Golden Visa extension: €750 million saved from 3,000 real estate cases

The government has granted an extension until 28 February 2025 for the Golden Visa, giving breathing space to unblock 3,000 property cases and secure 750 million euros in revenue that was in danger of being lost. The decision affected thousands of investors who had already paid advances and signed preliminary contracts, but due to delays had no time to complete the final contracts.

As stated in the amendment tabled in Parliament, “a two-month extension is given until 28 February 2025 of the deadline for completing the investment for obtaining a residence permit (Golden Visa). This extension relates to procedures that are already at an advanced stage and that have been delayed due to individual requirements while they are very close to completion.”

The extension was deemed necessary to avoid cancellation of the agreements, which could lead to serious financial consequences for investors and the Greek Greek Government. It also ensures the stability and credibility of the Golden Visa program, which is an important tool for attracting foreign capital.

It is worth noting that the beneficiaries of the extension are those who have already paid advances and signed preliminary agreements until December 31, 2024. The timeframe given is expected to allow the completion of transfer procedures, preventing potential legal disputes and enhancing liquidity in the real estate market.

The main argument that persuaded the government to grant an extension is that more houses will not be “pulled” from the market for sale to investors, as the pending applications relate to cases in which deposits were paid within the legal deadline. Therefore, the housing schemes drawn up by the government will not be burdened.

From an economic perspective, the arguments in favor of the extension are also important. The approximately 3,000 pending cases represent about €750 million of capital inflow to Greece. In addition, the state will receive about €50-51 million from transfer taxes and fees, €18-19 million from lawyers’ fees and taxes, €36 million from VAT, €21 million from Golden Visa fees, and at least €150 million from renovations, furnishings, and insurance contributions.

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