Details on investments of strategic interest and residence permits

The Joint Ministerial Decision No. 53969/2014 / 22.10.2014 was released by the Deputy Ministers of Interior and Development, defining the procedure regarding the issuance of residence permits to individuals who carry out strategic investments.

Minimum investment amount and residence permits for executives

In accordance with Art. 1 of the Decision, the minimum investment was set at 250.000 €. In addition, if the amount of the investment exceeds 300.000 €, some foreign executives are entitled to a residence permit. It is noted that the number of executives is proportional to the amount of the investment, as presented in the following table.

Amount of investment Maximum number of residence permits
250.000 – 300.000   0
300.001 – 1.000.000 1
1.000.001 – 3.000.000 2
3.000.001 – 5.000.000 3
5.000.001 – 10.000.000 4
10.000.001− 15.000.000 5
15.000.001 – 20.000.000 6
20.000.001 – 25.000.000 7
25.000.001 – 30.000.000 8
30.000.001 – 40.000.000 9
Over 40.000.000 10

Petition and required documents

The competent Consular Authority of the permanent residence country of the investor shall transfer to the Foreign Capital Directorate of the Ministry of Development a complete dossier including the following documents:

A. A brief presentation of the investment project referring to:
– The Name, Legal Status, Shareholder / Corporate Membership of the startup company.
– The place of establishment.
– The investment amount and the funding scheme.
– The timetable for completion of the investment.
– The projected results for the first five years of the investment (feasibility analysis and cash flows)
– The total number of employees that will be employed to the new entity.

B. Identification data of third countries citizens (investors and executives) who apply for a residence permit. More analytically:
– Name, Nationality and Passport Details and a short CV.
– Position (CFO, Managing Director etc.) to be undertaken in relation to the investment.
– Estimated date of entry and residence, which must be related to the stages of implementation of the investment.

C. The documentation of the ability of the investment vehicle to fund the investment budget (bank statements, details on securities etc.).

The Directorate of Foreign Investments of the Ministry of Development, after examining the application file, shall forward its suggestion to the competent Consular Authority.

Residence permits

The citizen of the third country, during the validity of his visa, shall apply for a residence permit to the Department of Migration Policy of the Ministry of Interior. The supporting documents are specified in the Joint Decision issued in the context of par. 1 of Art. 136 of L. 4251/2014.

It is worth noting that investors shall inform the Foreign Capital Directorate of the Ministry of Development on any changes observed in the progress of the investment comparatively to the initial business plan. Moreover, the submission of an Implementation – Operation Report regarding the investment, in the first two months of each year, is required. The abovementioned office is responsible to accept and examine the annual reports.

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