Article 16 is considered to be of particular importance in promoting the public interest, whereby introducing innovative arrangements. It refers to investments classified, either as “Strategic” (characterized as such by a decision of the Interministerial Committee for Strategic Investments) Investments or investments with “a positive impact on national economy and development”. The residence permit in respect of the latter is granted for five (5 years) with a possibility of renewal for an equal period each time, while in respect of the former, it is granted for ten (10) years with a possibility of renewal for an equal period provided that the relevant requirements continue to be met. Residence permits can be granted not only to the investor but also to up to 10 additional persons (dependently on the size of the investment) related to the implementation of the investment plan.

It is also noteworthy that Art 16 applies accordingly to the entry and residence of non-EU citizens in the context of new investments realized by Greek undertakings, already operating, or non-EU citizens already residing in Greece holding residence permits for independent economic activity (par.7 Article 16 A.1.)

In addition, Art. 20 of the Code tries to stimulate the domestic land market by regulating the granting of a residence permit to third-country nationals investing in real estate properties in Greece with a value of at least of € 250,000 through sales, lease or timesharing agreement. The amount of € 250,000 must have been paid in full upon the signing of the respective contract.

More specifically, by decision of the Secretary General of the Decentralized Administration, a five-year residence permit is granted to a third country national who: (a) has legally entered the country with any type of visa or legally resides in the country, even if the type of esidence permit that he possesses, does not permit change of purpose, (b) has personally the full ownership, possession and peaceful enjoyment of real estate property in Greece. In the case of jointly owned property, worth € 250,000, the right of residence is granted only if the owners of the property are spouses with indivisible shares in the property. In all other cases of joint ownership, the right of residence is granted only if the joint ownership rate of each joint owner is worth € 250,000, (c) has the full ownership, possession and peaceful enjoyment of real estate property in Greece via a legal entity, whose shares are fully owned by him, (d) has concluded an agreement for at least ten years lease of hotel accommodation or furnished tourist residences in tourist accommodation complexes, pursuant to Article 8 par. 2 of the Law 4002/2011 (Government Gazette 1, no 180), (e) has concluded a time sharing agreement pursuant to the provisions of Law 1652/1986 “Time sharing agreement and related issues” (Government Gazette 1, no 167), as in force.