Article 16 is considered to be of particular importance in promoting the public interest, whereby introducing innovative arrangements. It refers to investments classified, either as “Strategic” (characterized as such by a decision of the Interministerial Committee for Strategic Investments) Investments or investments with “a positive impact on national economy and development”. The residence permit in respect of the latter is granted for five (5 years) with a possibility of renewal for an equal period each time, while in respect of the former, it is granted for ten (10) years with a possibility of renewal for an equal period provided that the relevant requirements continue to be met. Residence permits can be granted not only to the investor but also to up to 10 additional persons (dependently on the size of the investment) related to the implementation of the investment plan.
It is also noteworthy that Art 16 applies accordingly to the entry and residence of non-EU citizens in the context of new investments realized by Greek undertakings, already operating, or non-EU citizens already residing in Greece holding residence permits for independent economic activity (par.7 Article 16 A.1.)
In addition, Art. 20 of the Code tries to stimulate the domestic land market by regulating the granting of a residence permit to third-country nationals investing in real estate properties in Greece with a value of at least of € 250,000 through sales, lease or timesharing agreement. The amount of € 250,000 must have been paid in full upon the signing of the respective contract.
The investment must be made directly in the name of the investor, who is also the main applicant for the Golden Visa. When the investment is carried out through a legal entity, the applicant must hold 100% ownership of the company’s shares. Investments made via offshore or non-EU companies are not eligible for the Golden Visa through real estate.
Joint investments are permitted under specific conditions. For term deposits, joint investment is allowed for spouses. In the case of real estate, joint purchases may also be made between friends; however, each investor must independently meet the minimum investment threshold to qualify for a Greek Golden Visa. For example, two friends may jointly purchase a property worth €800,000, and both families may qualify, provided the property is located in an area where the €400,000 minimum applies.
Spouses who jointly purchase a property by investing the minimum required amount (e.g. €250,000, where applicable) are both eligible for residence permits. This spousal exception, however, does not apply to all types of financial investments, although it does apply to term deposits.
It is possible to switch between investment routes—from a Golden Visa obtained through term deposits or other financial investments to one through real estate, and vice versa—without losing residency rights, provided the transition is completed within the prescribed time frame.