Greece: Forthcoming Law to Create Investor Residence Permit and Streamline Immigration Processes
January 10, 2024
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At a Glance
A new law that goes into effect in January 2024 will:
- Codify the electronic submission and issuance of residence permits and renewals;
- Eliminate the residence permit for managerial positions;
- Create an Investor Residence Permit; and
- Codify the implementation of the EU Blue Card in Greece.
Update January 10, 2024: These changes have not come into effect as planned, and are now expected to come into effect in March 2024 (tentatively).
The situation
A new law that goes into effect January 1, 2024, codifies certain existing aspects of the Greek immigration process, implements the EU Blue Card and the Investor Residence Permit, and creates more streamlined application processes.
Update January 10, 2024: These changes have not come into effect as planned, and are now expected to come into effect in March 2024 (tentatively).
A closer look
| CHANGE/RULE | DETAILS | IMPACT |
|
Electronic submission of residence permit applications and renewals |
|
Electronic submission and issuance create a more streamlined and transparent residence permit application process. |
| Senior employees/managerial position | The law eliminates the residence permit for managerial positions. | Individuals who currently hold residence permits for managerial positions who are seeking to renew their permits after January 2024 will either be able to obtain an EU Blue Card; intracorporate transfer permit; or residence permit for special purpose, depending on whether they were a local hire or on secondment. Likewise, initial applicants who would have previously applied under the managerial route will similarly be able to utilize one of the above immigration routes. |
| New residence permit for investors |
The law creates a residence permit for investment purposes for:
|
The law intends to attract investors and shareholders into Greece to help reinvigorate the economy. |
| EU Blue Card | The law codifies the EU Blue Card, which has been available since January 2023. It will also further simplify the EU Blue Card application process, by allowing for digital submission, eliminating the need to file the application in person. | The law implements the EU Blue Card Directive, which aims to make the EU Blue Card more attractive to highly skilled workers from non-EU countries. |
Background
These changes were made as the Greek government seeks to streamline the work permit options available to foreign nationals and to implement the EU Blue Card Directive, which seeks to attract highly-skilled workers and investment to Greece and the European Union.
Looking ahead
Since the law has been approved by the government, it will automatically take effect in January 2024. However, due to the most recent national election in Greece, there may be amendments to the law by the newly elected government in the interim. However, due to the government’s commitment to simplify and streamline immigration processes in Greece, it is not anticipated that there will be any major changes. Fragomen will report on any developments as they arise.
This alert is for informational purposes only. If you have any questions, please contact the global immigration professional with whom you work at Fragomen or send an email to [email protected].
