Amendment in Greek law to reduce Golden Visa Investment risk, Revised law also seeks physical presence for obtaining FIP visa.
The Greek parliament has passed a law 4686/2020 this week that let investors across the globe to pay in full for the properties from abroad, unlike the conventional procedure of opening a bank account first in Greece.
Why opening a bank account in Greece was required for the Transactions?
“Before this law, paying through abroad involved a risk from both buyer and seller side. The buyer could be at risk if his money arrived at the seller before the property has been approved by the seller to the buyer’s name, alternatively, the seller was at risk if money did not arrive at him even after the approval. An annulment clause in the contract stating that sales would be null and void if the buyer’s money does not arrive within a given timeframe could be a possible solution for this, but this solution was not viable until now because Greek immigration authorities could only approve the application for properties already bought with full payment, properties with annulment clause would be considered as an insufficient proof for the approval. That’s why opening a bank account in Greece was required for protecting the interests of both parties as bank issues a cashier’s check to the buyer which they can hand over to seller during the transaction with the notary as a witness.” Explains Varis Sayed, CEO of Fincasa Capital.
Reform in law to reduce Golden visa Investment risk.
The bill allows the seller to include a clause in the agreement stating that agreement is voided if no money arrives, thereby mitigating the abovementioned associated risk.
Revision in law for obtaining FIP-visas in Greece
For obtaining temporary residence for Financially Independent persons (FIP visa), the law seeks the physical presence requirement of the investors.
Before the law, for obtaining a FIP visa, the applicant had to deposit EUR 48000 to a Greek bank account but with no return for 2 years, the amount would increase by 20% for including spouse and 15% for each child. FIP visa holders can get the advantage of visa-free travel across Schengen countries along with other benefits.
With no physical presence requirement for FIP visa, the product was in direct competition with the golden visa program for which investment was as high as 520% as compared to FIP visa which prompted the government to introduce physical presence requirement on FIP visa holder and mandated investors to be present in Greece for at least 6 months each year for qualifying for renewal.
Below are few of the compelling reasons to invest in Greece Golden visa program
- Visa-free travel within Europe’s Schengen Area.
- No requirements to reside in Greece.
- Residence applicable to the whole family (married spouse, children under 21 years old, and parents of the main applicant and spouse).
- Right to indefinitely reside & settle in Greece.
- Eligibility to apply for citizenship after seven years of residence.
- Ability to hold shares and receive income from the dividends of a company registered in Greece.
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