In light of Greece’s evolving corporate and immigration laws, international investors must navigate both compliance challenges and emerging opportunities to maintain their businesses and secure residency. At Amoiridis Law Services®, we recently addressed a situation involving a foreign-owned Greek subsidiary and uncovered innovative solutions under the revised Golden Visa framework.
This article outlines actionable steps to address corporate compliance issues while introducing new residency opportunities through investment-based residence permits, including the B.4 Residence Permit for Investment Activity.
The Challenge: Corporate Suspension and Residency at Risk
A Greek subsidiary established by a foreign parent company faced registration suspension by GEMI (Business Registry) due to the failure to publish its 2023 financial statements. This created a cascade of issues:
- Legal Status: Suspension of registration risks VAT deactivation and operational penalties.
- Residency Impact: Previous residence permits, linked to the company’s status under earlier laws, expired due to ineligibility under current requirements.
- Ongoing Liabilities: Obligations such as rent for a virtual office remained unfulfilled, adding to the compliance burden.
This scenario is not unique. Many foreign investors who previously relied on corporate ownership to gain residence permits now find themselves in a legal and financial bind.
The Solution: New Pathways Through the Golden Visa Framework
To address the situation, we provided tailored solutions designed to resolve immediate compliance issues while leveraging new residency options under Article 99 of Law L.5038/2023.
1. Dissolution and Liquidation
If the parent company no longer wishes to maintain the Greek subsidiary, the most appropriate course is to initiate dissolution and liquidation.
- This ensures compliance with Greek corporate laws, avoiding further penalties and liabilities.
- During the liquidation process, all outstanding obligations, including rent, must be settled.
2. Ownership Transfer and New Residency Permits
A more innovative solution lies in transferring 100% ownership of the subsidiary to a third-country national, such as a family member or key stakeholder. This would reclassify the subsidiary as a domestic legal entity, qualifying the new owner for a B.4 Residence Permit for Investment Activity.
Under paragraph 2(a) of Article 99, this permit applies when:
- The new owner holds 100% of the company’s shares or equity.
- The investment meets the thresholds defined in paragraph 1 of Article 99: €500,000 for capital contributions, fixed deposits, or venture capital investments. €800,000 for investments in securities or government bonds traded on regulated markets.
This pathway not only resolves the company’s compliance status but also allows the new owner to secure a five-year renewable residence permit with the flexibility to include family members under dependent permits.
3. Compliance and Reinstatement
For those wishing to retain the existing structure, immediate compliance measures are required:
- Filing overdue financial statements with GEMI.
- Settling outstanding GEMI maintenance fees.
Once reinstated, the company can regain its operational and legal standing, ensuring its eligibility for future opportunities.
Residency Permits Explained: The B.4 Residence Permit for Investment Activity
The B.4 Residence Permit is designed for third-country nationals who engage in specific investment activities in Greece. Key features include:
- Duration: Initial validity of five years, renewable for equal periods.
- Eligibility: Investments via domestic legal entities or direct financial contributions to sectors such as real estate, securities, or entrepreneurship.
- Family Inclusion: Permit holders can extend benefits to spouses, children, and dependent relatives.
- Flexibility: Investors may diversify their portfolios within specified categories, ensuring dynamic participation in the Greek economy.
This permit provides a clear pathway for those looking to establish long-term residency while contributing to Greece’s economic growth.
Why Act Now?
Timely action is crucial to:
- Prevent further escalation of non-compliance, including VAT deactivation or additional penalties.
- Leverage the revised Golden Visa framework for long-term residency solutions.
- Avoid operational disruptions and protect existing investments.
The new B.4 Residence Permit for Investment Activity offers a golden opportunity to realign corporate and personal goals in Greece’s evolving legal environment.
How Amoiridis Law Services® Can Help
At Amoiridis Law Services®, we specialize in guiding clients through:
- Corporate Compliance: Filing financial statements, reinstating suspended registrations, and resolving GEMI-related issues.
- Residency Solutions: Tailored pathways to secure B.4 Residence Permits through investments.
- Legal Structuring: Ownership transfers, liquidations, and other corporate actions that align with your residency goals.
We combine deep legal expertise with a proactive approach, ensuring seamless solutions for businesses and individuals navigating the Greek legal landscape.
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 (WhatsApp/Viber)
Athens, January 2025
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