Posted 22/09/2013

In April, 2013 the Greek Parliament adopted a new law "Creation of a Development Friendly Environment for Strategic and Private Investments”, which aims to attract foreign investment and stimulate investment activities.  

Our reference:

Mr. Konstantinos  Dedes was born in Athens on January 21, 1971. He holds a Bachelor Degree in law from Bologna University, an LLM and a Master Degree in civil law from Macerata University in Italy. He has also studied journalism in Urbino University, Italy. He is docent of the National and Kapodistrian University of Athens. He has served as a senior Legal Counsel at the Ministry of Development, Competitiveness, Infrastructure, Transport and Networks.  He is also president of the Hellenic Society of International Law and International Relations, member of the Greek-Russian Commercial Chamber. Currently he is Senior Legal Counsel of "Paraktio Attiko Metopo SA” and chairman of Dedes & Associates Law Firm.

Today, Konstantinos Dedes  who is one of the "architects" of the new law,  was visiting the "Open Line", and answered for our readers to some topics, specially  how to obtain a residence permit according the new law.

 - M. Dedes, Is it possible to visit Greece frequently without applying for a visa each time?

- The most obvious way to get a residence permit is:

 Rights stemming from the Residence permit:

        The right to travel without time limit to all Schengen States without having to apply for a visa;

         The right to renew annually your residence permit;

    The right to visit Greece whenever you wish without any obligation to stay in the country during a certain period of the year in order to renew your permit;

        The right to start up and operate your own business;

        The  right   to  education  for  your  children  in  every Schengen state.

 With new law introduced two additional types of residence permits:

a) Residence permit for strategic investors

b) Residence permit for property owners

Residence Permit for strategic investors

If an investment project is classified as a "strategic investment” through a decision of the Interministerial Committee of Strategic Investments, the legal representative of the company that is carrying out the investment is granted a residence permit of ten years.

A residence permit is also issued to ten more persons who are important for the realization of the project as well as to their family members and assistant personnel.

The necessary documents for the issuance of the permit shall be submitted to «Invest in Greece» that generally functions as the investors’ facilitator. «Invest in Greece» forwards the files to the General Secretariat for Strategic investments, which in turn submits it to the Minister of Internal Affairs, along with the decision of the Interministerial Committee for Strategic Investments. The Minister of Internal Affairs has the final responsibility to approve the application for the issuance of a residence permit.

Residence permit for property owners

  If you own a real estate property in Greece of a minimum value of 250,000 euros, you are eligible under the new legal frame- work to obtain a residence permit with five years validity. Mentioned residence permit is issued to foreign citizens by a decision of the Secretary General of the Region upon the following conditions: 

- The foreign national possesses a special visa issued by the Greek Consulate of his place of residence. 

- The foreign national owns real estate property of a minimum value of  250,000  euros,  either  personally or through a legal entity where he is the majority shareholder; or the foreign national has concluded a ten year timeshare rental agreement or a ten year leasing agreement of hotel accommodation or of touristic furnished residencies in integrated touristic resorts, with contractual value of at least 250,000 euros. 

Upon a joint decision of the Minister of Internal Affairs and the Minister of the Economy, the specified minimum value of the real property may be adjusted. This residence permit does not give the right to work or operate business.

Previously mentioned the third country nationals can be accompanied by the members of their family, who are provided with a personal permit that expires along with their sponsors’ permit. Family members are considered to be the spouses and their common children under 18 years old (including adopted), along with the children of the spouse.

Residence permits can be renewed for another five years if the approved activity is still being exercised and the tax and insurance obligations have been fulfilled.

The application for renewal shall be submitted two months before the expiry of the residence permit.


Konstantinos Dedes

Attorney at law

Legal Counsel of Special Purpose

State Company " Paraktio Attiko Metopo SA”

President of " D&A Group”