Greece Tightens Monitoring of Golden Visa Program

Greece is implementing stricter monitoring procedures for its Golden Visa Program, a move that could affect non-EU nationals seeking residency through investment. The new regulations, which were signed by the Ministries of Development and Immigration and Asylum, introduce enhanced terms for both granting and overseeing investments made under the program.

Key Changes and Implications

The Golden Visa Program allows non-EU citizens to gain residency by investing in Greece through various options, such as real estate or business ventures. However, under the updated rules, the Greek government has placed greater emphasis on ensuring that investors adhere to the conditions of their investments. If an investor fails to meet these requirements, authorities now have the authority to revoke their residence permit.

One significant change is the modification to the application process. Investors will have to submit additional documentation and undergo more stringent checks. These adjustments aim to ensure compliance with the program’s guidelines and with Greek law.

Updated Application Process

The updated submission process for the Golden Visa Program unfolds in several phases:

1. Initial Submission: Investors can either enter Greece with a visa or already possess a valid residence status. If the investor is outside Greece, they must authorize a legal representative through a power of attorney, certified with an apostille at a consulate or relevant authority abroad.
2. Application for Residence: Applicants must submit their residence permit application to the Ministry of Immigration and Asylum, along with supporting documents, including proof of investment and family details for dependents. The application will then be reviewed by the Residence Permits Directorate for completeness.
3. Investment Verification: Once the application is complete, it is electronically sent to the Ministry of Development’s Foreign Direct Investment Directorate. The Ministry will examine whether the investment complies with the criteria outlined in Law 5038/2023. If the investment meets the required standards, the application is approved.
4. Issuance of Residence Permit: After the investment is confirmed, the investor must submit a new application for a residence permit. This is done electronically through the Ministry of Immigration, with additional supporting documents.
5. Ongoing Monitoring: Following the issuance of the residence permit, the Ministry of Development will continue to monitor the investment. If the investor fails to maintain the required conditions, their residence permit could be revoked.

A Shift in the Golden Visa Landscape

Greece’s Golden Visa Program has long been one of the most popular residency-by-investment schemes in Europe, especially as other countries such as Spain and Portugal have made changes to their programs. Spain is set to terminate its Golden Visa Program entirely by April 3, 2025, and Portugal recently removed the real estate investment option, prompting even greater interest in Greece's program.

For more details, you can read the full report from Schengen.News here.