When Greek Prime Minister Kyriakos Mitsotakis announced a price hike for Greece’s Golden Visa a few months back, many may have pondered whether the program would maintain its status as the most attractive residency by investment program in the world.
The vague announcement, coupled with a peculiar lack of details, made people believe that the Greek Golden Visa would jump from being one of the most affordable options in Europe to one of the most expensive. Fast forward to January 2023, and all those fears have dissipated.
Through its new regulations, the Greek Government has limited the minimum investment increase to just four zones:
- The North, Central, and South Sector of Athens
- Municipality of Vari – Voula – Vouliagmeni in Attica
- Municipality of Thessaloniki in Macedonia, and
- Regional Units of Mykonos and Santorini
The fact remains that the vast majority of Greece’s regions will continue to operate under the €250,000 property valuation. This means that there remains an abundance of high-potential, high-yield investment areas open to Golden Visa applicants, thus ensuring the Greek Golden Visa maintains its glamor in full flow.
It is also important to note that the financial products and business establishment investment options did not undergo any changes and remained at their current price points of €400,000 and €250,000, respectively.
Moreover, the Greek Government has introduced a grace period, allowing investors to qualify through a €250,000 investment in one of the areas undergoing a price hike if they make a 10% deposit before the 30th of April and complete their purchase and application before the end of the 31st of December, 2023. This regulation gives investors interested in owning property within certain areas of Athens, Thessaloniki, Santorini, or Mykonos to conduct their business.
However, the news about the limited price hike has overshadowed some significant steps the Greek Government has taken to ensure the Golden Visa remains exceptionally attractive; and we will highlight them in detail.
Digital, Remote Process
Greek Golden Visa applications went digital on the 16th of November, 2022. Applicants can, through their lawyers, apply online through their lawyers via a governmental portal, making the entire process much easier and less time-consuming.
Add to that the fact that applicants can complete the entire process (except submitting biometrics at the last stage) remotely, then the process of applying for a Greek Golden Visa is easier than applying for a Schengen Visa; no appointments are needed, and the application is online, while a Temporary Residence Certificate is issued at the same time.
Another regulation amendment allows applicants to submit their application through a proxy (someone to apply on their behalf) through any kind of Power of Attorney (POA).
Applicants can also apply for a Greek Tax Number, open a Greek bank account, acquire properties, elaborate business plans, and conduct intangible investment implementation remotely through a well-placed POA.
Applicants can draw up and sign a POA before any Greek Consular authority or eligible, competent foreign authority. A notary bearing the Notation of The Hague can also conduct the required activities, making it much simpler for applicants hailing from Hague Convention nations such as Turkey or India.
The Greek Government has taken significant steps to make the Golden Visa process as seamless as possible, and at the moment, it has the simplest residency by investment procedure not just in Europe, but the globe.
Elegant Funding Regulations
Another essential aspect the Golden Visa boasts that is regularly underestimated is its high tolerance for funding applicants.
Golden Visa applicants can acquire funding from blood relatives up to the second degree. They can transfer the investment amounts from their relatives’ bank accounts to the investor’s Greek bank account and then to the seller’s or the developer’s bank account.
Since the Golden Visa allows the addition of three generations of family members (main applicant, spouse, dependent children, and dependent parents), allowing blood relatives to sponsor each other makes the program more viable and beneficial for family-oriented individuals.
Greek banks will conduct their internal due diligence regarding the transfer, but the Government does not implement the tiring due diligence process Caribbean States do on funders for their CIP applicants, for example. This regulation provides the Golden Visa with even more flexibility while maintaining its streamlined process and quick turnover time.
But wait, there’s more.
Investors can also acquire funding from foreign banks, as it still constitutes FDI and Greek banks will have an easier task confirming the source of funds since they come from a regulated financial institution. Both funding from relatives from foreign banks (as a loan) is acceptable in terms of taxation and the Greek Golden Visa Law. The amounts must be transferred from the investor’s foreign bank account to his Greek bank account
By allowing funding of investors, the Greek Golden Visa evolves from an excellent global mobility solution to a robust tool to hedge against inflation through precise financial planning and investment.
A Gracious Grace Period
While many may look at the Greek Government’s grace period with slight apprehension that they may not be able to find the property of their choice within the area of their liking within the given period, working with a strong partner in Greece can alleviate that concern.
Investors must make their deposit before the last day of April ends and must apply before the deadline in December; that fact is set in stone. But the Greek Government understands that investment activities are complex ones, and have safeguards that investors can use to ensure that their investments are maintained.
In case an investor makes a deposit but finds themselves facing legal, taxation, or technical issues during the grace period in relation to the property they’ve chosen, there are intricate provisions available that allow them to switch their deposit to another one, but it is not like flipping a switch and this delicate procedure requires the assistance of a sophisticated partner.
This is why many investors decide to work with Golden Visa Greece, in case that unlikely probability becomes a real possibility, as our vast internal network and impressive real estate portfolio mean we can help investors source the properties they like, and make sure they qualify for the €250,000 pricing through a well-timed deposit that we can help safeguard efficiently while maintaining the expertise to act if any external issues arise..
Real estate is one of the most emotional investment asset classes, and we understand that investors may want to take time to find the property that suits them best, but they do not want to pay double what they could for a Golden Visa. That is why our team continues to build our real estate portfolio and grow our network of robust partners in Greece, to allow us to serve our clients and help them find the investment that will leave them completely satisfied.
About Golden Visa Greece
The founders of Golden Visa Greece specifically designed the firm to become the top-tier investment advisory and investment facilitator in Greece.
Our mission is to facilitate international investments in Greece, simplify complicated processes, and ensure sustainable & profitable investments.
We are able to do this through our veteran team of professionals and our data-driven approach. We rely on numbers, analytics, and core internal knowledge of the Greek investment environment.
Our firm acts as a one-stop shop for investors, combining the immigration and investment components while doing justice to both. We understand how important the investment element of the Golden Visa is to our investors, and we always deliver outstanding value for money in a notoriously expansive real estate market.
To know more about the Greek Golden Visa and how you can access all it has to offer through a shrewd investment that fits your objectives, budget, needs, and desires, contact us today through our website.