Residence permits via investments in Startups in Greece – Law 5032/2023 Article 100A

Law 5032/2023 Article 100A – Investments in Startups (Residence Permit Type “B.6”):

• Residence Permit Granting
  • Third-country nationals can obtain a residence permit in Greece if they invest at least €250,000 in the share capital or bonds of a startup registered in the National Startup Registry.
  • The permit is granted following certification from the Foreign Direct Investment Directorate of the Ministry of Development.
• Conditions for Granting & Renewal
  • Acquired shares must not exceed 33% of the company’s capital or voting rights.
  • The company must create at least two new jobs within one year of investment.
  • The company must maintain the total workforce (including new jobs) for at least five years after investment.
• Investment Through a Legal Entity
  • If an investment is made by a domestic legal entity, a residence permit can be granted if the investor owns 100% of the shares.
  • If an investment is made by a foreign legal entity, up to three third-country nationals can receive a residence permit if they each own at least 33% of the company’s capital.
• Funding & Money Transfers
  • The investment must be funded with capital transferred from abroad.
  • The transfer can be made by the investor, their spouse, civil partner, or close relatives (up to the second degree).
• Entry & Application Process
  • If the investor is not in Greece, the application may be submitted to the Greek consular authority within one year of the investment.
  • The consular authority forwards the application to the Foreign Direct Investment Directorate, which certifies the investment and informs the Residence Permits Directorate.
  • Certification must be issued within two months, allowing for a national entry visa for startup investment.
• Certification of Investment
  • If shares are nominal, the investment is verified through a signed & certified company declaration.
  • If shares are publicly traded, investment verification is done through an investment firm or a credit institution in Greece.
• Residence Permit Validity & Renewal
  • Initial residence permit (for the main applicant and his family) shall be valid for one year, renewable every two years, as long as the investment is maintained.
  • Even if the company is deregistered from the National Startup Registry, the permit can still be renewed if other conditions are met.
  • Absences from Greece do not affect permit renewal – no need to reside Greece for half of each year.
• Work Restrictions
  • The permit does not grant access to employment in Greece.
• Shareholding & Investment Transfers
  • Investors must hold their shares for at least five years.
  • If shares are sold after five years, the permit remains valid if the investor buys new shares or reinvests in another qualifying business within two months.
  • In case of bankruptcy or company transformation, the permit remains valid if the investor reinvests within two months.
• Mandatory Notification
  • Investors must inform the Foreign Direct Investment Directorate within one month if they liquidate their investment or the company undergoes bankruptcy or transformation.
  • The Directorate will notify the Residence Permits Directorate about the discontinuation of the investment.