Greece has amended golden visa scheme by adding more intangible investment options for EUR 400,000 (above EUR 250,000) such as bonds, shares, as per the Draft Law of the Ministry of Economy and Development on Harmonization of Greek legislation with the European Directive (EU) 2016/943 presented in the Greek parliament
The new amendments is expected to come into force from June 2019, according to Greek economy and development ministry .
Article 42 regulation expands the scope of the scheme and aims to improve and complement the current one residence permit scheme for third – country nationals investing in Greece golden visa, taking into account the needs of the Greek economy, foreign investors’ interest and relevant international practice.
Residence permits will be granted to investors subjected to maximum of three for corporate executives and shareholders and ten for investment projects a
The following categories will be incorporated to golden visa scheme.
a) Purchase of shares in a share capital increase or bonds issued on a bond loan, companies based in Greece or located in Greece listed on the Greek stock market.
b) Capital contribution to a real estate investment company (REIC of Law 2778/1999), which invests exclusively in real estate in Greece to acquire shares, upon the increase of its share capital.
c) Acquisition of shares or shares in domestic Alternative Investments Organizations (Equity Holdings – ACS of Law 1992/1992 and Equity Holdings Companies – EGTC of Law 2367/1995) investing exclusively in companies with headquarters or establishment in Greece. d) Purchase of bonds issued by the Greek State. e) Time deposit to a National Banking Institute.
f) Purchase of shares, corporate bonds and / or Greek government bonds admitted to trading or traded on the Greek stock market. (g) Purchase of units in a mutual fund incorporated in Greece or another country and investing exclusively in transferable securities (shares and treasury bills or Greek government bonds) admitted to trading or traded on the Greek stock market.
h) Purchase of shares or shares in an Alternative Investment Organization which is incorporated in Greece or another country of the European Union and invests exclusively in immovable property in Greece.
For the above investment classes, the investor may be either a natural person or a national legal person wholly owned by the third-country national to whom the residence permit is issued or a foreign legal person in which case a residence permit is issued to up to three persons, executives, depending on the amount of the investment.
The Directorate of Foreign Capital of the Ministry of Economy and Development is responsible for certifying the realization and the holding of the investment so that the competent Foreign Ministry and Ministry of Migration Policy can issue the National Visa and Residence Permit respectively.
Joint Ministerial Decisions of Ministers of Migration Policy, Economy and Development and, where appropriate, Foreign Affairs, deal in particular with issues of application of these provisions.
