“Many investors are interested in issuing resident card through the program “golden visa”these are people who own real estate in regions and countries experiencing an intense geopolitical and economic crisis, for example, for example. Lebanon, Turkey, Libya etc. Therefore, they are not so much interested in the property they are going to buy, but rather as a means to achieve their ultimate goal, which is nothing more than obtaining a residence permit for themselves and their family members, but also the protection of their property. in many cases endangered, explains “K” representative of a law firm specializing in investment immigration programs.

This explains the phenomenon of buying real estate, especially in the center of Athens, for amounts of 250,000 euros, which is the minimum threshold for obtaining a “golden visa”, i.e. much higher than the prices of the zone operating in these areas. Investors are interested in acquiring real estate that can be used for short-term leases to generate a certain income or leased out under long-term contracts. For this reason, they mainly choose the center of Athens, where demand is consistently high, whether tourists, students or even families.

There is currently increased mobility in the market due to the Prime Minister’s announcement of doubling the minimum amount required to obtain a residence permit to 500,000 euros. However, according to real estate executives, the Greek program has strict specifications to ensure legitimacy and avoid the circulation of “black” money. For example, it is not possible to purchase real estate for cash other than through a bank transfer from the investor’s bank to the seller’s bank.

At the same time, Greek banks ask the seller’s bank for a certificate that the money he holds in his account is legal, as well as a copy of transactions for the last quarter. In fact, as market participants point out, if the funds come from illegal activities, any “legalization” of them had to be done in the investor’s country of origin before they left it to become, i.e. residence permit and real estate in the country in which such a program operates.

According to the Department of Immigration Policy, from the beginning of the program until the end of August this year, 9,178 permits were issued, and another 1,321 permits were renewed. Also currently under consideration are applications for the issuance of 2009 new licenses and the renewal of 838 licenses.