Golden Visa in Greece – New “Alternative Investments” to Real Estate Investments
“Golden” opportunities for foreign investors!
The Joint Ministerial Decision No 46440/19 was published in the Greek Gov. Gazette No 4155 – Second (B) Issue, 12.11.2019 η of the Minister of Development and Investment, the Minister of foreign Affairs and the Minister of Citizen Protection, whose object was the determination of supporting documents, procedures and other issues that concern the granting of an entry and residence permit in Greece to third countries citizens, for investing in securities or opening bank savings accounts. The decision concerns cases where a residence permit is granted for “investing in securities or opening bank savings accounts” as well as other “Special Cases“.
The “Golden Visa” Program was introduced in Greece for the first time with Law 4146/2013 regarding the granting and renewal of a residence permit. It should be reminded that Golden Visa is a residence permit in Greece for citizens from third countries, with a five-year renewal feature, provided that they have immovable property in the country of a value of at least Euro 250,000.
The specific privilege can be secured for all members of the family of the investor (spouse and children up to 21 years of age), parents and parents of the spouse. VAP LAW Offices offers high- level legal services for natural persons – citizens of third countries who wish to acquire a Residence Permit in Greece and proceed with investments.
New “Alternative Investments” to Real Estate Investments
In an attempt to attract investors in our country the Ministry of Development widens the investing opportunities with the Joint Ministerial Decision 46440/2019, which particularizes the conditions for the granting of a residence permit to third countries citizens. More specifically, the Golden Visa may be granted, apart from, through the acquisition of a real property of a value of at least Euro 250,000, which was the applicable regime, also by means of the acquisition of intangible instruments (securities) of a value of at least Euro 400,000, such as Greek Government Bonds, stocks or deposits.
New options for foreign investors!
More analytically, the perspective investor who wishes to be granted the “much desired” Golden Visa has the following investment options:
- Contribution of funds amounting at least to Euro 400,000, to a company with registered seat or an establishment in Greece, for the acquisition of stocks through a capital stock increase or acquisition of bonds in the case of issuance of a bond
- Contribution of funds amounting at least to Euro 400,000, to a Real Estate Investment Companies (ΑΕΕΑΠ) whose object is exclusively to invest in Greece, for the acquisition of stocks through a capital stock
- Contribution of funds amounting at least to Euro 400,000, to a Venture Capital Company (ΕΚΕΣ) for acquiring shares or in a Venture Capital Fund (ΑΚΕΣ) for acquiring stocks. A condition is that the specific Alternative Investments Schemes (ΟΕΕ) are willing to exclusively invest in enterprises with registered seat or an establishment in
- Purchase of Greek Government Bonds, with an acquisition value of at least Euro 400,000 and remaining term from the purchase date of at least three (3) years. The purchase must be realized via credit institution established in
- Time (Fixed) Deposit, of an amount of at least Euro 400,000, in a Greece Bank with at least a term of one (1) year, with a fixed renewal
- Purchase of stocks, corporate bonds or Greek Government Bonds, with an acquisition value of at least Euro 800,000, which are traded in regulated markets or via multilateral trading facilities in
- Purchase of shares, with an acquisition value of at least Euro 400,000 in a mutual fund incorporated in Greece whose object is exclusively to invest in stock, corporate bonds and./or Greek Government Bonds in regulated markets or via multilateral trading facilities in Greece.
- Purchase of shares or stocks, with an acquisition value of at least Euro 400,000 in an Alternative Investments Scheme (ΟΕΕ), which has been incorporated in Greece or in another country of the EU and its object is to exclusively invest in real estate in
The attempt to attract investments in the Greek market is facilitated by the specific measure to a satisfactory degree and it is estimate to boost Greek economy.
Do not hesitate to contact us in order to be fully informed for the new options offered and let us undertake the conduct of all necessary legal actions.
Note: The above outline of provisions is suggestive and summarizing and aims at providing you with a quick update in relation to the legal framework. Your subjection to the above provisions constitutes the object of a more complete analysis, for which the assistance of specialized legal advisors is required.
D I S C L A I M E R
The contents of this newsletter do not constitute legal or tax advice and cannot be used as such. In case you require advice for your personal needs, please do not hesitate to contact us. Reproduction and translation for non-commercial purposes of this newsletter is permitted, provided that reference of the source is made and the editor VAP LAW OFFICES is informed and a copy is communicated to it.
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