GREECE Law and Practice Contributed by: Fotodotis Malamas, Bernitsas
7. Citizenship and Residency 7.1 Requirements for Domicile, Residency and Citizenship Many foreign nationals of Greek descent or who identify with the Greek culture wish to acquire Greek citizenship. There are several fairly complex ways to achieve this, depending on certain characteristics of the applicant, including their status, place of birth, tim - ing and origins. 7.2 Expeditious Citizenship A child born in Greece does not automatically acquire Greek citizenship, unless: • their mother was a Greek citizen during her preg - nancy and at the time of their birth; • their father was a Greek citizen at the time of their birth; or • both their parents were non-Greek immigrants living in Greece with a valid resident’s permit for at least five consecutive years prior to their birth. If one of these requirements is met, the child may acquire Greek citizenship by birth, although parents can of course opt out and declare another country’s citizenship in accordance with the laws of that coun - try. Becoming a Greek Citizen by Going to School A child who does not fulfil any of the prerequisites mentioned above may still acquire Greek citizenship if: • they enrol in the first grade of a Greek primary school and are still attending when the application is filed; • at least one of their parents had been living in Greece legally with a valid permit for at least five years prior to the child’s birth; • at least one of the parents holds a legal resident’s card, as described in the new statute; and • they have not reached the age of 18 years. Alternatively, a non-Greek minor legally residing in Greece can still acquire Greek citizenship if they have attended at least nine years of primary/second - ary Greek school, or six years of secondary Greek school. A non-Greek adult legally residing in Greece
than in the issuance of bonds. The Bond Law (Law 3156/2003) introduced the possibility for a group of bondholders to be represented by a bondholder agent, who takes security on their behalf. The duties of the bondholder agent are performed by a trustee, which may be a credit institution or an affiliated com - pany that legally provides services in the EEA. Unless otherwise provided for in terms of a covered bonds issue, trustees are liable to bondholders for wilful mis- conduct and gross negligence. Sociétés Anonymes The Non-Performing Loans (NPLs) Law provides for companies in the form of sociétés anonymes that may undertake the management of such loans with a licence from the Bank of Greece. Such companies may be delegated the management of claims arising from loans and/or credit agreements that have been non-performing for a period exceeding 90 days. The management of claims arising from loans and/or cred - its that have been performing may only be delegated together with claims against non-performing debtors. Acting as non-beneficiary parties, management companies are entitled to file any legal remedy and to undertake any other judicial action to recover the claims under management, as well as to initiate, appear or participate in any pre-insolvency resolution, insolvency, debt settlement and special administration procedures. 6.2 Fiduciary Liabilities As trusts and foundations are not institutions rec - ognised by Greek legislation (with the exception of charitable foundations), such mechanisms are not applicable. 6.3 Fiduciary Regulation In cases where the appointment of a fiduciary is pro - vided for by law (ie, bond loans), and unless otherwise provided for in terms of a covered bonds issue, trus - tees are liable to bond holders for wilful misconduct and gross negligence. 6.4 Fiduciary Investment Trusts, foundations or similar entities are not author - ised to own or run an active business in Greece.
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