the Greek Golden Visa

Unpacking the Demand for Extensive Information from the Greek Golden Visa Investors – 2023

Author: Pelin Güngör

Introduction: The Burden of Paperwork in Obtaining the Greek Golden Visa

We frequently hear feedback from our investors that the paperwork involved in obtaining the Greek Golden Visa can be burdensome. It’s understandable that some may be hesitant to disclose so much personal information for a straightforward property purchase, especially in an age where databases are susceptible to breaches and misuse.

Acquiring the Greek Golden Visa necessitates a joint effort and commitment between the investor and their consultant. Both parties must complete several steps in their home country and the destination country. While the process itself is generally uncomplicated, the precise route may differ depending on various factors related to the investor’s profile. These factors may include the preferred investment vehicle, family makeup, profession, or the origin of the funds, all of which will impact the required documentation. To avoid wasting time and money during the process, it is recommended to engage an experienced consultant. By presenting your investment goals and motivations to your support team, you stand to gain significant benefits. They can provide guidance on the most efficient path to achieving your desired outcome.

documentation

Required Documents for Greek Golden Visa Application

Once your case details are clear, you will be provided with a checklist of required documents to initiate the procedure. It’s important to note that additional documents may be requested by the authorities as your case progresses. However, understanding why investors must put in considerable effort to obtain Golden Visa residency in Greece becomes much clearer when we view the matter from a different perspective.

Most documents required for a Golden Visa application are those issued in Greece following the completion of the property purchase. Notably, the Greek Ministry of Immigration does not request a criminal record for either the main investor or their family members during the residency submission process. Instead, the application file is comprised of documents issued within Greece, and its examination focuses on whether the property purchase adheres to the country’s technical and legal requirements, which can be more stringent than those applied to locals. Also, the submission file must include tax payment receipts and the Greek ID number.

Unlike some other countries, personal due diligence by the police department or a third private party report is also not among the required documents for the application. On the other hand, financial due diligence applies to investors.

Bank

Opening a Greek Bank Account

As previously mentioned, the property purchase for a Golden Visa must adhere to the dedicated procedure. To facilitate the purchase transaction and future collection of rental returns and tax payments, investors are required to open a Greek bank account. While some investors may choose to make a direct bank transfer to the seller, they must still provide retrospective evidence to the bank at a later stage. To avoid potential complications, it is not recommended to make a direct bank transfer from non-EU accounts to the seller. As a precautionary measure for the buyer, it is advisable to use alternative payment methods.

For Golden Visa investors, opening a Greek bank account represents a significant milestone that requires considerable effort and time to achieve. Investors must prepare most of the necessary documents in their country of residence, including personal and contact details such as proof of residency, family composition (if applicable), and mobile bills. Occupation and workplace details are also of great importance, as they typically serve as the primary source of income. In anticipation of this process, we have compiled a list of the most common investor profiles and the key highlights of their financial background checks.

the Greek Golden Visa

Special Cases and Conclusion

Employed individuals are asked for a letter of employment, salary slips, and income statements. It makes sense that a retired professional might have earned the amount of the investment amount throughout their career. In this case, there is no need to present the exact amount in the bank statements in the country of origin. They will be asked for the breakdown of their social security payments over the years. Inheritance, as the source of funds, is another common route. If the investment amount was inherited, the court decision and the breakdown of the inherited values need to be presented.

Families who wish for their children to primarily benefit from the permanent residency offered by the Golden Visa program can do so through family sponsorship. This sponsorship arrangement allows for a child, whether over or under the age of 18, to be the main investor under their family’s financial support. In cases where there are two children, the siblings can either co-invest, with each meeting the minimum investment requirement, or purchase separate units.

The Greek Golden Visa program allows for co-ownership of investment property, specifically for married couples who wish to fund the minimum investment required collaboratively. This arrangement enables the sum of the minimum investment required to be shared between the couple, with each party required to provide proof of the source of their respective funds.

In the case where the main investor is a business owner, additional documentation is required. As the investment amount will be sourced from company resources, it is necessary to prove that these resources were legally obtained. The investor will require the assistance of their accountant to obtain the necessary company documents.

As previously mentioned, the Greek Golden Visa Program follows a relatively straightforward procedure, with the exception of the requirement to prove the lawful acquisition of funds. The specific documents required for the “Know Your Client” procedure will depend on the profile of the main investor. Demonstrating that the funds were obtained legally is the most critical aspect of the investment process.

While the preparation phase for investment may seem challenging and time-consuming, with the right guidance, it can be completed smoothly. Furthermore, as the minimum investment amount in Greece is set to change soon and there is uncertainty regarding the program’s longevity in the coming years, it is advisable to act promptly to begin enjoying the numerous benefits of the Greek Golden Visa Program.

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