I would like to make a strategic investment in Greece. I understand that in order to be considered “strategic,” the investment has to create jobs for Greek people and the job creation method has to be explained in the business plan. However, it is not clear to me what kind of jobs are acceptable. Do part-time positions count? Can I hire contractors?
It is a matter of the amount of money concerning your investment in combination with the duration you are obliged to follow your approved business plan. So what is acceptable are all kinds of jobs (including contractors) with full- or part-time contracts.
Any kind works as long as there is a strong investment.
The scope of the existing scheme is added by adding intangible investments to the investment activities for which an entry and resident permit can be issued to third-country nationals. In particular, the following categories of intangible investments are added which contribute to the development and stimulation of the national economy: purchase of shares in a share capital increase or bonds issued on a bond loan, companies based in Greece or located in Greece listed on the Greek stock market; capital contribution to a real estate investment company (REIC of Law 2778/1999), which invests exclusively in real estate in Greece for the acquisition of shares, upon the increase of its share capital; acquisition of shares or shares in domestic alternative investment organizations (Equity Holdings - ACS of Law 1992/1992 and Equity Holdings Companies - EGTC of Law 2367/1995) investing exclusively in companies with headquarters or establishment in Greece; purchase of bonds issued by the Greek state; forward deposit with a national banking institution; purchase of shares, corporate bonds and/or Greek government bonds admitted to trading or traded on the Greek stock market; purchase of units in a mutual fund incorporated in Greece or another country and investing exclusively in securities (shares and corporate bonds or Greek government bonds) that are admitted to trading or traded on the Greek stock market; purchase of shares or shares in an alternative investment organization which is incorporated in Greece or another country of the European Union and invests exclusively in real estate in Greece.
Individuals may be recruited according to the investment plan and the funds that will be invested.
With a new vision for development, Greece aims to attract foreign direct investments in infrastructure, manufacturing, energy, tourism, agriculture and other sectors through flexible and fast administrative procedures, and by promoting its natural resources, well-educated human capital and other unique comparative advantages in the broader southeastern European region. 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 through the provisions of art. 16 of Law 4251/2014. 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. 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 positive impact on national development and the economy. Investment activity may be implemented through the construction of new facilities (greenfield investments) or business acquisitions, restructuring or expansion of current activities (brownfield 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. So according to the above spirit of the law, any business plan following the above guidelines could be approved and any kind of created jobs could be accepted.
Please be aware that the following are acceptable: The scope of the existing scheme is added by adding and intangible investments to the investment activities for which an entry and resident permit can be issued to third-country nationals. In particular, the following categories of intangible investments are added which contribute to the development and stimulation of the national economy: purchase of shares in a share capital increase or bonds issued on a bond loan, companies based in Greece or located in Greece listed on the Greek stock market; capital contribution to a real estate investment company (REIC of Law 2778/1999), which invests exclusively in real estate in Greece for the acquisition of shares, upon the increase of its share capital; acquisition of shares or shares in domestic alternative investments organizations (Equity Holdings - ACS of Law 1992/1992 and Equity Holdings Companies - EGTC of Law 2367/1995) investing exclusively in companies with headquarters or establishment in Greece; purchase of bonds issued by the Greek state; forward deposit with a national banking institution; purchase of shares, corporate bonds and/or Greek government bonds admitted to trading or traded on the Greek stock market; purchase of units in a mutual fund incorporated in Greece or another country and investing exclusively in securities (shares and corporate bonds or Greek government bonds) that are admitted to trading or traded on the Greek stock market; purchase of shares or shares in an alternative investment organization which is incorporated in Greece or another country of the European Union and invests exclusively in real estate in Greece.
There are no restrictions whatsoever regarding the sector of the activity in which you wish to invest. The basic prerequisite, as you already know, is that the investment must have a positive impact on the national development and the Greek economy. To this effect, a bevy of factors will be taken into account, such as the job creation. You can bring up to 10 persons with you for the realization of the investment project. The law does not provide for any restrictions as to the exact jobs of these persons.
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