The strategic investment program is a matter for the ministry of finance and quite time-consuming. I had a Chinese business make a branch in Greece. A lot of bureaucracy here in Greece. They went to Romania
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How does Greece define strategic investments that will win approval for Golden Visas?
I have some businesses in mind that I want to set up in Greece and get residency there. But I heard the businesses must be “strategic” and positive on the national economy. How does the government define that? Which types of businesses win approval?
Answers
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There are two different types investment resident permits: purchasing land or immovable property for 250,000 euros; making a strategic investment. It can be any kind that really benefits the economy, has a specific business plan, intends to hire Greek emoyees and is more than 250,000. It needs a specific licence by development ministry.
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With a new vision for development, Greece has set up a flexible and fast procedure for non-EU/ EEA foreign investors who wish to obtain an entry visa and a resident permit for the purpose of investment activity in Greece. Resident permits can also be granted to company executives involved in the implementation and/or the operation of the investment project. Up to 10 permits may be issued for an investment project (investors and executives), depending on the investment scale. According to the art.16 Law 4251/2014, there are no restrictions regarding the sector of activity or the location of the investment project. The requirement that must be met by the investment is to have a positive impact on national development and the economy. Investment activity may be implemented through the construction of new facilities (green field investments), business acquisitions, restructuring or expansion of current activities (brown field investments). Factors taken into account for assessing the impact on national development and the economy are job creation, promotion of domestic resources and vertical integration of domestic production, export orientation, innovation and adoption of new technology. The legal framework does not set specific limits regarding the total cost of the investment project. However, an investor applying for a resident permit under this program should contribute to the investment with an amount of at least 250,000 euros, available through his own funds. In addition, the number of permits for executives allowed for each investment project depends on the amount of the total investor contribution. In addition, the investors may be accompanied by their family members - spouse, unmarried children up to the age of 21, and the first-degree descendants of the spouses - who are also beneficiaries of the right to enter and obtain a resident permit.
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