One of the most popular Golden Visa programs around the world since its initiation in 2013, Greece Golden Visa has been one of the first immigration programs out there to stop its activity as a precautionary response to the Covid-19 pandemic. As the country goes through the pandemic relatively unharmed compared to its neighbors in Europe, the successful handling of the epidemiological crisis gains global appraisal and approval for Greece.
Already a destination with high investor trust before Covid-19, Greece manages to boost the confidence of domestic and international investors thanks to its successful coping mechanisms against this unparalleled and unusual situation. These defense mechanisms also promote Greece’s image as a safe and reliable destination. Now that investors around the globe know Greece is able to take on any danger and emerge victorious, there remains no doubt whatsoever in the air as to whether they should or should not invest in Greece.
How will the Greece Golden Visa Revive?
Greece has been one of the first countries to shut down its immigration services in response to the pandemic. It is among the reasons why the country remained relatively stable. This also led to an early resurgence: “We are very interested in jump-starting the real estate market and in this direction, we are immediately relaunching the golden visa program”, said Theodoros Skylakakis, Deputy Finance Minister of Greece in April 2020. Yet, it does not mean that the Greece Golden Visa Program will be reinstated as it was before the lockdown. The government plans to impose several changes and upgrades to the Greece Golden Visa Program which will both increase efficiency and reduce the risks of Covid-19. Skylakakis also stated that “To accelerate the course of growth in the coming months, we will seek to lift the bureaucratic obstacles that currently exist in the property market”.
Lockdown Economy Produced Its Own Remedy
Although the global lockdown caused by Covid-19 resulted in massive financial recessions and hindered countless business activities and transactions, it also provided many sectors with alternative solutions and improved the spectrum of economic maneuvers. This period of remote working in business activities and digital transactions cut the costs of doing business. Many branches in this period also experienced increased productivity. The services provided online even before this period were forced to deal with a whole new level of demand, like online customer services or postal services.
The quarantine period also forced policy updates all throughout the European continent. For instance, the traveling distances of international supply chains are shortened and business activities are transferred back into Europe. This will likely benefit Greece. It is reported after the European Council meeting on 23rd of April that “it is of the utmost importance to increase the strategic autonomy of the Union and produce essential goods in Europe.” Upon these shifts in the trade strategies, Greece saw increased interest in its products and could not catch up with the growing demand for production. This further strengthens the prediction that Greece’s trade volume will increase in the future due to these changes.
Thanks to the safety and security provided by Greece in this period of crisis, global trust in the country’s tourism and real estate sectors are also replenished. Compared to other tourism giants, Greece handled the crisis of Covid-19 very well. This will surely reflect positively on the tourism sector in Greece. According to the latest reports, the property transactions did not lose their strength in this period. Despite the crisis, there are clear indications that investment demand for Greece is rising healthily. Both local and foreign investors still actively seek deals, even in the middle of the lockdown.
Will the Greece Golden Visa Program Change?
To increase safety and efficiency, Greece will reinstate its Golden Visa program with several changes. An important note, these implementations will be temporary extensions that will be available only during the pandemic.
- Remote Application Process
Greece does not reopen its immigration offices physically until the threat of Covid-19 is further diminished. Yet, the government establishes a new system to be able to continue receiving applications for its Golden Visa program. According to this new update, authorized lawyers can apply via the central office (Immigration Policy Directorate of the Ministry of Immigration and Asylum in Athens) instead of local offices to improve the accessibility of the service. Furthermore, applicants can submit their documents remotely without being present in the offices.
- Remote Bank Account
During the Greece Golden Visa application process, to be able to conclude the investment, the applicant has to open a bank account in Greece. With this new adjustment, the applicant can open a bank account without an in-person meeting.
- Postponement of the Submittal of Biometric Documents
As an integral part of the application for the Greece Golden Visa Program, applicants must submit the required biometric data in person. The recent Ministerial Decision allows one to submit their biometric data later when it is possible to arrange a meeting in person.
- Courier Services for Permits and Applications
Due to the restrictions caused by Covid-19, permits that were already issued could not be obtained by their holders. Because immigration offices are physically closed, receiving these permits in-person was not possible. With the recent decision, the government allows couriers to carry the issued Golden Visas to authorized lawyers and consultants. Attorneys can also follow this method to submit new applications via couriers.
About the GET Golden Visa
The Get Golden Visa team helps investors from all around the globe invest beyond their own borders. It is essential that the investment period is made easy from the beginning to the end. Providing a quality and effective service to all its customers since 2014, The Get Golden Visa is ready to help investors to receive their Greece Golden Visas even in this period of global pandemic.
