Imminent changes to the Golden Visa Program are scheduled from the Greek Government.
The draft bill will come for a vote before the Greek Parliament with the following changes after April 24, 2020:
The first paragraph of case 2 of paragraph B of article 20 of Law 4251/2014, is replaced as follows: “2. The minimum value of the real estate at the time of its acquisition, as well as the total contractual rent of the hotel accommodation or tourist accommodation of this article, as indicated by the notarial act of property transfer (in case of the existence of a resolution clause by the relevant notarial act of full payment) or lease agreements, respectively, shall be set at two hundred and fifty thousand (250,000) euros and must have been paid in full before the submission of the application for the investor’s permanent residence (i.e golden visa)“After the fifth subparagraph of indent 2 of paragraph B of Article 20 of Law 4251/2014, new paragraphs shall be added as follows: “A third-country national, upon submitting the application for a permanent investor residence permit, shall submit a notary’s certificate confirming that the relevant notarial act of property transfer meets the requirements of paragraph 2 of paragraph B of this article. A joint decision of the Ministers of Finance, Justice and Immigration and Asylum shall determine the type and content of the certificate, as well as any other relevant matters.”
The last paragraph of case 2 of paragraph B of article 20 of law 4251/2014, is replaced as follows: “2. By joint decision of the Ministers of Finance, Development and Investment and Immigration and Asylum, the amount of the above real estate may be adjusted, as well as lists of areas of the territory shall be drawn up, with a minimum duration of five years, for which a differentiation may apply the amount of the investment in the above paragraph, taking into account elements such as development targeting, tourism development, geographical location, as well as the commercial or objective values of those located in these areas and any other details for the application of the above provisions.”
If you are interested to know more about the Golden Visa Program please visit Law Office Stathaki
