GREECE. The country’s authorities are strengthening power implicit the concern programme “Golden Visa”introducing tough measures against fraudulent schemes and mendacious advertizing successful the existent property market.
Ministry of Migration and Asylum issued a caller circular aimed astatine curbing circumvention of concern requirements and protecting the integrity of the program.
Fighting “gray” schemes
After raising the minimum concern threshold to €800,000 successful fashionable regions – Athens, Thessaloniki And Mykonos — the marketplace collided with a wave of misleading advertising.
Despite the caller rules, portion of the advertisements continued to beforehand properties that outgo little €250,000 How supposedly suitable for obtaining a residence permit.
Particular attraction of the authorities was drawn to the schemes of the so-called “indirect refund”in which the capitalist formally fulfills the requirements, but portion of the funds is returned to him done fictitious services – rent, furnishings oregon further payments.
According to lawyers, such practices person go systemic implicit the past year.
Tough checks
The authorities mean to stop such schemes together with:
- tax authorities;
- financial power services;
- anti-money laundering agencies.
Contracts will beryllium checked for hidden fiscal manipulations and discrepancies betwixt the existent value of investments and stated requirements.
Implications for investors
New bid signed by the Secretary General for Migration Policy Konstantina Papakostaprovides for the astir stringent measures.
Any suspicious transactions will beryllium handed implicit to instrumentality enforcement agencies.
Main hazard for investors:
- cancellation of an already issued residence permit;
- loss of migration status;
- possible fiscal sanctions.
The authorities stress that a residence licence tin beryllium revoked adjacent if a violation is discovered aft its receipt.
Who is investing
Despite the tightening of the rules, the programme remains successful demand. As of February 2026:
- citizens China — 48.1% of each permits;
- active investors from Turkey, Lebanon, Iran;
- citizens besides enactment UK, USA, Egypt, Armenia And Serbia.
Restrictions
From spring '22 Greece does not judge aureate visa applications from citizens Russia And Belarus.
However, the restrictions use lone to persons with a single citizenship of these countries. Applicants with dual citizenship whitethorn enactment successful the program.
Also, the prohibition applies lone to the main applicant – household members tin get a residence licence adjacent if they person a Russian oregon Belarusian passport.
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