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The conditions specific to the ERC are described in the ERC Work Programme 2014 under the headings 'Eligible Principal Investigator', 'Eligible Host Institution' and in 'Annex 3'. An overview is provided below: The ERC actions are open to researchers of any nationality who intend to conduct their research activity in any Member State or Associated Country. Principal Investigators may be of any age and nationality and may reside in any country in the world at the time of the application. ERC Principal Investigators do not have to be based full-time in Europe.
The host institution must either be established in an EU Member State or Associated Country as a legal entity created under national law, or it may be an International European Interest Organisation (such as CERN, EMBL, etc.), the European Commission's Joint Research Centre (JRC) or any other entity created under EU law. Advanced Grants are designed to support excellent Principal Investigators at the career stage at which they are already established research leaders with a recognised track record of research achievements. Applicant Principal Investigators must demonstrate the ground breaking nature, ambition and feasibility of their scientific proposal. Advanced Grants may be awarded up to a maximum of EUR 2 500 000 for a period of 5 years.
However, up to an additional EUR 1 000 000 can be requested in the proposal to cover (a) eligible "start-up" costs for Principal Investigators moving to the EU or an Associated Country from elsewhere as a consequence of receiving the ERC grant, and/or (b) the purchase of major equipment and/or © access to large facilities.

Further Information:
http://ec.europa.eu/research/participants/portal/desktop/en/opportunities/h2020/topics/4050-erc-adg-2014.html