Greek Ministry to Table Amendment for ‘Golden Visa’ Program

Investor visa programs across Europe have come under the scrutiny of the European Commission, which is citing security risks in view of the fact that these scheme offer both residency rights and instant access to the Schengen Area.

As reported by Greek daily Naftemporiki, the Greek government is aiming to address the issue of transparency with regard to its “golden visa” program with a draft amendment to its current law – which expands the program – set to be tabled in parliament in the coming period by the Economy Ministry.

According to the changes in the law, non-EU citizens seeking residence rights can – besides purchasing property in Greece valued at a minimum of 250,000 euros as foreseen by the current “golden visa” program – also choose one of eight following alternative options.

Once the amendment is ratified, entrance to Greece and residence rights to third country nationals will be allowed:

• With a capital contribution of at least 400,000 euros to a company based or established in Greece,
• with a contribution of at least 400,000 euros to a real estate investment company which aims to invest exclusively in Greece, to acquire shares in share capital increase,
• with a minimum capital contribution of 400,000 euros to a private equity fund towards the acquisition of shares, or to a venture fund to acquire shares provided these are invested exclusively in companies with headquarters and or established in Greece,
• with the purchase of Greek government bonds, with a minimum acquisition cost of 400,000 euros and a residual maturity of at least three years from the time of purchase through a credit institution based in Greece
• with a minimum time deposit of 400,000 euros in a national credit institution for at least one year with a standing order for its renewal,
• with the purchase of shares, corporate bonds and / or of Greek government bonds traded or up for trade on regulated markets or in multilateral trading facilities operating in Greece, valued at a minimum of 800,000 euros,
• with the purchase of stakes at a minimum value of 400,000 euros in a mutual fund established in Greece, or elsewhere, which intends to invest exclusively in shares, corporate bonds and / or in Greek government bonds,
• with the purchase of stakes or shares of with a minimum value of 400,000 euros in an alternative investment fund established in Greece, or in another EU country, and aims to invest exclusively in real estate in Greece.