Residence Permits in Greece for enterprisers

First, it is reasonable to notice that the law in force 4251/2014 considerably expands possibilities of citizens of the third countries for obtaining the residence permits in Greece, as absolutely new criteria are established for the distribution of foreign citizen categories depending on the purpose of their stay in the country.

Having certain preconditions for the legal residence in the territory of Greece, a citizen of other state has right to obtain the residence permits both for himself personally, and for members of his family (on occasion).

The residence permits for enterprisers in Greece provide the doubled advantage in realization of economic interests and developments of social possibilities of a citizen of the third country.

If you plan an independent financial and economic activity in Greece, it is necessary to consider that the entrance into the Republic territory for this purpose is allowed for citizens of the third countries when the following conditions are satisfied:
•sufficient resources availability, at least, of sixty thousand (60.000) euros for activities, which should be transferred to account addressed to the applicant in any recognized bank company. After issue of the special visa, it is necessary to give the amount specified above to any Greek bank;
•activities make a contribution to the national economy development;
•special visa availability.

Lawyer Svetlana Kasatkina-Kouskou’s practice confirms that the greatest interest to this kind of residence permits is shown by citizens from the CIS countries, in particular, citizens of the Russian Federation.

This fact is quite explainable, as the minimum amount specified by the Greek law for entrepreneurial activities isn’t so huge to open a travel agency, for example, or to organize a hotel-entertainment complex or other area typical for tourism. Tourism in Greece is the fundamental, but not unique, activity kind making profit to the enterprisers.

The procedure of obtaining of the residence permits for enterprisers is highly complex. At an initial stage, it is necessary for a citizen of the third country to file an application for the independent economic activities permission, accompanied by necessary documents, at the Greek consular office domiciliary.

The second part of this question is the authorization by the Regional Department of Emigrants and Foreigners for an entrepreneurial activity, which is based on the decision of the Regional Committee created under instructions of the General Secretary of the Prefecture in Greece. Such authorization is an affirmative act for the special visa issue to a citizen of the third country, which have filed an application for the permission for an entrepreneurial activity in the Greek Republic territory.

The Committee makes the decision about the expediency of the specified type of activities within a month after filing of the application. Such factors are taken into account during the document package consideration for an affirmative reply: quantity of disposable capital and influence on the employment; business experience of a citizen of the third country and applicability of the business plan according to its economic and technical contents; influence on the environment and some other aspects.

Having received the positive resolution, the residence permit of this kind is issued to a citizen of the third country for a period of 2 years with possible subsequent prolongation.

As of today, the residence permit for enterprisers is one of the most perspective kinds of residence permits since it characterizes the potential immigrant as a financially independent person. It can favor to obtain the Greek citizenship in the future.