Answers
The applicant can submit his application in the immigration office upon the deposit of 400,000 euros to the Greek account, No need to wait one year.
The second statement is correct.
To apply for a residence permit for investment in a bank deposit, non-EU/EEA citizens must enter the country on a national visa (type D) issued for this specific purpose by the competent consular authority, which is valid for up to one year. The investor may submit the application with the documentation immediately after the completion of the investment in a bank deposit and, in any case, no later than one year from the beginning of its implementation.
So the procedure can start immediately after the implementation of the investment in a term deposit of at least 400,000 euros in a Greek credit institution, for at least one year, with a standing renewal order.
The second option; You get the visa, once the procedure is concluded and then you must keep the deposits intact above the threshold of 400,000 euros.