It is widely known that Greece has one of the most attractive programs for GOLDEN VISA applications, as it provides to the applicants the right to live in Greece and have a free access to Europe’s Schengen Zone. This program is characterized as an absolutely profitable program for the public incomes and it’s quite competitive compared to the one’s of other countries.
After a recent reformation carried out in the Greek Legislation for Immigration, there is a redefinition of the stipulations regarding the applications for Golden Visa.
In particular, this readjustment is referred to the increase of the minimum value in money which must be invested in real estate, from 250.000,00 euros to 500.000,00 euros. This increased amount of the investment concerns properties located in “high economic activity areas” such as:
- Athens (North, Central and South regions)
- Municipality of Vari – Voula – Vouliagmeni
In these areas the investment is referred to a single real-estate property, and in the case of co-ownership, each co-owner has to invest at least 500.000,00 euros.
TRANSITIONAL AND ADJUSTMENT PERIOD
Because of this sudden and major change, a transition period has been predicted for the applications related to the aforementioned adjustments, so as to avoid any risk of confusion as well as a degradation of the reliability of program.
A reasonable period is therefore given until the 31 of December 2023, to the investors to complete their investment – also at the aforementioned areas of “high economic interest” – by purchasing real estate at the old price (250.000,00 euros), as long as an advance payment of at least 10% of the purchase price (or the leasing amount) has been given until July 31, 2023.
However, in case of not completing the purchase of the property for which the 10% advance was paid (before July 31, 2023), prospective investors may complete their investment by acquiring different or more properties, the minimum price of which will be (250.000,00) euros, provided that the investment will be completed before December 31, 2023.
SUBMITTING AN APPLICATION THROUGH A POWER OF ATTORNEY BEFORE ENTERING THE GREEK TERRITORY
In the context of facilitating the process of granting the investor’s Golden Visa and in order to decongest the volume of applications at the Greek Consulates for the proxy visa, it is now possible to submit the application before entering the country, with a Power of Attorney to a Legal Representative, which has been drawn up before a Greek Consular Authority or other competent foreign authority of before a Notary Public (as long as it bears the APOSTILLE or it is deemed by Greek Consular Authority).
As long as the submission of the documents is completed and upon approval confirmation of application submission, the applicant must within an exclusive period of twelve (12) months to enter the Greek territory submitting the required biometric data (fingerprints) to the competent agency.
Mertiri Legal Advisors office, with an extensive experience in the Greek Golden Visa program and all the aspects of it, we are always at your disposal for your requests.
For more info, please contact us.