BUSINESS

Golden Visas for more investors

TANIA GEORGIOPOULOU

TAGS: Economy

The Migration Policy Ministry is set to table an amendment in Parliament that expands the measure of offering a residence permit to non-European Union investors beyond the property sector, with the so-called Golden Visa program being widened to include people with deposits of at least 400,000 euros in a time deposit at a Greek bank.

The Golden Visa entails a five-year residence permit that allows holders and their families to stay anywhere in the European Union.

The amendment will specifically allow for the entry into and residence in Greece of a non-EU resident who has made at least one of the following investments in the country:

- Investment of at least 400,000 euros in a company based or headquartered in Greece (excluding portfolio investment companies and real estate investment companies).

- Investment of a minimum of 400,000 euros in a real estate investment company aimed at investing exclusively in Greece, by acquiring shares in a share capital increase.

- Investment of at least 400,000 euros in a business holdings company for acquiring shares exclusively in companies based or headquartered in Greece.

- Acquisition of Greek government bonds from a local credit institution, spending a minimum of 400,000 euros with a maturity date at least three years ahead.

- Placing a minimum of 400,000 euros in a time deposit at a Greek credit institution for a fixed term of at least 12 months with a fixed order for renewal.

- Investing a minimum total of 800,000 euros in shares, corporate bonds or Greek government bonds that trade in regulated markets.

- Investment in shares costing at least 400,000 euros in an alternative investments corporation set up in Greece or in another EU country aimed at investing exclusively in real estate in Greece, under certain conditions.

The competent authority for the examination of applications and the decision for issuing or renewing the residence permits to third-country citizens and their families will be the Migration Policy Department of the ministry.

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