The Greek Parliament officially passed the New Immigrant Investment Act

On March 30th, the Greek parliament officially passed a new investment bill submitted by the Ministry of Economic Affairs. Third-country citizens will be able to obtain permanent speculative residence by purchasing Greek stocks, bonds, or deposit currencies. The law is a “golden visa” law. The latest and most important amendments, the new rules will attract large capital inflows, expanding foreign investors from real estate to capital market investments.

According to the statistics released by the Department of Immigration Policy, as of the end of 2018, the number of “golden visas” obtained through real estate real estate has reached 3,620, and the “golden visa” has been issued, which has brought a lot of real estate investment to Greece in five years. The big move has driven the development of the real estate market, although there is a lot of data in it that is not true, and there are a lot of illegal activities found.

The new investment bill is estimated to attract a large number of investors from China, Russia and the Arab countries, and the main investment direction will be to the securities sector, stock and bond investment funds, bank deposits and corporate equity transfers. Under the new law, the source of funding for this investment will be subject to rigorous scrutiny to ensure that legitimate funds enter the Greek market. According to data from the European Economics Bureau, Greece’s stock market performance in 2018 ranked first in the European market. Under the new regulations, third-country citizens who invest in one of the following categories will be allowed to enter Greece and obtain legal residence:

A capital of 400,000 Euros to a Greek-registered company or a Greek office of an overseas company, excluding investment trusts and real estate investment companies

Injecting at least €400,000 into Real Estate Investment Responsibility (REIC), a company that specializes in investing in Greece to increase its share capital.

At least 400,000 Euros are invested in the acquisition of shares or venture capital funds by the venture capital firm (EKES), which is dedicated to investing in Greece.

Purchase Greek government bonds and purchase a lot of 400,000 euros of government bonds from three years through Greek credit institutions.

A deposit of at least €400,000 for a minimum period of one year and renewable each year.

Invest in Greek stock market stocks, corporate bonds or Greek government bonds with a minimum investment of less than 800,000 euros.

The acquisition must be no less than the equity of a local fund of Greece worth 400,000 euros or a fund of another country, which must be fully used to invest in the Greek securities market.

According to legislation, the new law will be officially implemented three months after the passage of the parliament.