriate evidence depending on its legal form. The investor and the legal entities must submit the above documentation and data at any other time that the competent department of the Ministry of Development and Investment so requests. Where the investor is a legal entity, it is jointly and severally liable with the non-EU/EEA citizen who has been granted a residence permit in Greece for compliance with the obligations under the preceding paragraph. The failure to notify the changes or the failure to submit an annual report constitutes a ground for the revocation of the residence permit of the non-EU/EEA citizen.

• Fund presentation report
• Articles of incorporation or by-laws of the fund and any amendments, which must include the terms and conditions set in the legal framework for investment in securities or a bank deposit
• Documents evidencing the authorisation of the organisation or its registration in the relevant registers and the authorisation details of the administrator, if any, as well as confirmation details that the above remain in force
• A certificate from the companies’ register of the country of establishment on the legal status and operation, and the persons binding the fund, as well as the administrator, if
• Statement of the website in which the data of the “fund” and the supervisory Authority of the Capital Market in the country of establishment and the administrator, if any, are published.
• Details of the intermediary, where provided, for the implementation of investments in securities that are listed for trading or traded in regulated markets or multilateral trading facilities operating in Greece, and details of the creation of an account in the System of Dematerialised Securities (SDS) of “Hellenic Central Securities Depository S.A.” and customer code for the specific “category of investment in securities or bank deposits”.
• Details of the unique account that the organisation is required to hold with a credit institution established in Greece, where applicable, and the contract with the said institution.
• Duly signed recent financial statements and an Investment List of the organisation, accompanied by the auditors’ report, where applicable under the legislation in force in the country of establishment or otherwise, if any.