A recent investigation by the Anti-Money Laundering Authority has brought into light several irregular affairs related to the acquisition of properties through the Golden Visa Program of Greece.
The investigation, following information from Chinese authorities to the Honorary Prosecutor of the Supreme Court, Charalambos Vourliotis, revealed purchases of properties by Chinese nationals in Greece through the Golden Visa Program, made through fraudulent activities, Schengen.News reports.
According to a report from Oikonomia, two properties purchased by nationals of China in Attica were seized by the Anti-Money Laundering Authority following proofs related to the owners of a pyramid scheme in China that was centred around real estate in the Hellenic Republic.
The report indicates that a network has defrauded a large number of Chinese nationals planning to acquire residency in Greece through the Golden Visa Program.
According to the report, some Chinese nationals even paid for properties that were never delivered. Following reports related to suicides among the victims, authorities in Greece asked to investigate after it was suspected that the criminal network also had connections in Greece.
Therefore, the Anti-Money Laundering Authority unfolded plans to expand its investigation into real estate purchases under the Residency by Investment Program, known as the Golden Visa Program.
According to the investigation, the program is orchestrated by real estate companies that involve at least one Chinese partner. These companies cooperate with law firms, Chinese agencies, and other intermediaries.
The intermediaries convince property sellers to agree to higher prices than their value. In some cases, they bought properties for €100,000 and sold them for €250,000.
Increase in Minimum Amount Required for Golden Visa Investments
The Golden Visa Program of Greece permits internationals to acquire residency in exchange for financial investments.
However, following Greece’s housing crisis with which it is dealing, the country’s authorities decided to apply new regulations for this scheme, among them increasing the minimum amount required for Golden Visa investments.
What we are discussing with the finance minister is a further increase in the threshold for golden visa investments, and it will concern all areas where rents are high. It can go to €800,000. Greek Prime Minister Kyriakos Mitsotakis
Since the beginning of this month, the minimum amount required for investments made through the Golden Visa Program in popular territories such as Mykonos, Thessaloniki and Santorini, with a population surpassing 3,100, increased to €800,000 from €500,000.