The Government of Greece has made important changes to the golden visa scheme in a desperate bid to attract investment and save the real estate market from the brink of Covid-19 crisis. The Greek economy is expected to contract by -9.7% highest in EU, according to the recently released spring 2020 report by the EU commission.
The Greek law 4686/2020 which was recently approved in parliament was published in Government gazette on 12.05.2020, further relaxes the administrative procedures investing in golden visa scheme as follows.
- Foreign property investors can make full €250,000 payment from abroad.
- No personal visit required to complete the formalities (except one time in any six month period)
- No requirement to open bank account in Greece
- Real estate procedures can be completed through a proxy or through POA (power of attorney) from home
- Residence cards can be collected by representative of applicants at the migration office directorate.
- Children of property investors who reach age 31, will receive separate residence permit for upto 3 years
Greece will gradually resume immigration office services for the purpose of residence permits from 18.05.2020. These services were suspended by Covid-19 outbreak.
All national visas have been extended under 30.09.2020 according to Immigration directorate.
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