Will due diligence be compromised as Greece lowers Golden Visa Investment
The Greek Prime Minister Kyriakos Mitsotaki said under the startup, the residency programme will be accessible for only €250,000, raising some concerns about the background checks on the applicants.
Tuesday, 10th September 2024
With Greece expanding the Golden Visa Programme with a new startup option, due diligence is being seen as a major concern. The Greek Prime Minister Kyriakos Mitsotaki said under the startup, the residency programme will be accessible for only €250,000, raising some concerns about the background checks on the applicants.
He was speaking at the 88th Thessaloniki International Fair where he announced that the move is part of a comprehensive economic strategy.
5 Year Greek Residency for €250,000
The newly announced route will allow foreign investors to obtain a 5-year Greek residency permit through just €250,000 investment into local Greek startups. However, there is not much detail available on the possible roll-out of the programme.
People are expecting a detailed statement from Kostis Hatzidakis – Minister of Finance, the authority responsible for the Golden Visa Programme, and other investment opportunities across the Greece.
As per reports, the Greek Golden Visa Programme has been gaining popularity, and there are over 30,000 unprocessed applications that are awaiting a review. This shows that Greece will have to be more careful in terms of processing the applications.
A former Greek Government Official while speaking on anonymity also discussed the need for stringent background checks on the applicants.
“The reduction in the minimum investment amount for the Greek Golden Visa Programme will make it more accessible to a wider range of people. However, with this increased accessibility, there is a greater risk of due diligence negligence, as the thoroughness of background checks or oversight in the approval process may be compromised.”
EU Tightens Restrictions
As Greece looks to draw more investors and stimulate its economy, the uncertainty surrounding due diligence remains a significant concern.
Due diligence and background checks are even more important as the European Union moves forward with its policies to make the borders secure from any threats. This includes the roll-out of ETIAS- European Travel Information and Authorization System in 2025.
Investment Options of Greece's Golden Visa
Greece's golden visa program is designed to offer international investors with a number of investment options which provides capability to get residency in the country and would open doors to the Europe with an investment of minimum 250,000. Earlier it was for the real estate projects only and now has expanded to entrepreneur or startups applicants.
Under the earlier options, applicants can make a minimum of 250,000 in primarily focused on real estate development from making purchase in commercial properties to residential structures from the listed sites. This option provided extended flexibility to investors as there is no limitation to the location or size of the properties.
Additionally, Greece also offers 400,000 investment option under which an investor can make a purchase of single property which must be at least 120 square meters. On the higher end, investment of 800,000 grants eligibility through the purchase of real estate in city centres such as Athens and Thessaloniki or islands to over 3,100 residents.
Regardless of real estate option, Greece also offer diverse portfolios and interests to investors with entrance to 10-years leasing agreement for hotel accommodations or furnished tourist residences with valuation of over EUR 400,000 or EUR 800,000 depending on the location.
Under traditional financial instruments a fixed-term deposit of EUR 500,000 in a Greek credit can be made.
Moreover, the program give opportunities to those inclined towards more liquid investments. A minimum of EUR 500,000 can be allocated to purchasing Greek government bonds with a maturity of at least three years. Alternatively, investors can engage with the Greek stock market by purchasing shares, corporate bonds, or government bonds worth at least EUR 800,000.
Another option is to invest a minimum of EUR 350,000 in shares or stocks of a mutual funds.
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