As the Greece Golden Visa program continues to attract global investors, the government has issued a clear warning signal (warning shot) against fraudulent practices in real estate transactions.
Specifically, under Circular 1/2026—a 31-page directive signed by Secretary General for Migration Policy Konstantina Papakosta—one-stop service centers nationwide are instructed to refer misleading advertisements and sham investment transactions to the tax authority (AADE) and the Hellenic Anti-Money Laundering Authority for investigation.
This is not merely a technical adjustment, but a decisive move signaling that the market is entering a phase of greater scrutiny and standardization.
The fraud problem: When “low price” becomes a red flag
Prior to these new regulations, the Greece Golden Visa market had already shown signs of distortion.
Following the increase in investment thresholds in September 2024, social media and international platforms were flooded with advertisements promoting properties priced between EUR 180,000 and EUR 230,000 as Golden Visa-eligible.
The mechanism behind these transactions typically worked as follows: investors would sign contracts at the full statutory value (e.g., EUR 800,000 in Athens), but would later receive a portion of the funds back through prepaid rental agreements, furniture packages, or undocumented payments.
In essence, these structures are variations of rebate (hidden refunds or undisclosed discounts)—a practice now under strict scrutiny by authorities.
Legal experts have observed such practices throughout the past year, and authorities have long reviewed contracts for concealed refunds designed to circumvent legal thresholds. Under the new framework, when such practices are identified or reported, cases will be escalated to tax and anti-money laundering authorities. Confirmed violations may lead to sanctions, including revocation of residency permits.
A key takeaway from legal practitioners:
👉 Any project promoted below the legal investment threshold (currently EUR 250,000 for real estate) should be treated as a clear red flag.
When transparency becomes a requirement, not an advantage
These regulatory developments highlight a fundamental shift: the Greece Golden Visa program is no longer a flexible investment pathway, but a compliance-driven framework requiring full transparency and traceability.
As Theodoros Kioutsoukis, President of Mercan Greece, stated:
“Investments must be genuine, transparent, and fully traceable.”
(Các khoản đầu tư phải là thật, minh bạch và có thể truy xuất hoàn toàn)
This perspective reflects the direction of the market—any non-transparent structure is unlikely to withstand increased regulatory scrutiny.
“Rebate” becomes a structural risk
Previously, some projects used rebate (hidden refunds / undisclosed discounts) to reduce the effective investment cost. Under the current regulatory environment, however, such practices may be interpreted as:
- Transactions not reflecting true asset value
- Lack of transparency in financial flows
- Potential violations related to anti-money laundering regulations
The consequences extend beyond the transaction itself, potentially impacting residency approval and long-term eligibility.
Mercan Group’s commitment: Saying NO to rebate
In response to these market changes, Mercan Group maintains a clear and consistent stance:
👉 Saying NO to rebate (hidden refunds / undisclosed discounts)
This is not merely an operational choice, but a core principle to ensure:
- Market-reflective pricing
- Transparent and verifiable investment structures
- Full compliance with Golden Visa regulations
In an increasingly regulated environment, this approach helps investors mitigate risks from the outset.
Keranis Residences: Transparency, compliance, and real asset performance
Within this evolving landscape, Keranis Residences stands out as a project aligned with the new regulatory standards.
The development is built on key principles:
- Clear legal structure
- Transparent transactions with no rebate
- Full compliance with Golden Visa requirements
Beyond compliance, Keranis offers real operational value:
- A 10-year long-term rental program
- A hands-off asset management model
- Stable income potential for international investors
This ensures that investors are not only meeting residency requirements, but also owning a functional, income-generating asset.
From “lower cost” to “right structure”
Recent policy changes in Greece reflect a broader shift in investor priorities:
👉 From optimizing upfront costs
👉 To optimizing transparency and structural integrity
In this context, the key question is no longer “How to invest less?”, but rather:
- Is the transaction transparent?
- Is the structure compliant?
- Does the asset deliver real value?
Conclusion
Greece’s crackdown on Golden Visa fraud is not a barrier, but a necessary step to protect investors and strengthen the integrity of the program.
In this new environment, projects that emphasize transparency, compliance, and real asset performance—such as Keranis Residences—are becoming the preferred choice.
Ultimately, in international investment, value is not defined by short-term savings, but by the ability to preserve and grow assets sustainably over time.
