• non–EU/EEA citizens who intend to realise investments in Greece (investors), either as natural persons or through a local legal entity, provided that their investment project meets the conditions and terms set by the legal framework, as described down below
• non–EU/EEA citizens, company executives involved in the implementation and/or the operation of the described investment project (senior and middle executives or specialised employees necessary for the project). This provision on non–EU/EEA citizens company executives, also applies with the same preconditions to domestic established enterprises which are currently in operation and implement a new investment. Up to ten (10) permits may be granted to non–EU/EEA citizens, depending on the overall investment amount, additionally to those granted to investors for this same investment project.
• Up to three (3) non-EU/EEA citizens, depending on the investment amount, who are either shareholders or company executives of the foreign legal entity intending to invest in Greece.
• Family members of a non-EU/EEA citizen, as described above, to whom a residence permit is granted, namely:

1. The spouse;
2. The other spouse or partner with whom the third-country national has signed a cohabitation agreement in Greece;
3. Unmarried children of the spouses, aged under 21 – Unmarried children of the sponsor or his/her spouse, aged under 21, provided that the right of custody has been legally granted to the sponsor for his/her children and to the spouse for his/her children;
4. Relatives in the ascending line of spouses or partners.

Residence permits for investment activity are granted to non-EU/EEA citizens (investors or executives) within the framework of the implementation of an investment project following a positive assessment of the investment by the Foreign Capital Directorate, under the Ministry of Development and Investments.

There are no restrictions regarding the sector of ACTIVITY or the location of the investment project. The requirement that must be met by the investment is to have positive impact on national development and the economy. Investment Activity may be implemented through the construction of new facilities (greenfield investments) or business acquisitions, restructuring or expansion of current activities (brownfield investments).

Factors taken into account for assessing the impact on national development and the economy are job creation, promotion of domestic resources and vertical integration of domestic production, export orientation, innovation and adoption of new technology.

The COST Legal Framework does not set specific limits regarding the total cost of the investment project. However, an investor applying for a residence permit under this program should contribute to the investment with an amount of at least €250.000, available through own funds. Moreover, the number of permits allowed per investment project, other than those granted to investors, depends on the amount of investment and cannot exceed 10.

To apply for Investment Activity Residence Permit, NON-EU/ EEA citizens should:

1. Either have entered the country on national Visa (type-D) issued for investment purposes by the competent consular authority, valid for up to one year or;
2. already legally reside in the country, with a definite residence title or with a residence permit granted by another EU member state (without prejudice to Schengen regulations for temporary residence in a member state).

In this case, the investment activity must have been subject to a positive opinion by the competent department, before the application for the residence permit and non-EU/EEA citizens should legally reside in the country at the time of submission of the residence permit application.

In order to obtain a national visa (type D) for investment activity, the non-EU/EEA citizen (investor or executive) or his proxy submits an application to the competent Greek consular authority, enclosing the necessary documentation for the applicant and the investment project. 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.

Documentation for the Investment Project

The documents 4, 5 and 6 should be submitted in printed and electronic form, in Greek (documents issued in other languages should be accompanied by an official translation). In case of difficulty submitting the above information in electronic form or in Greek, assistance can be provided by the Greek consulates.

The consular authority will forward the above documentation to the competent department at the Ministry of Development and Investments for assessment with respect to conditions set by the legal framework. The positive opinion of the above department regarding the investment project is necessary for granting the entry visa.

A NON-EU/EEA citizen who has entered the Country with a National Visa (type-D) for investment purposes should complete the required process for applying for the residence permit before the expiry of the entry visa. In the meantime, visa holders are able to undertake legal acts and conduct transactions with the competent authorities.

The application together with the documents necessary for the issuance of a residence permit are submitted, in person or by proxy, to the Directorate of Migration Policy of the General Secretariat for Migration Policy of the Ministry of Migration and Asylum in Greece. Proxy may be granted either to a lawyer (member of the Hellenic Bar Association) or to a spouse, or to a relative in ascending line, or to an adult relative in descending line of the applicant.

Authorization is proven in writing with a certified signature of the delegator by any public authority.

Note:  Since February 20th, 2017, a new procedure for granting non-EU-EEA nationals residence permits in Greece was launched, pursuant to Regulation (EC) 1030/2002, as valid, under which all EU Member States will issue an electronic residence permit, which will replace the sticker, typically affixed in a valid passport. Family members are subject to the same obligation regarding the provision of biometric data. The obligation to provide fingerprints applies to all non-EU-EEA nationals over six (6) years old, while the obligation of digital signature applies to citizens over twelve (12) years old.

In order to facilitate the procedure for non-EU/EEA nationals intending to invest in Greece who legally reside in the country, either under a definite residence permit or a visa, or a long stay residence permit (2003/109/EC) granted by another EU member state, it is possible for them to submit an application together with the investment project documentation to the Greek authorities.

The said application shall be submitted to the Directorate of Migration Policy of the General Secretariat for Migration Policy, of the Ministry of Migration and Asylum, which shall then forward it to the Directorate of Foreign Capitals of the Ministry of Development and Investments for the required relevant opinion. Following the issuance of a positive opinion, the interested non-EU/EEA applicant, shall submit a residence permit application together with all necessary documentation, as described above, on condition that he/she resides in the country legally.

Provisions during the Application Processing Period

Upon receiving the application together with all the necessary documentation, the competent service of the Ministry of Migration and Asylum, shall issue a certificate, valid for one year, which shall constitute proof of legal residence of the interested party in the country.

Until the residence permit is issued, Certificate holders are entitled to all benefits provided by the residence permit they have applied for. Therefore, they may proceed to any legal formalities pertaining to their investment and engage in transactions with all relevant authorities. As soon as the competent service confirms that all necessary conditions are met, a five-year residence permit shall be granted.

The required renewal (every five years) of the residence permit is a simple procedure, provided the beneficiary maintains his/her status in relation to the investment, which must continue to be active.

The application and required documents are submitted in person or by proxy to the Directorate of Migration Policy of the General Secretariat for Migration Policy, of the Ministry of Migration and Asylum in Greece.

• Non-EU/EEA nationals who have already been granted a residence permit in the form of a sticker affixed on their passport, need not replace it with the electronic residence permit, since this is accepted for all transactions both in Greece as well as in the rest of the EU member states, until its expiry.
• Its replacement with an electronic residence permit will be carried out either upon its renewal or if necessary, upon its re-issue which can take place due to loss of the passport on which it has been affixed.