The revised framework, implemented by the Ministries of Development and Migration & Asylum, establishes clearer procedures and stricter oversight of investment activities.
Under the new rules, investors can enter Greece legally with a visa or reside under another permit. If they are outside the country, they can authorize a legal representative through a notarized power of attorney certified with an apostille.
Once in Greece or through their representative, they must submit their residency permit application to the Ministry of Migration & Asylum, along with required documents such as a passport, proof of investment, and, if applicable, details of accompanying family members.
The Ministry of Migration first verifies the completeness of the application before forwarding it electronically to the Ministry of Development, where officials assess whether the investment meets the legal criteria under Law 5038/2023. If approved, a positive recommendation is sent back to the Ministry of Migration, allowing the investor to proceed with their residency permit application. If the investment fails to meet the requirements, the application is rejected, and the investor is notified of the reasons.
Once an investment is approved, the applicant must submit a final residency request online, including all necessary documentation. After reviewing the submission, the Ministry of Migration issues the permit and informs both the investor and the Ministry of Development.
However, approval is not the final step. The Ministry of Development remains responsible for monitoring the investment to ensure compliance with Greek regulations. If an investor fails to meet the agreed conditions, authorities have the right to revoke the residency permit.
The new framework is expected to impact both investors and businesses seeking opportunities in Greece. A foreign investor, for example, can now initiate the process remotely by appointing a legal representative. A tech entrepreneur looking to launch a startup in Athens may apply for residency as soon as their investment is approved. Similarly, those investing in real estate or tourism must meet financial and regulatory conditions before obtaining permits.
