Due to ineffective due diligence, the golden visa for Greece is losing its reputation as Europe’s one of the most renowned programme. The country has not conducted thorough and strict background checks on investors, casting doubt on the program’s veracity.
Due diligence is the process of verifying the claims and veracity of the information provided by investors. Therefore, it is of tremendous importance when giving citizenship or residency to an application or applicants, as it safeguards the prestige of the programmes.
The lackadaisical implementation of due diligence by the Greek government has posed a threat to the country’s golden visa programme, according to many inside sources of the European Commission who indicated that the EC could take severe action against the initiative. It has also been disclosed that the EU has closely eyeing the country’s participation in the golden visa programme, according to a Brussels-based media outlet.
Greece has also been criticism for lacking a sense of responsibility. he verification process for the golden visa for Greece is opaque and ineffective.
An essential component Due Diligence streamlines background check procedures and assists the government in identifying vulnerabilities and threats to citizenship programmes. The process carried out by efficient third-party due diligence organisations provides national and international security by granting citizenship to only legitimate investors.
However, the Greek government has been inefficient in identifying application loopholes, creating a sense of fear among European authorities. In addition, the golden visa itself has been criticised owing to its heinous application process, as investors receive a golden visa for Greece for only five years.
Due to insufficient due diligence, the value of the Golden visa for Greece has deteriorated. According to the sources, the country has become home to more and more of these individuals, prompting the European Commission to closely monitor the program’s operation.
The golden visa for Greece, introduced in 2013, is a residence-by-investment option for non-EU citizens. The nationals then contribute to the economic growth of Greece. After investing at least a quarter million euros on real estate, investors receive a Golden visa.
The visa allows investors and their families immediate five-year residency and unrestricted travel inside the Schengen Area. The scheme is considered the most disorganised because it was only offered for five years. Additionally, it must be renewed in perpetuity so long as the investor retains the investment.
In addition, investors are not permitted to work or start a business during the seven-year term; the only way they can use their property during this time is by leasing it.