Greek Immigration Law 5038/2023
(as in force as of 21 March 2025)
Articles 94 - 100A

PART E
PROVISIONS ON RESIDENCE PERMITS FOR INVESTMENT PURPOSES (RESIDENCE PERMIT TYPE "B")
CHAPTER A GENERAL IMPLEMENTATION PROVISIONS OF PART E

Article 94 - Eligibility Criteria for Applicants

1. Third-country nationals who have lawfully entered the country under any type of entry visa or who lawfully reside in the country may submit an application for the issuance or renewal of a residence permit for investment purposes (residence permit Type "B"), accompanied by the supporting documents specified, as applicable, in Articles 96 to 100A and in the decision under paragraph 1 of Article 176.

2. The competent authority for processing applications and issuing the relevant decisions shall be the Directorate of Residence Permits of the Ministry of Migration and Asylum, following the recommendation of the competent services of the Ministry of Development, as provided in Articles 96 to 99 and 100A.

3. A third-country national who is outside the Greek territory may, prior to entering the country, submit to the competent authority of the Ministry of Migration and Asylum, through a lawful representative, pursuant to a power of attorney drawn up before a consular authority or a competent notary public and bearing a Hague Convention apostille, an application for the classification of an investment under Article 97 or for the certification of the realisation and retention of an investment under Articles 99 and 100A. The application shall be accompanied by the supporting documents specified in the decisions under paragraphs 46, 47, and 47A of Article 176. The application shall be transmitted to the competent authority of the Ministry of Development in order to issue a recommendation regarding the classification of the investment and the appropriateness of granting a residence permit as provided in paragraph 2 of Article 97, or the realisation and retention of the investment as provided in paragraph 4 of Article 99 and paragraph 5 of Article 100A.

4. Third-country nationals who have lawfully entered the country under any type of entry visa or who lawfully reside in the country and fulfil the requirements of Articles 94 to 100A for investment purposes (residence permit Type "B") shall not be required to leave Greek territory in order to submit an application for a residence permit for the purposes of said Articles.

5. Third-country nationals who have lawfully entered the country under any type of entry visa or who lawfully reside in the country may submit to the Directorate of Residence Permits of the Ministry of Migration and Asylum an application for the classification of an investment under Article 97, or for the implementation of the investment and the appropriateness of granting a residence permit under Article 98, or for the certification of the realisation and retention of an investment under Articles 99 and 100A. The application shall be accompanied by the supporting documents specified in the joint ministerial decisions under paragraphs 45, 46, 47, and 47A of Article 176, respectively. The application shall be forwarded to the competent authority in order to provide a recommendation, as the case may be, for the classification or implementation of the investment and the appropriateness of granting a residence permit, or for the realisation and retention of the investment, as provided in paragraph 1 of Article 97, paragraph 1 of Article 98, paragraph 3 of Article 99, and paragraph 5 of Article 100A, respectively.

6. The authority responsible for issuing a recommendation regarding the investment, in accordance with Articles 96 to 99 and 100A, shall also be responsible for monitoring the investment following the issuance of the residence permit and shall inform the Ministry of Migration and Asylum of any changes. For this purpose, the investors referred to in Articles 96, 97, 98, 99, and 100A shall be required, upon submitting an application for the renewal of their residence permit and whenever requested by the competent authorities, to provide the supporting documents specified, as applicable, in the aforementioned Articles and in the decision under paragraph 1 of Article 176.

Article 95 - Duration of Validity of Residence Permits for Investment Purposes

1. The initial residence permit shall be valid for a period of five (5) years and may be renewed for an equal duration, provided that the implementation of the investment or its operation continues following its completion. For third-country nationals who have been granted a residence permit for investment purposes (residence permit Type "B"), periods of absence from the country shall not constitute grounds for refusing the renewal of their residence permit.

2. Third-country nationals holding a residence permit under Articles 96 to 100A may, by way of derogation from paragraph 1 of Article 84, be accompanied by their family members, who shall be granted, upon application, a residence permit for the purpose of family reunification, which shall expire simultaneously with the residence permit of the sponsor.

The term "family members" shall include:

(a) the other spouse or civil partner with whom the third-country national has entered into a registered partnership,

(b) the unmarried common children of the spouses or civil partners under the age of twenty-one (21),

(c) the unmarried children of the sponsor or of the other spouse or civil partner, provided that custody has been lawfully granted - in the case of the sponsor's children, to the sponsor, and in the case of the children of the other spouse or civil partner, to that spouse or partner - and provided that the children are under the age of twenty-one (21),

(d) the direct ascendants of the spouses or civil partners. Children referred to in points (b) and (c) who reach the age of twenty-one (21) shall be granted an independent residence permit valid for three (3) years, by analogous application of the second sentence of paragraph 5 of Article 90, with the sole requirement being the submission of the previous residence permit for family reunification.

3. The residence permit shall be revoked or not renewed where the conditions for its issuance are no longer met.

CHAPTER B
RESIDENCE PERMITS FOR INVESTMENT PURPOSES
(RESIDENCE PERMIT TYPE "B")

Article 96 - Strategic Investors (Natural Persons – Board Members, Shareholders | Residence Permit Type B1)

1. By decision of the Minister of Migration and Asylum, following a recommendation from the General Directorate of Strategic Investments of the Ministry of Development and Investments, concerning the confirmation of the investment's classification as strategic and the appropriateness of granting a residence permit, a residence permit may be granted in Greece to up to five (5) third-country nationals who are members of the management or shareholders of a foreign legal entity that constitutes a strategic investment vehicle pursuant to paragraph 2 of Article 2 of Law 4864/2021 (Government Gazette A' 237).

2. The residence permit issued to the third-country nationals referred to in paragraph 1 shall state: "B1. Residence Permit for Investment Activity", and under the "Remarks" field, the professional capacity of the holder shall be indicated.

Article 97 - Residence Permit for Carrying Out an Investment through the Establishment and Operation of a Business (Natural Persons – Board Members, Shareholders or Partners | Residence Permit Type "B.2")

1. By decision of the Minister of Migration and Asylum, following a recommendation from the Directorate of Foreign Direct Investments of the Ministry of Development and Investments, concerning the classification of the investment and the appropriateness of granting a residence permit, a residence permit may be granted to third-country nationals in Greece in order to establish and operate a business based in Greece for the purpose of carrying out an investment of a minimum amount of five hundred thousand euros (€500,000), which must have positive effects on national development and the economy. Where the investment is carried out by a foreign legal entity, and depending on the total amount of the investment, a residence permit in Greece may be granted to up to three (3) third-country nationals who are either members of the Board of Directors, or hold at least thirty-three percent (33%) of the share capital of the Greek legal entity, or serve as its managers or legal representatives, without remuneration.

2. For the implementation and operation of the investment referred to in paragraph 1, and upon recommendation by the Directorate of Foreign Direct Investments of the Ministry of Development and Investments, entry and residence in the country shall be permitted for up to ten (10) third-country nationals – executives of the investment vehicle – according to the procedure applicable for: a residence permit for highly skilled employment (Residence Permit Type "E.1" – EU Blue Card), an intra-corporate transfer (Residence Permit Type "E.2"), or a work-related invitation (Residence Permit Type "E.4"), depending on the total value of the investment.

3. The residence permit issued to the third-country nationals referred to in paragraph 1 shall state: "B.2 Residence Permit for Investment Activity", and under the "Remarks" field, the professional capacity of the holder shall be indicated.

Article 98 - Executives of Companies Established in Greece and Subsidiaries of Foreign Companies Operating Commercially in Greece (Shareholders – Partners, Board Members, Managers, Legal Representatives | Residence Permit Type "B.3")

1. By decision of the Minister of Migration and Asylum, following a recommendation from the Directorate of Foreign Direct Investments of the Ministry of Development and Investments, concerning the implementation of the investment and the appropriateness of granting the permit, a residence permit in Greece may be granted to third-country nationals who fall into the following categories:

(a) Third-country nationals who either (i) participate in the share capital of a Greek company with a minimum stake of thirty-three percent (33%) and a capital contribution of at least five hundred thousand (€500,000) euros in cash, and hold registered (nominative) shares, provided that - without prejudice to Article 94 - they submit to the competent consular authority a duly signed and certified statement from the company in which they participate, or (ii) hold shares in a Greek company whose shares are traded on regulated markets or multilateral trading facilities operating in Greece, and the nominal value of the shares held amounts to five hundred thousand (€500,000) euros, provided that - without prejudice to Article 94 -they submit to the competent consular authority a statement issued either by the investment firm defined in Article 4 of Law 4514/2018 (Government Gazette A' 14), which provides the investment service described in point 4 of Annex I, Section A of the same law, or by the credit institution, with registered office or branch in Greece, maintaining the relevant operator account.

(b) Third-country nationals who are unpaid members of boards of directors, legal representatives, or managers of Greek companies, as well as legal representatives of branches of foreign companies that lawfully engage in commercial activity in Greece and have either assets or a turnover of at least four million (€4,000,000) euros in the most recently closed financial year, provided that - without prejudice to Article 94 - they submit to the competent consular authority the official act or decision of the competent body under which they hold such position and, where publication in the General Commercial Registry (G.E.MI.) is required, the corresponding registration, as well as the company's official financial statements for the most recently closed financial year.

2. The residence permit issued to the third-country nationals referred to in paragraph 1 shall state: "B.3 Residence Permit for Investment Activity", and under the "Remarks" field, the professional capacity of the holder shall be indicated.

Article 99 - Financial Investments (Residence Permit Type "B.4")

1. By decision of the Minister of Migration and Asylum, following a recommendation from the Directorate of Foreign Direct Investments of the Ministry of Development and Investments, concerning the realisation of the investment and the appropriateness of granting the permit, a residence permit in Greece may be granted to third-country nationals who have carried out an investment in one of the following categories:

(a) Capital contribution of at least five hundred thousand (€500,000) euros to a company that is headquartered or established in Greece, excluding Portfolio Investment Companies and, subject to subpoint (b), Real Estate Investment Companies (REICs), for the acquisition of shares through capital increase or bonds upon issuance of a bond loan, which are admitted to trading on regulated markets or multilateral trading facilities operating in Greece. The investment shall be executed via an investment firm defined in Article 4 of Law 4514/2018 (Government Gazette A' 14), providing the investment service under point 4 of Annex I, Section A of that law, or via a credit institution with registered office or branch in Greece, with the creation of an investor securities account in the Dematerialised Securities System (DSS) of the "Hellenic Central Securities Depository S.A.". Investment execution shall be certified by a statement issued by the above intermediary; retention shall be certified by a statement from the same investment firm or credit institution maintaining the relevant operator account.

(b) Capital contribution of at least five hundred thousand (€500,000) euros to a Real Estate Investment Company (REIC) under Article 21 of Law 2778/1999 (Government Gazette A' 295), which is exclusively engaged in investments within Greece, for the acquisition of shares through a share capital increase. At the initial stage, and until the REIC is listed on a regulated market, investment execution and retention shall be certified by statements issued by the company. After the REIC is listed on a regulated market in Greece, point (a) shall apply.

(c) Capital contribution of at least five hundred thousand (€500,000) euros to a Venture Capital Company (VCC) under Article 5 of Law 2367/1995 (Government Gazette A' 261) for share acquisition, or to a Venture Capital Mutual Fund (VCMF) under Article 7 of Law 2992/2002 (Government Gazette A' 54) for unit acquisition, provided that such Alternative Investment Funds (AIFs) are exclusively intended to invest in businesses based or operating in Greece. Where the investment is paid in instalments per the AIF's terms, the investor shall place the outstanding investment amount in an escrow account held by the depositary institution of the AIF. For VCMF contributions, the investor shall open a dedicated bank account at the same institution solely for receiving returned funds. Withdrawals may be made only if the sum of the account balance, the nominal value of the retained investment, and the escrow balance equals at least the original invested amount. Investment execution and retention shall be certified by the AIF manager and the bank administering the accounts. For VCCs, before listing on a regulated market, certification shall be by the company itself; after listing, point (a) shall apply.

(d) Purchase of Greek government bonds with an acquisition value of at least five hundred thousand (€500,000) euros and remaining maturity of at least three (3) years at the time of acquisition, through a credit institution established in Greece acting as the custodian. Execution and retention shall be certified by the credit institution.

(e) Time deposit of at least five hundred thousand (€500,000) euros at a Greek credit institution, with a minimum term of one (1) year and standing renewal order. Execution and retention shall be certified by the institution. Co-holders may include the spouse, civil partner, or relatives up to the second degree by blood or affinity.

(f) Purchase of shares, corporate bonds, or Greek government bonds admitted to trading on regulated markets or multilateral trading facilities in Greece, with an acquisition value of at least eight hundred thousand (€800,000) euros. The investment shall be executed through an investment firm under Article 4 of Law 4514/2018, or a credit institution based or operating in Greece, with creation of an investor account in the DSS of the "Hellenic Central Securities Depository S.A.". A unique and exclusive-use bank account must be maintained in Greece for executing the investment and portfolio transactions. Liquidation proceeds may only be reinvested in such securities, and the average annual account balance must not exceed twenty percent (20%) of the initial investment. Investment execution and retention shall be certified by the intermediary firm or bank.

(g) Purchase of fund units with an acquisition value of at least three hundred fifty thousand (€350,000) euros in a mutual fund established in Greece or abroad, that invests exclusively in Greek-listed shares, corporate bonds, or government bonds. The fund must: (i) have assets of at least ten million (€10,000,000) euros, and (ii) be licensed, along with its manager, by the market regulator of its home country. For non-EU jurisdictions, the regulator must be an IOSCO member and have an information exchange agreement with the Hellenic Capital Market Commission. The investment must be carried out through an intermediary as defined in Law 4514/2018 or a Greek credit institution, with creation of a DSS account. The fund must hold a dedicated Greek bank account for investment execution and portfolio management. The manager shall declare unit-holder information to the bank. Withdrawals are restricted unless for reinvestment, expenses, distributions, or redemptions, subject to notification of the competent authority. Certification shall be via the fund's annual report, manager confirmation, and relevant intermediary or bank confirmations.

(h) Purchase of units or shares with an acquisition value of at least three hundred fifty thousand (€350,000) euros in an Alternative Investment Fund (AIF) established in Greece or in another EU Member State, investing exclusively in Greece, provided that: (i) its assets amount to at least three million (€3,000,000) euros, and (ii) both the AIF and its manager are authorised or registered with the capital markets authority of their home country. The AIF shall maintain an exclusive-use Greek bank account for investment execution and income. The manager shall disclose unit-holder data to the bank. Withdrawals are restricted to reinvestment in Greek real estate, expense coverage, dividend distribution, or redemption, provided that, for third-country nationals, the manager has received an official statement confirming the authority's awareness of the upcoming liquidation. Certification shall be through the manager's and auditor's reports and the manager's and bank's confirmations.

2. Where the investment under points (a) to (f) is made by a legal entity:

(a) If made by a Greek legal entity, a residence permit may be granted to a third-country national holding 100% of its equity.

(b) If made by a foreign legal entity, residence permits may be granted to up to three (3) third-country nationals, depending on investment value, each holding at least thirty-three percent (33%) of its equity.

3. The Directorate of Foreign Direct Investments of the Ministry of Development and Investments, in cooperation with the Capital Market Commission, shall prepare registries listing, upon application, the REICs (point b), AIFs (point c), mutual funds (point g), and other AIFs (point h) fulfilling the relevant conditions. This Directorate is also the competent authority for certifying the realisation and retention of such investments.

4. Investments shall be made with funds originating from abroad and transferred into Greece by the third country national. The sender may also be their spouse or relatives up to the second degree. If the requirements of Article 94 are not met, the entry application and supporting documents (per paragraph 46 of Article 176) must be submitted to the competent Greek consular authority within one (1) year from investment. The consular authority must forward the file within one (1) month to the certifying authority under paragraph 3, which must then issue a certification within one (1) month for the granting of a national visa for "investment in securities or bank deposit".

5. A third-country national who has obtained a national visa as an investor under this Article shall, upon submitting a recent certificate confirming retention of the investment and the supporting documents required under paragraph 1 of Article 176, be granted a residence permit of five (5) years, renewable for equal periods as long as the investment is retained and all other conditions are met. The competent authority for issuing or renewing such permits is the Directorate of Residence Permits of the Ministry of Migration and Asylum.

6. The residence permit issued to third-country nationals under this Article shall state: "B.4 Residence Permit for Investment Activity", and under the "Remarks" field, the specific investment category under paragraph 1.

7. Residence permits granted under this Article do not confer any right to engage in employment of any form.

8. A third-country national holding a valid permit under this Article may liquidate the investment and reinvest, within a strict two-month deadline, in the same or another category under this Article, or in real estate under Article 100. A request for change of investment shall be submitted to the Directorate of Residence Permits of the Ministry of Migration and Asylum, which shall forward the case to the Directorate of Foreign Direct Investments for certification. The existing residence permit remains valid until completion of certification and issuance of a new permit. The same applies to accompanying family members.

9. A third-country national may invest in more than one category of paragraph 1, with a maximum of three (3) distinct investments. Where multiple categories apply, the minimum total investment shall correspond to the category with the highest minimum threshold.

10. Third-country nationals must notify the Directorate of Foreign Direct Investments of any partial or full liquidation of their investment, within one (1) month of such event. Said Directorate shall notify the Directorate of Residence Permits of the Ministry of Migration and Asylum regarding the cessation of investment retention.

Article 100 - Investments in Real Estate (Permanent Residence Permit for Investors | Residence Permit Type "B.5")

1. By decision of the Secretary of the Decentralised Administration, a five-year (5) residence permit, renewable, may be granted to a third-country national who:

(a) Has lawfully entered the country under any type of entry visa or lawfully resides therein, even if the residence permit held does not allow for a change of purpose.

(b) Holds full ownership and possession of real estate property in Greece. In the case of undivided co-ownership,a residence right is granted only if the co-owners are spouses or partners having entered into a registered civil partnership. Otherwise, the right is granted only if each co-owner's share has an acquisition value at least equal to the amount specified in paragraph 2.

(c) Holds full ownership and possession of real estate property in Greece, with a minimum acquisition value as defined in paragraph 2, via a legal entity based in Greece or in another EU Member state, of which the applicant holds all shares or equity interests.

(d) Has concluded a long-term lease agreement for integrated tourist accommodation under Article 8(2) of Law 4002/2011 (Government Gazette A' 180), or a timeshare agreement under Law 1652/1986 (Government Gazette A' 167), with a minimum value equal to that specified in paragraph 2.

(e) Is an adult who has acquired, in full ownership and possession, real estate property in Greece with an objective value at least equal to that specified in paragraph 2, through intestate succession, by will, or as a result of a parental donation.

2.(a) For the Region of Attica, the Regional Unit of Thessaloniki, the Regional Units of Mykonos and Santorini in the South Aegean Region, and islands with a population exceeding 3,100 residents (per the latest census), the minimum acquisition value of real estate, and the total contractual lease value under paragraph 1(d), is set at eight hundred thousand (€800,000) euros. The investment must concern a single property. Where the property is constructed or has a valid building permit, the main usable area must be at least 120 square metres. For undivided co-ownership, the minimum value of the co-owner's share must also equal €800,000, subject to the above terms.

(b) For all other areas of Greece, the minimum acquisition value and lease contract value under paragraph 1(d) is set at four hundred thousand (€400,000) euros. The investment must concern a single property. For developed property or property with a building permit, the minimum main area must be 120 square metres. For co-ownership, the share must equal at least €400,000, under the same conditions.

(c) Specifically, where real estate is acquired and its primary use is changed to residential, the minimum acquisition value is set at two hundred fifty thousand (€250,000) euros. This also applies to purchases of industrial buildings or parts thereof, or property containing industrial structures that have not hosted an operating industry in the past five (5) years. The investment must concern a single property, and the change of use must be completed before applying for the permit. The change may be carried out by the seller. In co-ownership cases, the share must be worth at least €250,000, subject to the above conditions.

(d) Where the investment concerns acquisition of a listed building or portion thereof, requiring restoration or reconstruction, the minimum acquisition value is €250,000. The investment must concern a single property. For undivided co-ownership, the share must be worth at least €250,000. Any transfer of the property prior to full restoration or reconstruction is null and void.

3. The minimum acquisition or lease value must be fully paid before the application for the investor's permanent residence permit is submitted. The value shall be verified by notarised transfer deeds or, if subject to conditions, by lawfully registered payment and release contracts or lease agreements as applicable under paragraph 2.

4. Third-country nationals holding a permanent investor residence permit may renew it for equal periods, provided that they retain ownership and possession of the property or the lease agreements under paragraph 1 remain in force, and all other conditions of this Article are fulfilled. Exceptionally, for investments under paragraph 2(d), renewal additionally requires completion of full restoration or reconstruction of the building elements, regardless of the reason for damage or collapse. Periods of absence from Greece do not hinder permit renewal.

5. The purchase price or lease amount must be paid in full by one of the following means:

(a) bank draft to a payment account of the recipient at a Greek credit institution;

(b) credit transfer, as defined in Article 4(24) of Law 4537/2018;

(c) payment via POS installed by a payment service provider operating in Greece, by charging a bank card of the buyer, into a payment account maintained at such provider as defined in Article 4(11) of Law 4537/2018. Payment may also be made by the buyer's spouse or relatives up to the second degree. The above applies retroactively to all such payments made since 1 January 2017. Full payment details (including IDs, account numbers, payer identity, relation declarations, etc.) must be declared before the notary drafting the transfer deed and included therein.

6. The applicant must submit a notarial certificate confirming the parties involved, property details, payment method, full payment data, existence of any conditions, and whether the same property has previously been used for another Golden Visa. In case of transfer acquisition, the applicant must also submit their property declaration (E9 form).

7. Third-country national owners may lease the property.

7A. Properties acquired in full ownership for initial issuance or renewal of investor residence permits:

may not be used for short-term rentals (e.g. Airbnb);

may not be subleased;

may not be used as a business registered office or branch under paragraph 2(c).

Violation leads to revocation of the residence permit and an administrative fine of:

€50,000 for illegal use under first/second sentences, €150,000 for violating restoration obligation of paragraph 4, €150,000 for unlawful transfer under paragraph 2(d).

All fines are treated as public revenue and collected pursuant to the Public Revenue Collection Code (Law 4978/2022).

8. Resale of the property during the permit's validity to another third-country national entitles the buyer to a new permit and triggers revocation of the seller's permit.

9. Residence permits under this Article do not confer employment rights of any kind.

10. The permit shall be issued within two (2) months from receipt of the full application file by the issuing authority.

11. Upon execution of any sale contract for the property, the third-country national seller must provide a certificate from the competent local Immigration Authority of the Decentralised Administration, confirming whether the property was used to issue a Golden Visa. This applies mutatis mutandis to legal entities fully owned by such nationals under paragraph 1(c).

Article 100A - Investments in Start-up Companies (Residence Permit Type "B.6")

1. By decision of the Minister for Migration and Asylum, issued following certification by the Directorate of Direct Foreign Investments of the Ministry of Development regarding the realisation of the investment as set out herein, a residence permit in Greece may be granted to third-country nationals who contribute at least two hundred fifty thousand (€250,000) euros to the capital of a company registered in the National Start-up Registry of the company "National Start-up Registry S.A." under Article 72 of Law 4914/2022 (Government Gazette A' 61), for the purpose of acquiring shares through a capital increase or bonds through the issuance of a bond loan.

2. The granting and renewal of the residence permit under paragraph 1 is subject to the cumulative fulfilment of the following conditions:

(a) The shares, equity interests, or participations acquired shall not exceed thirty-three percent (33%) of the company's capital or voting rights.

(b) The company must create at least two (2) new jobs within the first year from the date of the investment.

(c) The company must maintain for at least five (5) years from the date of the investment the same total number of jobs, increased by the number of positions created under point (b).

3. Where the investment under paragraph 1 is carried out by a legal entity, a residence permit in Greece may be granted to third-country nationals as follows:

(a) In the case of an investment made by a Greek legal entity, the permit may be granted to a third-country national who holds all of its equity interests.

(b) In the case of an investment made by a foreign legal entity, the permit may be granted to up to three (3) third-country nationals, depending on the size of the investment, provided each holds at least thirty three percent (33%) of the entity's capital.

4. The investment shall be made using funds remitted from abroad to Greece for the purpose of the investment by the third-country national or foreign legal entity. The remitter may be the spouse or civil partner or a relative by blood or affinity up to the second degree of the investor.

5. If the conditions of Article 94 (eligibility requirements) are not met, the application for entry into Greece and the supporting documents defined in the decision under Article 176(47A) shall be submitted to the competent Greek consular authority in the investor's place of residence within one year from the date of the investment. The consular authority shall forward them to the Directorate of Direct Foreign Investments within one (1) month of receipt, and copy them to the Directorate of Residence Permits of the Ministry of Migration and Asylum. The competent Directorate shall examine the documents and issue the relevant certification within two (2) months, to enable the issuance of a national entry visa for "investment activity in start-up companies."

6. If the securities acquired are registered, the realisation and retention of the investment shall be certified by a duly signed and certified declaration from the recipient company. If the shares are listed on regulated markets or multilateral trading facilities operating in Greece, the investment shall be carried out through an investment firm under Article 4 of Law 4514/2018 (Government Gazette A' 14), providing the investment service referred to in point 4 of Annex I, Section A of the same law, or through a credit institution with a seat or branch in Greece, with the creation of a personal account in the Dematerialised Securities System (D.S.S.) of the Hellenic Central Securities Depository S.A. Realisation of the investment is certified by a declaration issued by the intermediary firm, and its retention by a declaration issued by the investment firm or the credit institution holding the relevant handling account.

7. A third-country national who has received a national entry visa under paragraph 1 or has entered Greece in accordance with Article 94, shall be granted a residence permit, by decision of the Minister for Migration and Asylum, of one (1) year duration, renewable for two (2) years at a time, provided that the investment remains in place and all other requirements are met. Exceptionally, the permit shall be renewed even where the maximum operation period for registration or retention in the National Start-up Registry has expired and the company has been removed from the Registry, provided all other conditions are fulfilled. Periods of absence from Greece do not prevent permit renewal. The competent authority for examining applications and issuing decisions on the granting or renewal of the residence permit under this Article is the Directorate of Residence Permits of the Ministry of Migration and Asylum.

8. The residence permit issued to third-country nationals under paragraph 1 shall state "B.6 Residence Permit for Investment in a Start-up Company."

9. Residence permits granted under this Article do not confer the right to engage in any form of employment.

10. A third-country national holding a valid residence permit granted under this Article must retain the shares acquired under paragraph 1 for five (5) years from acquisition. If, after this minimum holding period, they dispose of the shares, they may retain the residence permit provided that within two (2) months they acquire new shares under paragraph 1 and under the conditions of this Article, or carry out an investment as defined in Articles 96 to 100. In the event of bankruptcy or corporate restructuring of the company, even before the end of the five-year period, the residence permit shall not be revoked if the investor acquires new shares or carries out another investment (Articles 96–100) within two (2) months, even if using proceeds from liquidation of the initial investment. In all such investment changes, the third-country national and their family members retain their existing residence permits until certification of the new investment and issuance of the new permit.

11. Third-country nationals shall inform the Directorate of Direct Foreign Investments of the Ministry of Development within one (1) month of any partial or full liquidation of the investment, or any bankruptcy or corporate restructuring of the company in which they acquired shares. That Directorate shall inform the Directorate of Residence Permits of the Ministry of Migration and Asylum of the termination of the investment retention.

12. The residence permit shall be revoked and, without prejudice to cases of bankruptcy or restructuring, an administrative fine of fifty thousand (€50,000) euros shall be imposed by joint decision of the competent authorities of the Ministries of Development and Migration and Asylum:

(a) on the company and the third-country national if there is a breach of the conditions under paragraph 2;

(b) on the third-country national if they failed to comply with the five-year retention requirement under paragraph 10, or failed to make or made late the notification required under the first sentence of paragraph 11.