An extension until February 28, 2025 is granted for the completion of investments that will allow thousands of investors to acquire a residence permit (Golden Visa) following an amendment submitted by the Ministry of National Economy and Finance to Parliament.
The extension concerns investors who are already at an advanced stage and for individual reasons have delayed completing the process despite the fact that they are very close to it.
The decision is essentially addressed to approximately 3,000 real estate cases which, once completed, will lead to an inflow of capital of approximately 750 million euros. These cases concern investors who have made an advance payment and signed a preliminary agreement, but were unable to complete the process for signing the contracts on time.
Based on the amendment submitted to Parliament, “a two-month extension is granted until February 28, 2025, of the deadline for completing the investment with the view to obtaining a residence permit (Golden Visa).
This extension concerns procedures that are already at an advanced stage and that due to individual conditions have been delayed while they are very close to being finalized.”
Tool for attracting foreign capital
In addition to avoiding any financial impact on investors and the loss of revenue for the Greek State, the stability and credibility of the Golden Visa program is ensured as a tool for attracting foreign capital.
In particular, the extension concerns those who have paid advances and signed preliminary agreements by December 31, 2024. The completion of the approximately 3,000 pending cases will contribute to the collection by the State of approximately 50-51 million euros in transfer taxes and fees, 18-19 million euros in legal fees and taxes, 36 million euros in VAT, 21 million euros in fees for issuing the Golden Visa, and at least 150 million euros in renovations, furnishings and insurance contributions.
