A year ago, humanity embarked on an unknown journey. In March 2020, the World Health Organization (WHO) announced the COVID-19 pandemic. Increasingly, we looked inwards for the safety of our loved ones and the stability of our communities.
The toll of the pandemic reached our economies and lifestyles, where the International Monetary Fund (IMF) estimated that the majority of countries are in a recession. The global economy shrunk by 4.4% in 2020. The travel industry was majorly damaged or limited, and essential travel was implemented, cancelling millions of flights.
A general lockdown in Greece was announced in March 2020. However, all residents of EU member states and Schengen Zone states could travel to Greece in the opening of the borders on July 1st 2020, as well as third-country nationals who have a Greek residence permit through work, family reunification or holding a Greek Golden Visa.
With the global restriction implemented all around the world, investors in the Greek real estate market, for the purpose of obtaining a Greek Golden Visa, had to put their plans on hold as those who are eligible for this visa, i.e. non-EU nationals, could not travel to Greece due to travel bans/restrictions.
Following an amendment of the Golden Visa Law, enacted on 23/12/2020, investors can finally apply for a Golden Visa completely remotely, without having to visit Greece. At the same time, it is possible to receive by courier services the "blue certificate", which is a proof of submission and equivalent to a temporary residence permit. This application can be submitted by a local law firm, after the investor signs a Power of Attorney (POA) at a Greek Consulate. The same POA can, of course, be used for the fully remote conclusion of the investment itself, namely the purchase of real estate with a minimum value of 250,000 EUR or the realization of an alternative investment option, such as a term deposit bank account with a minimum value of 400,000 EUR.
Varnavas Law Firm has been successfully serving Golden Visa Clients to start, process and obtain their Greek Golden Visa throughout the pandemic.