• Veli & Associates

Improvements of the Greek immigration law for the issuance of the Golden Visa

Updated: Apr 18, 2020

The Greece Golden Visa Program is considered one of the most affordable residence-by-investment programs that provide access to Europe and other benefits as well. Changes and improvements of the immigration law are under discussion these days in the Greek Parliament and the new law will be published in the Greek Government Gazette end of April.

The new law will include the following great improvements of the Greek Golden Visa program:

a) Children of the main applicant have the right to renew their permanent residence permits until the age of 24 years old by submitting only their previous permanent residence permit.

b) The requirement of the minimum value of the purchase price, as provided by the immigration law, is fulfilled upon the purchase of the property and not the submission of the application in the immigration office. That means that even if the law changes in the future regarding the minimum value of the purchase contract, the client has the right to submit the application to the immigration office successfully.

c) Upon the submission of the application in the immigration office, the purchase price shall be paid completely to the Seller’s bank account, as proved either by the purchase contract or bythe notarial deed for the removal of any dilatory heresy. That means that the purchase price shall be paid either on the same date of the purchase contract or later within the deadlines provided in the purchase contract.

d) The procedure for the examination of the clients’ applications by the immigration offices will be faster and easier due to the fact that the Notary shall issue a certificate, by which they will certify the fulfillment of the requirements of the immigration law for the granting of the permanent residence permits. This certificate will be submitted together with the other necessary documents to the immigration office, so that the staff of the immigration office will not spend a lot of time to examine the law requirements.

e) By virtue of a ministerial decision, the value of the purchase contract price can be changed in each area of Greece, according to lists of areas that will be prepared by the Ministries, based on the location, commercial or objective value of properties, tourism development. These lists will have duration of at least 5 years.

f) A new category of residence permit will be included in the new law and it will be granted to foreigners from third countries, who want to travel and stay in Greece for medical reasons. This new category of residence permit will be an incentive for the foreigners, who face medical problems and they want to enjoy medical care in Greece, and it will promote the Greek medical tourism. This type of residence permit has duration from 1-4 years and it can be granted to the relatives of the client who shall accompany him in Greece to help him during the medical care.

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