Financial Independent Persons

Residence Permit in Greece

 

 

Residence Permit for People with Sufficient Financial Means (Type I.8)
Unlocking Opportunities for Financially Independent Individuals in Greece

The Residence Permit for People with Sufficient Financial Means (Type I.8) offers third-country nationals (non-EU/EEA citizens) the opportunity to reside in Greece without engaging in salaried employment. With the enactment of Law 5038/2023, Greece has modernized and streamlined this permit category, replacing the former “Financially Independent Persons” permit under Law 4251/2014. This development makes Greece an even more attractive destination for financially independent individuals seeking a gateway to Europe.

Our experienced legal team has handled numerous cases under both frameworks, ensuring seamless and successful applications for our esteemed clientele.

General Information

Under Article 163, paragraph 8 of Law 5038/2023, third-country nationals demonstrating sufficient, legally acquired financial resources may obtain a residence permit. This permit allows residency in Greece without engaging in salaried employment. Dependents, including spouses and children, can also receive residence permits under the main applicant’s sponsorship.

Eligibility and Income Requirements

  1. Financial Threshold
    Applicants must prove a minimum stable, annual income of €3,500 per month (€42,000 per year). This threshold increases:
  • By 20% for a spouse.
  • By 15% per dependent child.
  1. Sources of Income
    Income must be generated legally outside Greece and may include:
  • Pensions.
  • Dividends or investment returns.
  • Rental income.
  • Bank interest or other verifiable financial resources.
  1. Proof of Income Stability
    Applicants must provide evidence of:
    a) Stability and continuity of income over at least one year.
    b) The legal origin of the income.
    c) Compliance with the monthly financial thresholds.
  2. Restriction on Employment
    Permit holders cannot engage in salaried employment in Greece but are allowed to:
  • Own property.
  • Participate in investments.
  • Act as shareholders in companies without earning a salary.

Application Process

  1. National Visa (Type D)
    Applicants must first obtain a Type D visa from the Greek consulate in their home country. The process includes:
  • Submission of an application.
  • Presentation of required documentation.
  • An interview with consular authorities.
  1. Required Documents
    For the residence permit application, the following documents must be provided:
  • A valid passport with a Type D visa.
  • Proof of financial independence (e.g., bank statements, pension records).
  • Health insurance covering medical and hospitalization expenses in Greece.
  • Proof of accommodation (e.g., lease agreement or property ownership).
  • Payment of applicable fees: 
    • €1,000 for the main applicant.
    • €150 for the spouse (exempt for children).
    • €16 for the electronic residence card issuance.
  1. Documentation for Dependents
  • Proof of family relationships (e.g., family status certificate).
  • Dependents must provide similar documentation as the main applicant, excluding additional fees for children.

Permit Duration and Renewals

  • Initial Duration: The Type I.8 permit is valid for two years.
  • Renewal: The permit can be renewed every three years, provided that financial requirements and residency conditions are met.
  • Residency Requirement: Holders must reside in Greece for at least six months annually to qualify for renewal. Permits issued before May 12, 2020, are exempt from this requirement.

Benefits of the Type I.8 Permit

  1. Freedom of Movement
    • Enjoy visa-free travel within the Schengen Area for up to 90 days within any 180-day period.
  2. Family Inclusion
    • Spouses and children can join the main applicant, with simplified renewal processes.
  3. Access to Greek and EU Markets
    • Engage in investments or property ownership with full legal protections.
  4. Stable Residency
    • Suitable for retirees, investors, and financially independent individuals seeking lifestyle and security in Greece.

Changes from the Previous FIP Permit

Transition Provisions:
For individuals holding FIP permits under Law 4251/2014:

  • Existing permits remain valid until expiration.
  • Renewal is allowed under the new Type I.8 framework, provided updated financial criteria are met.

Higher Financial Thresholds:
The monthly income requirement has increased from €2,000 under the previous law to €3,500, reflecting the updated economic realities.

Residency Requirement:
A six-month annual residency requirement has been introduced for renewals.

Key Considerations for Applicants

  • Tax Implications: Becoming a resident under this permit may impact global income taxation.
  • Documentation Challenges: Consular authorities may require extensive proof of income and its legal origin.
  • Professional Guidance: Engaging legal experts ensures compliance and avoids delays in application processing.

Conclusion

The Residence Permit for People with Sufficient Financial Means (Type I.8) offers an excellent opportunity for financially independent individuals to establish residency in Greece while enjoying access to the broader Schengen Area. With increased financial thresholds and streamlined processes, this permit is ideal for retirees, investors, and high-net-worth individuals.

 

For any further information and clarifications please do not hesitate to contact our qualified legal team, ready to provide you with further personalized information tailored to your needs and your profile. You can email us:  or call/text us directly at : +306908351705

Athens, January 2025

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