On 1-4-2023, Law 5038/2023 “Immigration Code” was published in the Official Gazette 81/A/1-4-2023, which reformed the institutional framework for the entry and residence of third-country nationals in Greece, incorporating the Directive ( EU) 2021/1883/EC regarding the entry and residence conditions of third-country nationals for the purpose of highly skilled employment and the inclusion of all residence permits provided for in Greek immigration legislation in a single text.

The new code simplifies the process of applying for a residence permit for third-country nationals who have legally entered the country with any entry visa or are legally residing in it, even if they are not in the country (e.g. Strategic investors).

In addition, the possibility of granting a residence permit to so-called strategic investors, such as for example board members, company shareholders, etc., is foreseen. The new Code also allows for the granting of a residence permit to investors, provided they invest in real estate (paying certain conditions) or invest through the establishment and operation of a business, etc.

In fact, the possibility of granting the residence permit – as a privilege of the investment made – is extended to the family members of the strategic investors.The new provisions will enter into force on 01/01/2024 unless otherwise specified in the relevant law.

Investors are entitled to buy a property with a minimum value of 250,000 euro even in the affected areas, provided that they have already paid a 10% of the property value as a deposit until July 31st, 2023 and finalize the purchase contract until December 31st, 2023 as required by law

The minimum investment limit of 500.000€ for the central, southern, northern sectors of Attica as well as for Mykonos, Santorini and the municipality of Thessaloniki will start to be executed after the 1st of August, unless a new extension is granted

 

For more information, visit our website  https://www.mykonoslawyersfirm.com/residence-permits-mykonos-greece/ and our experienced legal team will answer any of your questions.