Greece is enhancing oversight of its Golden Visa Program to ensure compliance and maintain the integrity of foreign investments. Key developments include:
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Enhanced Investment Monitoring 🔍
- Authorities will tighten the monitoring of investments under the Golden Visa Program to ensure adherence to regulations.
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New Terms and Conditions 📄
- Updated terms and conditions for granting and monitoring investments have been introduced to improve oversight.
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Residence Permit Revocation ❌
- Failure to meet investment conditions may lead to the revocation of residence permits, emphasizing compliance.
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Application Submission Changes 📝
- The process now includes specific phases, such as authorizing legal representatives and submitting detailed documentation.
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Increased Investment Thresholds 💶
- The minimum investment required for a Golden Visa has been increased in certain areas, with thresholds reaching up to €800,000 in some cases.
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Stricter Investment Criteria 🎯
- Investors purchasing stakes in existing companies must now hold at least one-third of the capital or voting rights, ensuring significant involvement.
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Job Creation Mandate 👷♂️
- Investors are required to create at least two new jobs within a year of investment, sustaining these positions for a minimum of five years.
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Extended Contract Deadlines ⏳
- The deadline for Golden Visa investors to complete their property contracts has been extended until February 28, 2025, allowing more time for compliance.
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Focus on Productive Ventures 🏢
- Greece aims to attract investors through more productive ventures instead of solely real estate investments, diversifying economic benefits.
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Balancing Investment and Housing ⚖️
- The program adjustments aim to balance foreign investment needs with housing and economic concerns, addressing local market dynamics.
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