Greece Residence Permit For Self-sustained Individuals
After 1st April, 2024, following the introduction of Law 5038/2023, the residence permit for financially independent individuals (FIR) is known as a “Residence permit for people with sufficient means” (Residence permit type 1.8).
It is governed by Law 5038/2023’s Article 163 par. 8. More precisely, it states that a citizen of a third country who has been granted an entry visa (National visa-type D) as an individual with adequate means of subsistence may apply for the issuance of a residence permit (type 1.8) from the Aliens and Immigration Department in his place of residence by demonstrating that he has adequate means, measured by a fixed annual income, to cover living expenses.
Since the new law is silent on the precise amount of financial means every month, a ministerial decision governing this problem is anticipated; nonetheless, we anticipate that the amount will remain unchanged from the previous law, specifically two thousand euros per month.
The third country citizen is granted a three-year residence permit if the aforesaid mentioned standards are satisfied. This permission can be extended for an additional three years, provided that the same conditions are completed.
The previous law (L.4251/2014), which explained that the initial residence permit was valid for two (2) years, was only modified in this way.
The new law permits the citizen of a third country to enter the country with his or her family, including the spouse (wife or partner with a civil partnership agreement) and any children under the age of 18, to whom a one-year residence visa is provided.
It is mentioned that those who are granted a residency card in Greece under the category of “persons with sufficient means” are not allowed to work or establish their own businesses in Greece because they do not have access to the labor market.