Greek Government officially revises FIP residence permits

According to the special government gazette that was published yesterday 12th of May 2020, the terms under which residence permits for Financially Independent Persons in Greece can be granted, have been revised.

The main reason is that the "FIP type" of residence permit, which existed before the Golden Visa program, has generated a kind of "internal competition" for the Greek program. Immigration agents around the world have promoted this regular type of residency as a special program, even better than the Golden Visa one. They took advantage of the provision that the FIP could renew their residence permits irrelevantly of their staying time in Greece.

More specifically, the A96 / 12.05.2020, government gazette states the explicit obligation of the applicants to reside in Greece for at least six (6) consecutive months per year in order to qualify for the FIP residence permit and its renewal.

Absence periods exceeding six months per year will prevent the renewal of the FIP residence permits. Permits of that type that have already been granted and are pending renewal by the date of issuance of the above decision will normally be renewed only once and then their holders will have to comply with the new provisions, providing proof about the minimum stay requirement.

This amendment clearly sets more obstacles for the acquisition and the renewal of such a permit, as it is now required for one to actually live in Greece, something which was not explicitly provided up until today.

This practically imposes significant changes in the tax obligations of the applicant as well. According to the Greek tax regulations, the continuous stay in Greece for more than 183 days results with the taxation of this person in Greece for the incomes gained worldwide.