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What happens to my Golden Visa if my business goes bankruptcy?

I was planning to make an investment in Greece and establish a business to support the Golden Visa application for me and my family. However, the COVID-19 pandemic has brought many uncertainties to the economy and the business environment. I still want to try out my business idea but I am also worried. If the business doesn’t perform and goes bankrupt, will we lose our Golden Visas?


Answers
  • Penny Konitsioti
    November 11, 2020

    Please be aware that in case your application for Golden Visa is accepted, this will be valid for five years, so after that time you will need to reset your application.

  • Energopiisi SA Investment Consulting Services
    November 07, 2020

    Please bear in mind that resident permits for investment activity are granted to non-EU/EEA citizens (investors or executives) within the framework of the implementation of an investment project, following a positive assessment of the investment by the Foreign Capital Directorate, under the Ministry of Development and Investments An investor applying for a residence permit under this program should contribute to the investment with an amount of at least 250,000 euros, available through their own funds. The requirement that must be met by the investment is to have a positive impact on national development and the economy. Regarding your concerns about the Greek economy, I would like to ensure you that in Greece a new economy is in the making. Moody's rating agency gave Greece's market profile an unexpected boost on Friday by raising the country's credit rating amid the pandemic, citing the prospect of a robust recovery next year. Regarding your question for how long your resident permit for investment activity will be active, please be informed, that the required renewal (every five years) of the residence permit is a simple procedure, provided the beneficiary maintains his/her status in relation to the investment, which must continue to be active.

  • Papalois & Associates Legal
    November 09, 2020

    If you close the company, then you have to transfer the property by the company under your name through a sale-purchase contract and then apply again for a golden visa. Even if the company doesn't work/operate, you can keep the company open and maintain the golden visa.

  • Foutsis & Partners Law Firm
    November 09, 2020

    If you buy property 250,000 euros, then there is no influence if the company goes bankrupt.

  • Stilianos Ch. Proestakis
    November 06, 2020

    The criteria for your application stand for the amount of your investment, not the performance. If you go bankrupt, which affects only your financial status, and if you couldn't invest the necessary assets, you wouldn't be able to obtain and renew your Greek golden visa.