Greece issued three times more Golden Visas for investors in 2018 than in the previous year, according to the statement of the Migration Policy Ministry. Between January and November, the EU Member State issued 1450 permanent residence permits in exchange for investing in real estates. The Greek government introduced the residency by investment scheme in 2013. Until November 2018, a total of 3620 applicants received the right to live in Greece and stay in the Schengen area. Investors from third countries can obtain the Greek permanent resident status through purchasing real estate for at least 250,000 euros. The permit is issued for five years and renewable if the resident maintains the investment. Another investment option is to rent a hotel accommodation for a minimum period of 10 years. Discus Holdings Ltd provides expertise during the process of the Greece Golden Visa Programme. Please, read here about how to invest in exchange for an EU residence permit of Greece! The investors preferred to buy residential properties in the wider Athens area, where one-third of the wealthy foreigners found their new homes. Pireus and Pallini are also popular, almost 76% of the applicants made their investment in Attica, according to International Publishing. Halkidiki and Crete also welcomed investor residents from all over the world. The Greek government started to revise the legal framework of the Golden Visa Programme in January to ensure the transparency of the immigration process. According to the amendments of the law, the legislators will ban the use of POS systems during the purchase. The whole sum of investment must be paid either full by bank check to a local bank or by transfer. Moreover, the seller of the real estate will have to require additional documentation from the Immigration Service.

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