Immigration Law, Legal Advice

Residence permit in Greece for Financially Independent Persons (FIP): What changes after 01st of April 2024

On 01.04.2024 the implementation of the new law 5038/2023 (New Immigration Code) will begin. The new law has caused concern among people who are interested to immigrate to Greece, since there are rumors online that the residence permit for financially independent persons has been abolished. However, this is not true.

The residence permit for financially independent people (FIP) will be called, after the implementation of Law 5038/2023, “Residence permit for people with sufficient financial means” (Residence Permit type I.8) and it is regulated by Article 163 par. 8 of Law 5038/2023. More specifically, it is provided that if a citizen of a third country has received an entry visa (National Visa – type D) as a person with sufficient means of living, he can request from the Aliens and Immigration Department of his place of residence the granting of a residence permit (type I.8), by proving that he has sufficient means at the level of a fixed annual income for the cover living expenses. The new law does not mention the exact amount of the financial means per month, therefore a ministerial decision which will regulate this matter is expected to be issued, however we expect that the amount will be the same as in the previous law (i.e. 2,000 euros per month).

If the above conditions are met, the third country citizen receives a residence permit for three (3) years, which can be further renewed for another three (3) years, as long as the same requirements are fulfilled. This is the only difference with the previous law (L. 4251/2014), according to which the duration of the initial residence permit was for two (2) years.

According to the new Law, the third country citizen can be accompanied by his/her family members, i.e. the spouse (wife or partner with a civil partnership agreement) and the children under 18 years old, to whom a residence permit with the same duration is granted.

It is noted that people who obtain a residence permit in Greece as “persons with sufficient financial means” do not have any access to labor market, therefore they can’t work or run their own business in Greece.

*Our office has extensive experience in all kinds of immigration law and residence permit issues (issuance and renewal of residence permits, working visas, Golden Visa, legalization of illegal immigrants, acquisition of Greek citizenship, cancellation of deportations, objections to the detention of foreigners, etc.). For further legal advice or to assign your case to our office, you can contact us at tel. 2313 079293 or by email at It is noted that the provision of legal advice without a corresponding fee is prohibited under the Lawyers Code (Article 57 Law 4194/2013)*

Dafni I. Siopi

52 Tsimiski Street, Thessaloniki

T. +30 2313 079293, +30 6977 568673


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