GREEK GOLDEN VISA PROGRAM:UPDATES
by dtcase| Aug 01, 2021 | Uncategorized | 0 comments
– Greek government introduced a possibility to apply for the Golden Visa without entering Greece, through a Power of Attorney.
– The payment of the purchase price of the property may be effected also by the spouse and/ or relatives up to the second degree of the purchaser (e.g. the parents may pay the purchase price for the property). The payment may also be effected by using a credit or debit card
The Greek Golden Visa Program is available to the following investors:
• Owners of real estate property in Greece
• Investors in securities or bank deposit in Greece
• Persons having entered into a timeshare agreement or a lease for hotel accommodations or furnished touristic residences in a combined tourist facility in Greece
Benefits provided by the Greek Golden visa prοgram:
√ Greek residence permit valid for 5 years and is renewable for as long as you maintain the property.
√ No residency requirements, i.e. the applicant and family members are not required to stay in Greece for any minimum amount of time.
√ Residence permit is also issued for family members, including children up to 21 years old and parents of the applicant and his/ her spouse. Visa- free travel to all Schengen member states, for durations up to 90 days per 6-month periods.
√ Real estate purchased for the purposes of golden visa may be leased and provide rental income or in summer residence or tourist facility.
√ The minimum investment in real estate is only 250 000 euros, which is one of the lowest in Europe.
√ Possibility to reside in Greece permanently for the duration of the residence permit, which may be renewed for as long as the criteria are fulfilled, and to have access to public health and education, in the same terms and conditions as Greek citizens.
√ Under certain conditions Golden visa my lead to a citizenship obtaining
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GREEK REZIDENCE PERMIT
Greek law provides an opportunity to obtain a residence permit for third-country nationals by investing either in real estate or in business.
The main categories of residence permits:
1. Investments in real estate: “Investor’s residence permit”
- An individual who owns real estate in Greece with a value of at least 250,000 euros, or through a company that he owns, such real estate. OR
- A person who has entered into an agreement for timeshare or rental of hotel or furnished tourist apartments in tourist complexes in Greece for a period of at least 10 years and for an amount of at least 250,000 euros.
A person who has received an investor’s permanent residence permit can apply for a residence permit for accompanying members of his family by submitting an application. The residence permit of family members expires simultaneously with the expiration of the investor’s residence permit.
The following persons are considered family members:
spouses
children of spouses under 21
parents of spouses
The residence permit is issued for 5 years and can be renewed upon application every five years, provided that the property remains in the ownership and possession of the applicant or that the lease agreements remain in force and taking into account that all the conditions stipulated by the law are met.
Selling a property during the validity period of a residence permit to another non-EU citizen grants the new buyer the right to obtain a residence permit with the simultaneous revocation of the seller’s residence permit. This residence permit does not provide access to the local labor market.
2. Financially independent persons
Non-citizens of the European Union who have the necessary cash in the form of a steady annual income to cover their living expenses can apply for a residence permit valid for 2 years.
These persons may be accompanied by their family members, who are also granted a personal residence permit.
Conditions for the required sufficient income:
Compliance with this condition of income is mandatory for each family member. The required minimum income is 2,000 euros per month, and if the applicant for a residence permit is accompanied by his family, this amount is increased by 20% for the spouse and by 15% for each child.
The required amount of income can be confirmed by a bank statement on the amount of funds in the account, other documents confirming the legitimacy of the source of income, its stability and sufficiency to cover the costs of this person (persons), without employment and carrying out entrepreneurial or other economic activity in Greece. Persons eligible for a pension from the Unified Social Insurance Fund can extend their residence permit regardless of the size of the pension.
A residence permit for financially independent persons is issued for 2 years and can be extended. This residence permit does not provide access to the local labor market.
3. Residence permit for members of boards of directors, shareholders, managers, legal representatives and senior executives of Greek companies, as well as subsidiaries and branches of foreign companies
– members of the boards of directors,
– shareholders,
– managers,
– legal representatives and directors of Greek companies, as well as subsidiaries and branches of foreign companies.
These persons may be accompanied by their family members who are granted family reunification permits under the following conditions:
– The company / branch / subsidiary is legally doing business in Greece.
– A Greek company / business employs at least 25 people.The requirement of employment of at least 25 persons does not apply in the case of members of boards of directors, shareholders, managers, legal representatives and directors of foreign subsidiaries and branches of foreign companies carrying out legal business in Greece.
4. Investments that have a positive impact on the growth of the national economy
1. Non-citizens of the European Union wishing to make investments in Greece, which will have a positive impact on the growth of the national economy, can apply for an entry visa and subsequently a residence permit. The required investment amount is determined by the decision of the ministry.
2. For the implementation of such an investment, the entry and residence of up to ten third-country nationals, including the investor, is also provided, depending on the size and nature of the investment.
3. Non-citizens of the European Union in the case of making new investments with the help of existing Greek or European companies and / or persons already legally residing in Greece and benefitting from a residence permit for independent economic or investment activities. An investor who has been granted a residence permit in accordance with these criteria may be accompanied by his family members (spouse and unmarried children under the age of 18) who can receive a residence permit on the basis of family reunification.
The residence permit is issued for a period of 5 years with the possibility of its extension, provided that the investment activity continues.
5. Strategic investments
Subject to obtaining a D type visa (where applicable), third-country nationals may be allowed to enter the country and apply for a residence permit – up to 10 persons, if deemed necessary to make investments that qualify as “strategic”.
A person who has been granted a residence permit in accordance with the above may be accompanied by members of his / her family (spouse and unmarried children under the age of 18) who may, subject to the provisions of the Law, obtain a residence permit the basis of family reunification.
The law also provides for the possibility of accompanying support personnel in relation to persons with disabilities.
A residence permit for strategic investments is issued for a period of 10 years with the possibility of renewal for the same period of time, subject to the relevant conditions.
Compliance with the criteria for “strategic investment”
The investments are characterized as “strategic” in accordance with the decision of the Inter-ministerial Committee on Strategic Investments. We are talking about large-scale public and / or private projects.
According to the provisions of Law 3894/2010, investments can be classified as “strategic” if they have quantitative and qualitative parameters and results that are of great importance for the development of the national economy.
These investments must ensure the construction, reconstruction, expansion, reorganization, modernization or maintenance of infrastructure, facilities and networks in the following industries:
a) production,
b) the energy sector,
d) tourism,
e) transport and communications,
f) provision of medical services,
g) waste management,
h) projects of science-intensive technologies and innovations,
i) the education sector,
j) the cultural sector,
k) extractive industry and processing of agricultural products, and
l) service sector.
At the same time, strategic investments must satisfy at least one of the following conditions:
– The total investment value exceeds one hundred million euros (€ 100,000,000), regardless of the industry, or
– The total investment value exceeds fifteen million euros (€ 15,000,000) in the case of investments in already existing sectors in accordance with the current regulations, or three million euros (€ 3,000,000) in the case of investments that represent the implementation of approved projects of the Jessica Foundation established in accordance with a joint ministerial decision, in accordance with the procedure specified in the above decision, or
– The total investment value exceeds forty million euros (€ 40,000,000), and as a result, at least one hundred twenty (120) new jobs are created
– or at least one hundred and fifty (150) new jobs are created in an efficient and rational manner, or at least six hundred (600) existing jobs are retained, or
– The total investment value exceeds five million euros (€ 5,000,000) for investments in relation to the development of business parks, in accordance with part 2 of Law 3982/2011.
PRIVATE CAPITAL COMPANY
A private company in Greece is a type of company with legal personality and its incorporation is regulated by Law 4072 of 2012.
GENERAL INFORMATION
A privately held company is classified as a for-profit company even if the type of business is not commercial. It can be founded by several persons or by one person, in which case it will be called a company with one founder. Members of a Private Company can be both individuals and legal entities.
AUTHORIZED CAPITAL, CONTRIBUTIONS AND SHARES
The law does not provide for a minimum amount of the authorized capital for the establishment of a private company. Company members can participate in the company by making different types of contributions:
in cash or in kind (capital).
not in the form of capital – assets that are not subject to measurement (for example, obligations to provide services), and the value of which is determined in the articles of association.
Warranties, which are the undertaking of obligations by a member of the company in relation to third parties within the amount specified in the Articles of Association.
A private company is liable for its obligations with its property. If there is a participant in the company who has made a guarantee fee, he is liable for the debts of the company in relation to third parties within the limited amount stipulated in the Charter.
The nominal value of each share in the company is at least 1 euro, and must be the same for all shares of the company, regardless of the type of contribution. A share cannot be represented by a share (as a security). The company may issue each member with a proof of ownership, but these documents are not securities.
Unless otherwise provided by the Articles of Association, the transfer of shares is not limited, unless a member of the company holds shares corresponding to non-capital or guarantee contributions not paid in full, and thus their transfer cannot be made, unless such contribution has been converted into equity and then fully paid up.
However, the Articles of Association of a Private Company may provide for restrictions on the transfer or encumbrance of shares, and may also provide a right of pre-emptive purchase.
The transfer or encumbrance of shares during the lifetime of a member of the company must be made in writing and brought to the attention of the company. Further, the directors must register the transfer or encumbrance of shares in the register of company members, and from that date it will be valid for third parties.
ESTABLISHMENT
A private company can be established by drawing up a private constituent document, except in cases where a notarial form of the document may be specifically provided (for example, in cases where real estate is contributed to the authorized capital of the company) or if such a decision is made by the founders. A private company acquires the status of a legal entity from the moment of its registration in the General Commercial Register (“GEMI”), by registering through the “One-stop shop” procedure.
The Articles of Association and any amendments thereto, as well as any decisions and minutes of the meeting of the company members may be drawn up in any official language of the European Union. However, in the relations of the company and its partners with third parties, the Greek text prevails.
A private company is established for a specified period, which, unless otherwise provided in the charter, is 12 years. By decision of the members of the company, this period may be extended.
The company’s registration office is located in the municipality specified in the Articles of Association, and its actual governing body may be located abroad. In addition, a Private Company may transfer its registration office to any other member state of the European Economic Area.
In accordance with current legislation, a private company must create a website with a specific list of information about it.
CONTROL
Management and representation in a Private Company is carried out by one or more directors, who must be natural persons.
The charter of a Private Company may contain articles relating to its management and representation, and if they are not provided for, management and representation is carried out collectively by all partners or a single member of the company.
Company members can appoint one or more directors. In the event that more than one director is appointed, the directors act collegially, unless otherwise specified in the Articles of Association.
The directors represent the interests of the company and carry out on its behalf any actions related to the management, disposal of assets and, in general, the achievement of the company’s goals.
The directors have obligations of loyalty to the company and are liable to it in case of violation of the Law, the Articles of Association and decisions of the meeting of members of the company, as well as insolvency of the company management.
MEETINGS OF COMPANY MEMBERS
Members of a Private Company have the right to make decisions on any corporate issue, and also have exclusive competence on issues specified in the Law.
Meetings of company members can hold ….
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