Residence Permit in Greece for people involved in independent Financial Activities

Residence Permit in Greece for Individuals with Independent Economic Activity: Legislative Framework Analysis

According to Article 20, paragraph A, of the Greek Law on Migration and Social Integration (Law 4251/2014) (formerly Article 24 of Law 3386/2005), third-country nationals holding a type D entry visa and meeting the specified financial criteria, substantiated in writing, are eligible to apply for and obtain a residence permit in Greece as financially independent persons. The validity of this particular permit is for two years (from the date of submission of the residence permit application) and may be renewed if the financial criteria continue to be met.

Adequate means of subsistence are demonstrated through proof of foreign pension, a bank account, or evidence of sufficient personal financial means of legal origin to cover their living expenses, without engaging in dependent employment or pursuing independent economic activity in Greece. Third-country nationals with satisfactory income at a stable annual level to cover their living needs can apply for a two-year residence permit.

Applicants may be accompanied by family members, for whom a separate family member application must be submitted as third-country national family members. The financial prerequisites vary depending on the family members the main applicant will bring along.

The minimum income for financially independent individuals is currently set at €2,000 per month, and in the case of accompanied family members, this amount is increased by 20% for the spouse and 15% for each child.

Regarding access to the labor market, this type of residence permit does not allow access to the job market.

The Process

If the applicant for the aforementioned residence permit is a third-country national, they must initially submit an application and obtain the necessary entry visa for Greece.

The applicant obtains the special visa from the competent Greek Embassy/Consular Authority in their country of origin. The applicant must appear in person and provide a brief interview regarding the purpose of their application.

Required Documents:

• Valid passport for at least three months beyond the expiration of the visa
•  Criminal record certificate from the competent authority of the country of origin
•  Medical certificate from a recognized public or private institution, demonstrating that the applicant does not suffer from a disease capable of posing a risk to public health according to World Health Organization international standards
•  Supporting documents such as banking, social security, pension documents proving the necessary annual income of €2,000 per month (additional income, 20% for the spouse, 15% for each child)
•  Certification that the applicant has applied for comprehensive medical insurance coverage during their stay in Greece
•  Further, the applicant must not be registered as an undesirable person, and there should be no reason to consider them a risk to public health, public order, national security, and international relations.

Upon arrival in Greece and until the expiration of the special D visa, applicants apply for the residence permit.

Required Documents:
• Application Form – drafted by our office
• Two (2) recent color passport photos
• Certified copy of a valid passport or equivalent travel document recognized by Greece
• Entry visa
• Private insurance contract
• Fee of 1000 euros for the application and 16 euros for the residence permit issuance
• Supporting documents proving that the applicant has sufficient means of subsistence at a stable annual income level

Renewal of the Residence Permit
Required Documents:
• Application Form – drafted by our office
• Two (2) recent color passport photos
• Certified copy of a valid passport or equivalent travel document recognized by Greece
• Entry visa
• Private insurance contract
• Fee of 1000 euros for the application and 16 euros for the residence permit issuance
• Supporting documents proving that the applicant has sufficient means of subsistence at a stable annual income level

Key Contacts