Tighter Oversight Planned for Golden Visa Investments in Greece

Key Highlights

1. Greece’s Golden Visa Program will undergo stricter investment monitoring.
2. New regulations have been introduced for both granting and overseeing investments.
3. Investors who fail to meet investment conditions risk having their residence permits revoked.

Enhanced Monitoring of Greece’s Golden Visa Program

Greek authorities are set to strengthen the supervision of investments under the country’s Golden Visa Program. A recent decision, signed by the Ministries of Development and Immigration and Asylum, introduces new terms and conditions for both granting and monitoring investments.

The Golden Visa Program enables non-EU nationals to obtain residency by making specific types of investments. However, once a residence permit is issued, the Ministry of Development’s Foreign Direct Investment Directorate monitors the investment. If an investor fails to comply with the set conditions, their residence permit may be revoked.

Changes in the Application Process

According to a report from D Group, the revised application submission process will unfold in several key phases:

• Investors can enter Greece either with a visa or through an existing valid residence status. If they are outside the country, they can authorize a legal representative via a power of attorney, certified at a consulate or other relevant authority abroad.
• The application for a residence permit, including proof of investment and details of accompanying family members, must be submitted to the Ministry of Immigration and Asylum.
• The Residence Permits Directorate reviews the formal completeness of the application and forwards it electronically to the Ministry of Development’s Foreign Direct Investment Directorate for evaluation. This ensures the investment aligns with the criteria outlined in Law 5038/2023.
• If the investment complies with Greek regulations, the applicant submits a new request to the Residence Permit Directorate for the permit’s issuance. This process is completed electronically through the Ministry of Immigration’s online services, along with any required supporting documents.
• Once the residence permit is granted, the Foreign Direct Investment Directorate continues to monitor the investment. Failure to meet the necessary requirements may lead to the revocation of the permit.

Growing Interest in Greece’s Golden Visa Program

Greece’s Golden Visa Program remains one of the most sought-after residency-by-investment schemes in Europe. Interest in the program has surged, particularly following Spain’s recent decision to terminate its own Golden Visa initiative by April 3, 2025, and Portugal’s earlier move to eliminate the real estate investment option from its program.