I am researching the Greek Golden Visa program. Based on what I’ve read, the applicant can't work under the Golden Visa but can set up a business. Does that mean I can only establish a business but not actually run or supervise the daily operation of it? What if I invest in a joint venture?
This is true. You cannot work or be a legal representative of your business in Greece. Though you can hire a Greek/European person who can be the representative. You will be the shareholder, thus the owner. But most of the company's issues/documents will be signed by legal representative.
The Golden Visa option through real estate investment does not grant working rights, which means that you cannot work as an employee. However, the Golden Visa holder is allowed to establish a Greek company as a shareholder. In that case, the shareholder must hire at least one person as the director (legal representative) of the Greek company. In regards to investments in joint ventures, please let me note that for the moment, this type of investment does not lead to residency.
According to the Greek investment law, the renewable five-year Greek permanent residency permit (Golden Visa) can be obtained by two different ways. The first property acquisition: the granting of permanent residency permit to third-country nationals and to members of their families who invest in a real estate property in Greece, the value of which exceeds a minimum of 250,000 euros. This is the lowest amount required compared to other European countries. In this case of residency permit title, the property investor does not have access to any type of employment. However, employment according to the law, does not include the exercise of economic activity in the capacity of a shareholder, a chief executive officer or a board member. So the property investor can exercise an economic activity in the capacity of a shareholder, a chief executive officer or a board member in an existing business only. The second option in general investment. This leads to a different type of permanent residency permit (Golden Visa) through Article 16 of the current law, but the condition of a positive impact of the investment on the national growth and economy must be met as a prerequisite and the final decision is in the sole discretion of the foreign funds directorate of the Ministry of Economy and Development. By using this way, the potential investor can exercise an economic activity in the capacity of a shareholder, a chief executive officer or a board member in a new business. In other words he can set up his own business. The minimum required amount is 250,000 euros and the members of the investor's family are also granted for permanent residency permits. In both ways, the investor can run and supervise the business as a shareholder, CEO or board member. It is also worth mentioning that there is an upcoming amendment in the applicable law that expands the measure of offering a residency permit to non-European Union investors, with the Golden Visa program being widened to investments in alternative types of assets in Greece.
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