Real estate: who and why buy as much as they want

Many foreigners buy property for €250,000, which is the minimum to secure a ‘Golden Visa’, much higher than the applicable area price. [ΙΝΤΙΜΕ]

Many investors are interested in the issue Residence permits through the program “Golden Visa”They are people who own real estate in regions and countries that are going through a severe geopolitical and economic crisis, for example Lebanon, Turkey and Libya etc. Therefore, they do not care much about the property they are going to buy, because it is the means to achieve their ultimate goal, which is accommodation for themselves and their family members, but also the protection of their property. In many cases, they are threatened with extinction. explains to “K” A representative of a law firm that specializes in investment immigration programs.

This explains the phenomenon of buying real estate, especially in the center of Athens, for an amount of 250 thousand euros, which is the minimum for securing a “golden visa”, that is, much higher than the area price applied in these areas. Investors are interested in acquiring real estate that can be used through short-term leases in order to generate some income, or rented out on long-term contracts. For this reason, they mainly choose the center of Athens, where the demand is constantly high, both from tourists, students and even families.

Currently, due to the Prime Minister’s announcement that the minimum amount required to secure a residence permit has been doubled, to €500,000, there is increased mobility in the market. However, as real estate market executives note, the Greek software has strict specifications to ensure legality and avoid the circulation of “black” money. For example, a property cannot be obtained for cash, except through a wire transfer from the investor’s bank to the seller’s bank.

At the same time, Greek banks require a certificate from the seller’s bank that the money it holds in its account is legal, as well as a copy of the last quarter’s transactions. Essentially, as market players have noted, if the money is coming from illegal activities, it must be “legalized” in the investor’s country of origin, before leaving to become for example. Residence permit and property in a country where such a program exists.

According to data from the Immigration Policy Department, from the beginning of the program until the end of August this year, 9,178 permits were granted, while an additional 1,321 permits were renewed. Also, requests for the issuance of 2,009 new licenses and the renewal of 838 are currently pending.

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