ECONOMY

Bill expands ‘Golden Visa’ criteria scope

Bill expands ‘Golden Visa’ criteria scope

An Economy Ministry bill tabled on Friday in Parliament provides for the broadening of the criteria for non-European Union citizens to be granted a five-year residence permit, or Golden Visa, beyond the investment of 250,000 euros in local real estate assets.

The draft law foresees permits being issued for third-country nationals (and their families) who invest a minimum of 400,000 euros in Greek securities and companies, with the aim of increasing foreign direct investment. Therefore a time deposit at a Greek bank of at least that amount for at least 12 months with a fixed order for renewal will suffice for a Golden Visa. Similarly, an investment of the same amount in a real estate investment company will also do.

The new criteria include the investment of a minimum of 400,000 euros in state bonds of at least three years’ duration through a Greece-based bank, or the investment of a minimum of 400,000 euros in a mutual fund set up in Greece or abroad to invest exclusively in shares and bonds trading in Greece and with total assets of least 3 million euros.

Foreigners may also obtain the permit with an investment of 800,000 euros in stocks or corporate bonds in the Greek capital markets.

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