‘Little window’ for Golden Visa investors who want to ‘prevent’ law change

Major changes to the provisions governing its status in Greece are included in the plan presented on Thursday (21.3.2024) by the Treasury. However, as has been pointed out, there is also a transitional provision in the new law for the smooth transition to the new regime which will allow those Golden Visa investors who have started the procedures to complete them under the old terms, even if it is after 31 March 2024, where the new framework is being implemented. Thus, for example, if an investor “enters” in this window, it will not be obliged to “cover” the investment value of 800,000 euros (in Attica, Thessaloniki, Mykonos, Santorini, islands above 3,100 inhabitants), nor the 400,000 euros in the rest of Greece, as the previous limits (500,000 euros and 250,000 euros, respectively, will apply in this case). Moreover, neither the 120 sq.m. cutter will have any effect, nor any other provision than those presented by the financial staff. Which investors will be excluded from the new status of the Gold Visa The new Golden Visa Act therefore becomes ‘inactive’ for a number of investors under conditions. Specifically: Citizens of third countries who will pay off the full amount of the investment or pay an advance of 10%, or sign a contract or contract, with the necessary proof of credit by 30 September 2024, may complete their investment by 31 December 2024 under the conditions applicable until now. In these cases, even if the purchase of the property is not completed, the buyer can complete his investment in another property, always under the conditions that have been in force until now, although not after 30 April 2025. This means that not only those investors who have already taken the first steps of the process until 31.3.2024 that changes in the regime apply, but even those who have not even paid 10% advance for the next six months (until 30 September 2024) have the opportunity to rush, taking advantage of the loophole and using the “old” data.