A new type of residence permit for investors was introduced in December 2024 in Greece. Article 100A of the new Immigration Code provides for the possibility to apply for a residence permit to investors in Greek Startups.
The minimum amount of the investment is 250 000 euros and it must be invested to the share capital of a company which is registered to the National Register of Startup Businesses, for the acquisition of shares during an increase of the share capital or the acquisition of bonds during the issuance of a bond loan.
For the initial application and then the renewal of the residence permit granted to investors in Greek startups, the following conditions must be met:
- The acquired shares, share-parts or participation interests must not exceed 33% of the share capital or voting rights.
- The business must create at least 2 new employment positions within the first year of the investment.
- The business must maintain, for at least 5 years from the date of the investment, the total number of employed positions, increased by the new positions of the previous paragraph.
Where the investment is effected through a legal entity, residence permits are granted as follows:
- For an investment effected by a Greek legal entity, a residence permit is granted to the sole shareholder thereof.
- For an investment effected by a foreign legal entity, up to 3 residence permits may be granted, depending on the amount of the investment, to persons/ shareholders holding at least 33% of the share capital of the foreign entity.
The investment must be effected with funds which are transferred from abroad to Greece for the purposes of the investment. The transfer may be effected by the spouse, or civil partner or relatives up to the second degree of the investor.
The residence permit is issued for 1 year, and it may be renewed for 2-year periods each time, for as long as the shares are held and provided that the rest of the conditions are met.
There is no minimum stay condition for the investor, and long absences from Greece do not impede the renewal of the residence permit.
This residence permit does not provide access to any type of work in Greece.
The investor must maintain the investment shares for 5 years from the date of their acquisition. If thereafter the investor transfers his/her shares, he/she may maintain the residence permit, provided that he/she acquires new shares under the provisions of the present, within 2 months or invests within the same deadline, in one of the other forms of investments provided by the Greek Immigration Code (strategic investments, investments in financial products and securities, investments in real estate).
The residence permit may be revoked and a penalty of 50 000 euros shall be imposed:
- On the business and the investor, in case of breach of the conditions mentioned above
- On the investor in case he/she did not maintain the investment for at least 5 years, or he/she failed to inform or inform within 1 month the competent authorities regarding the liquidation of all or part of the investment.
How we may assist you:
Our lawyers are specialized in both immigration law, and more particularly in investment immigration, as well as business and corporate law. We provide advice and assistance both in connection with the registration of a company to the National Register of Startup Businesses, the investment process and the visa and/ or residence permit application.
* This publication does not constitute legal advice. It is provided for informational purposes only. For additional information or clarifications, please contact us.
