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Stricter Monitoring Planned for Golden Visa Investments in Greece
Greek authorities have announced the implementation of stricter monitoring for investments associated with the Golden Visa Program. Under the new terms, if an investor fails to meet the conditions, their residence permit may be revoked.
New Application Submission Process
According to a decision signed by the Ministries of Development and Immigration and Asylum, the application process now involves several phases:
Entry into Greece and Representation: An investor can enter Greece with a visa or already have valid residence status. If they are outside the country, they can authorize a legal representative through a power of attorney issued at a consulate or other relevant authority abroad, certified with an apostille.
Application Submission: The application for a residence permit is submitted to the Ministry of Immigration and Asylum, along with proof of investment and other necessary documents.
Application Review: The Residence Permits Directorate reviews the completeness of the application and forwards it to the Foreign Direct Investment Directorate of the Ministry of Development for assessment of the investment's compliance with established criteria.
Investment Evaluation: The Ministry of Development examines whether the investment adheres to Greek legislation. Once approved, the investor submits a new application to the Residence Permit Directorate for the issuance of the residence permit.
Investment Monitoring: After the residence permit is issued, the Foreign Direct Investment Directorate of the Ministry of Development monitors the fulfillment of investment obligations. In case of non-compliance, the residence permit may be revoked.
Changes in Investment Requirements
As of January 1, 2025, the minimum investment amount for obtaining a Golden Visa has been increased to €800,000 in high-demand areas, including Athens, Thessaloniki, Mykonos, and Santorini. In other regions, the minimum amount is €400,000. For properties requiring conversion from commercial to residential use or restoration, the minimum investment remains €250,000.
These changes reflect the Greek authorities' commitment to ensuring transparency and efficiency in the Golden Visa Program, as well as attracting investments that contribute to the country's economic development.