iWorld / News / Greece

The Greek law on immigration by investment was amended

September 8, 2021

3 minutes read

Flag on the background of the city of Greece, where the law on immigration by investment was amended

The Greek parliament has considered a bill on amendments to the existing investment immigration program. Several key reforms were proposed concerning, among other things, the introduction of visas for digital nomads, that is, highly paid professionals working in various Internet projects from anywhere in the world.

Key reforms to attract investors

The new bill was considered on August 25, after which it received a large number of immigration-related innovations.

"These improvements will attract more and more investors, who will be able to use different investment options for Greek permanent residency," said Vicki Veli, owner of Athens-based law firm VV Legal and Greek immigration consultant.

The bill also includes a recommendation to amend the program to obtain a residence permit through a bank deposit or investment in securities. The innovations suggest that the applicant for a residence permit through the Golden Visa will be able to transfer funds to Greece using the accounts of a spouse or blood relatives such as parents or siblings.

Moreover, the innovations will allow residents with a Golden Visa to liquidate their initial investment in order to take advantage of other investment options, including the purchase of real estate. There is one condition: the transfer of funds must be made within 2 months after the elimination of the original investment.

The amendments to the law will allow applicants for the Golden Visa to take advantage of multiple investment options, thus diversifying their investment portfolio. In theory, this means that a wealthy foreigner may open 3 term deposits in three different banks, provided that their total amount is not less than 400,000 EUR.

New category of investors

There is another amendment in the Greek bill, which provides for a special two-year visa for digital nomads, who are increasingly common among foreign applicants for residence permits.

Applicants are required to prove that their professional activities over the past 12 years are not related to Greek companies, in order to successfully obtain the visa. They also need to provide an employment contract, which has not lost relevance during visa validity period.

The new bill also proposes to set a minimum monthly income threshold of 3 500 EUR for the Greek residence permit applicants. At the same time, the income of investors, who have spouses, would have to exceed the minimum rate by 20%. In addition, applicants will have to add 15% to the initial rate for each child.

Neither applicants nor their dependents will be allowed to work for any Greek employer, while in the country on an Investor Gold Visa. After being discussed in Parliament, the new law will be published in the Greek government newspaper.

Source: UGlobal

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