Residency in Greece for Financially Independent Persons (FIP)
Residency in Greece can be acquired in a number of ways. In addition to the Golden Visa policy, Greece has introduced a renewable residency permit for financially independent third-country non E.U nationals).
Who can apply?
- Non-E.U financially independent persons who can demonstrate sufficient funds corresponding to a stable annual income to cover living expenses in Greece. Currently this amount is set at a minimum of €2000.00 euros per month (i.e. twenty four thousand euros per year) for the main applicant. This amount is increased by 20% if the applicant is accompanied by a spouse and an additional 15% for each child.
How is the income proved?
- Evidence of sufficient bank account deposits, or
- Evidence of sufficient employment income from sources derived outside Greece, or
- Annual pension, or
- Other sources of income ( rental income, dividends, share or asset sales from business holdings) or
- Any combination of the above.
The benefits of the FIP residency permit
- This residency permit allows the applicant, and family members who fulfill the criteria to live in Greece for an unlimited amount of time.
- There is currently no requirement to purchase real estate under this plan.
- The residency is not revoked if the applicant remains outside Greece for any period of time provided that the renewal process is not obstructed.
- The family of the applicant can also benefit. The term ‘Family’ means, spouse and unmarried children under the age of 18 and are regarded as dependents of the applicant.
- The FIP permit allows the applicant and family to travel and remain within Schengen area countries for periods not exceeding 3 months per 6 month periods.
Can the financially independent person work in Greece under this permit?
- The answer is no. The applicant is required to cover his or her living expenses during their residence in Greece and is not permitted to undertake salaried work or any independent economic activity in Greece.
First Step-Granting of a ‘type D’ visa by a competent Greek Consular Authority
The applicant must apply for and secure at the consular section of the Greek Embassy in his/her country of residence with supporting documents. This procedure shall also include an interview. The said type D visa once granted is valid for a maximum period of one year.
Second Step- Process of applying for the residency permit once in Greece
Once the visa is issued the applicant may come to Greece, this includes Family members. Once in Greece the applicant must apply for the residency permit submitting once again the supporting documents (in original or true copy format, duly apostilled or notarized and certified). Upon submission of the application for the residency permit the applicant will receive a provisional residency permit allowing the applicant and Family members to reside in Greece until such time as the residency permit is issued. The same shall apply for the Family members.
How can we help you?
Our team is ready and able to assist you at all stages of the application process, from initial liaison and guidance with the visa application at the Embassy of Greece in your country of residence, right through to the process of application of the residency permit in Greece. Our team can assist additionally with the opening of bank accounts, tax advice, and the rental or purchase of residential real estate.
Contact us for an initial free consultation on email@example.com