Greece is undertaking a new initiative to attract foreign investment in the innovation sector by introducing, as of late 2024, a new special residence permit for investment purposes. This permit is granted to non EU-country nationals who invest in Greek startup companies. The residence permit for investment in a startup company (Type B.6) has been added as item (δστ’) to Article 9 of the Immigration Code, pursuant to Article 39 of Law 5162/2024. This provision seeks to link migration policy with entrepreneurship and technological development. The new Type B.6 residence permit enhances the existing framework of the Immigration Code and refers to investments of at least €250,000 in companies registered in the National Registry of Startups.

I. Startups

A. Definition 

Startups are defined for the purposes of the Law, as companies that are registered in the registry maintained by the société anonyme under the name “National Registry of Startups S.A.” with the distinctive title “ElevateGreece S.A.”. Eligible for registration are capital companies with the legal form of P.C., L.T.D., or S.A., with headquarters in the Greek territory, or corresponding foreign capital companies that maintain a subsidiary or a branch in Greece, provided that said subsidiary or branch has a Greek Tax Identification Number (TIN) and is registered with General Commercial Registry. In the latter case, registration applies to the Greek branch, and the application is submitted by the branch itself.

B. Eligibility Criteria for Registration

In order for a company to be registered in the above Registry, the following cumulative conditions must be met:

  1. On the date of submission of the registration application, the company must not have operated for more than eight (8) years from its registration date with the tax authority.
  2. The company must employ less than 250 employees during the last fiscal year, as recorded in the “ERGANI” information system of the Ministry of Labour and Social Affairs.
  3. The company’s annual turnover must not exceed €50 million, as stated in its most recent financial statements.

In cases where the application concerns a Greek branch of a foreign company, the first condition must be met both by the branch and the foreign parent company, while the second and third conditions must be met only by the Greek branch.

There should also be technological innovation in the product/service and/or an innovative business model based on recent (new) technology.

II. Eligible Beneficiaries

A. Investors in Startups

The residence permit is granted to natural persons who are non EU -country nationals investing in Greek startups with funds originating from abroad. The investment may involve:

  • Acquisition of shares during a capital increase of a startup, or
  • Participation in a bond loan issued by the company.

B. Conditions

Specific conditions and procedures for granting the permit are regulated in Article 100A of the Immigration Code. Key criteria for permit approval include:

  • Acquisition of shares or company stakes in a startup company through capital contribution of at least €250,000 during a share capital increase, or participation in a bond loan issued by the startup by purchasing bonds worth at least €250,000.
  • The acquired shares or stakes must not exceed 33% of the total capital and voting rights.
  • Creation of at least two (2) new job positions within the first year.
  • Maintenance of new and existing job positions for at least five (5) years.

It follows from the above that, in most cases, the investment should be made through the issuance by the startup company of shares above par value, meaning that the new investor should pay an amount over the nominal value per share.

C. Granting Procedure

The procedure is similar to that of other residence permits. The applicant submits a relevant application to the competent administrative authority, which, after examining the application and verifying that all formal and substantive requirements are met, issues the relevant administrative act and grants the residence permit to the non EU -country national investor.

D. Special Provision – Legal Entity as Investor

According to paragraph 3 of Article 100A of the Immigration Code, if the investment is made by a Greek legal entity, the residence permit may be granted to a non EU -country national who holds 100% of the company shares. If the investment is made by a foreign legal entity, up to three (3) non EU -country nationals may be granted a residence permit, depending on the amount of the investment, provided each of them holds at least 33% of the capital of the investing entity. For example, if a foreign company acquires shares worth at least €750,000 during a capital increase of a startup, then up to three (3) individuals holding at least 33% each of the investor company’s capital may be granted a residence permit.

III. Duration and Renewal of the Residence Permit

The residence permit is initially granted for one (1) year and may be renewed for successive two-year periods, provided that the aforementioned conditions continue to be met.

Renewal is possible even if the company loses its startup status, i.e., if it exceeds the maximum duration of operation (currently eight years from the date of tax registration) and is removed from the National Registry of Startups.

Furthermore, if the startup is dissolved, declared bankrupt, or transformed, the permit is not revoked, provided that the investor transfers the investment within two (2) months to another eligible startup or investment category.

A non EU -country national may sell the acquired shares after five (5) years. In this case, the residence permit is revoked unless the investor reinvests in another eligible startup within two (2) months from the disposal of the shares.

It is also important to note that periods of absence from Greece do not prevent the renewal of the permit, which presents a competitive advantage compared to other types of residence permits.

IV. Conclusion

Through the introduction of the Type B.6 residence permit, Greece aspires to attract “smart capital” investments that combine funding with expertise and business experience. This strategic initiative aims to integrate migration policy with economic development at a time when innovation and technology are critical growth factors.
In a market that is seeking financial support and international exposure, the B.6 permit is expected to serve as a positive mechanism for boosting the Greek economy, innovation, and entrepreneurship by attracting international investors.

Although the recent adoption of this measure does not yet allow for definitive conclusions regarding its success, the structure and flexibility it offers suggests that it is a promising and attractive tool for non EU -country nationals wishing to establish business ties with Greece. Early indications show growing interest from the international investment community, signaling that the Type B.6 residence permit is beginning to fulfill its intended purpose.