Greece has recently enacted a new immigration law, the Immigration Code (L. 5038/2023), which introduces new processes and requirements for the entry and residence of non-EU nationals in Greece. The new Immigration Code is set to enter into force on January 1, 2024. Until then, residence permits that have been or will be issued on the basis of the current Immigration Code L. 4251/2014 will remain in force until their expiry date.
One of the key changes introduced by the new Immigration Code is the requirement for electronic submission of applications for granting and renewing residence permits. The applicant will receive electronically a certificate of submission, which is valid until the issuance of the decision granting the residence permit.
Additionally, the residence permit for executives has been abolished, and a new residence permit for investment purposes has been introduced. This new permit is available to shareholders of a domestic company with a paid-in capital amount or share value of at least 500,000 euros, or to BoD members, legal representatives, and administrators of domestic companies or legal representatives of branches of foreign companies, which have assets or turnover of at least 4,000,000 euros.
Non-EU nationals who hold a residence permit as executives may renew it as a residence permit for highly qualified work (EU blue card), or as a residence permit for intra-corporate transfer (ICT), or as a residence permit for special purpose employees, provided they meet the relevant requirements.
The new Immigration Code also amends the residence permits for investment purposes, including the golden visa program. The deadline for an advance payment of 10% of the value of real estate, for obtaining the residence permit with a real estate value of 250,000 euros, instead of 500,000 euros (in the areas where it has increased), has been extended until July 31, 2023. In any case, the purchase of the real estate must be completed by December 31, 2023.
These changes in the Greek immigration law are in line with the new EU Directive 2021/1883, which introduces changes to the EU Blue Card scheme. The directive aims to make the EU Blue Card more attractive to highly skilled workers from non-EU countries. It introduces new provisions for facilitating the issuance of EU Blue Cards, simplifying the application process, and allowing for intra-EU mobility for EU Blue Card holders.
In conclusion, the new Immigration Code in Greece incorporates the EU Directive 2021/1883 and introduces significant changes to the country’s immigration policies. These changes aim to attract more highly skilled workers and investors to Greece, while streamlining the application process for residence permits.
New Categories of residence permits
The new Immigration Code in Greece, which incorporates the EU Directive 2021/1883, introduces new categories of residence permits for non-EU nationals who wish to enter and reside in Greece. These new categories aim to attract foreign investment and highly skilled workers to Greece.
One of the new categories is the residence permit for investment purposes, which has been amended to reflect changes in the required amount of investment. This permit is granted to non-EU nationals who invest in Greece, either by establishing a company or by investing in real estate. The minimum amount of investment required for this permit depends on the type of investment and ranges from 250,000 euros to 500,000 euros. The purchase of the real estate must be completed by December 31st, 2023.
Another new category of residence permit is the highly skilled worker permit, also known as the EU Blue Card. This permit is granted to non-EU nationals who have a university degree or five years of work experience in a highly skilled profession. The profession must be in high demand in Greece, and the applicant must have a job offer with a minimum salary of at least 1.5 times the average salary in Greece. The duration of the permit is up to four years and may be renewed.
The new Immigration Code also introduces a new residence permit category for remote workers. This permit is granted to non-EU nationals who work remotely for a company that is not based in Greece. The applicant must have a minimum annual income of 24,000 euros and provide proof of health insurance. The permit is valid for up to one year and may be renewed for up to four years.
Finally, the new Immigration Code abolishes the residence permit for executives, which was previously available to non-EU nationals who were shareholders, administrators, legal representatives, or executives of a domestic or foreign company. Instead, a new residence permit for investment purposes has been introduced for shareholders of a domestic company with a paid-in capital amount or share value of at least 500,000 euros, or for members of the Board of Directors, legal representatives, and administrators (without remuneration) of domestic companies or legal representatives of branches of foreign companies with assets or turnover of at least 4,000,000 euros.
Overall, the new categories of residence permits in Greece aim to attract foreign investment and highly skilled workers to the country, while also simplifying and streamlining the process of obtaining a residence permit.
At Amoiridis Law Services® www.law-services.gr we are dedicated at assisting our well-respected clients successfully complete any of their investment projects in Greece. Thanks to our longstanding experience, we are able to provide a full package of consultancy services to our almost exclusively international clientele, customized to their specific needs.
As a result, we have represented clients from all around the globe regarding their projects in Greece. Our network of associate experts, composed by both in-house and external solicitors, notaries, accountants, tax experts, currency exchange experts, realtors etc., enables us to provide an all-in-one package of consultancy services, guiding you through the ways to properly protect your investments.
For any further information and clarifications please do not hesitate to contact our qualified legal team, ready to provide you with further personalized information tailored to your needs and your profile.
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Athens, April 2023
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