Greece to Implement Stricter Monitoring for Golden Visa Investments

Greek authorities are set to intensify the oversight of investments made under the country’s Golden Visa Program, introducing new terms and conditions to regulate and monitor the process more effectively.

A recent decision, jointly signed by the Ministries of Development and Immigration and Asylum, has outlined changes aimed at ensuring compliance with investment requirements.

Under these new rules, authorities will closely monitor the investments linked to the Golden Visa Program, which grants residency to non-EU nationals who choose from the available investment options.

Once a residence permit is issued, the Foreign Direct Investment Directorate of the Ministry of Development will oversee the investment to ensure it aligns with the program’s stipulations. If an investor fails to meet the specified terms and conditions, the government reserves the right to revoke the residence permit.

Changes to the Application Process

According to a report from D Group, the new framework introduces key adjustments to the submission process for residence permit applications. The process will now be conducted in the following stages:

1. Initial Entry and Authorization

   • An investor can enter Greece with a visa or already have a valid residence status.

   • If the investor is outside the Hellenic Republic, they can authorize a legal representative to act on their behalf through a power of attorney issued at a consulate or another relevant authority abroad, which must be certified with an apostille.

2. Application Submission

   • The applicant submits their residence permit application to the Ministry of Immigration and Asylum, along with proof of investment and documents related to family members who will be included in the application.

3. Initial Review and Compliance Check

   • The Residence Permits Directorate first reviews the application to ensure it is formally complete.

   • The application is then electronically transferred to the Foreign Direct Investment Directorate of the Ministry of Development, which verifies whether the investment meets the criteria outlined in Law 5038/2023.

4. Approval by the Ministry of Development

   • The Ministry of Development conducts an assessment to confirm that the investment complies with Greek legislation.

   • Once the investment is approved, the applicant must submit a new request to the Residence Permit Directorate for the final issuance of the residence permit.

5. Final Steps and Monitoring

   • The application for the residence permit must be electronically submitted through the Ministry of Immigration’s digital services, along with any additional required documents.

   • Once the residence permit is issued, the Foreign Direct Investment Directorate of the Ministry of Development will continuously monitor the investment to ensure it remains in compliance with the program’s regulations.

   • If the investor fails to uphold the requirements, the authorities may revoke the residence permit.

Growing Interest in Greece’s Golden Visa Program

Greece’s Golden Visa Program is one of the most well-known residency-by-investment schemes in Europe. Interest in the program has surged following Spain’s recent announcement that it will terminate its own Golden Visa Program on April 3, 2025, and Portugal’s prior decision to eliminate real estate investment as an option for its program.

With these recent regulatory shifts in Spain and Portugal, Greece’s Golden Visa Program has gained increased attention from investors seeking alternative residency options within the European Union. 

By fLEXI tEAM