BUSINESS

Bill expands 'Golden Visa' criteria scope

TAGS: Economy

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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