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Updated: June 2026

Case study · Greece · Residence permit

How Under-Construction Property for Greece Golden Visa Was Protected with a Bank Guarantee

Under-construction property is often cheaper and more appealing than ready-made alternatives, but carries an understandable concern: capital is invested while the property does not yet exist. Our client wanted to obtain Greece Golden Visa through under-construction real estate but was unwilling to risk capital until completion. The solution was a bank guarantee protecting the investment. We explain step-by-step how we secured the funds and obtained the residence status.

Sergey EvdokimovSergey EvdokimovManaging Partner, BRIDGESReading time9 min readVerificationReviewed by an expert

This case is based on a real matter. The name and certain identifying details have been changed to protect confidentiality.

BRIDGES client story - How Under-Construction Property for Greece Golden Visa Was Protected with a Bank Guarantee
Contents

Case at a glance

Situation, solution and outcome in seven lines

Client
Investor who selected an under-construction property, from Moscow
Objective
Greece Golden Visa through under-construction real estate
Program
Greece, Golden Visa (Residence Permit through real estate investment, pathway to permanent residence and EU citizenship)
The Challenge
capital invested while property not yet completed
Risk
capital threatened until construction completion
Solution
bank guarantee on the investment
Result
funds protected, residence permit obtained

Client story

Client's Story

Where they started

The client was considering under-construction real estate in Greece for Golden Visa purposes: such properties are often more favorable in price compared to completed units and offer selection opportunities at an early stage. The option was financially attractive and met program requirements.

Why the standard route did not work

However, like any prudent investor, the client was concerned about the primary risk of under-construction property: funds must be invested before the property is completed. There exists a period between payment and completion when capital has already been transferred but the property does not yet exist—and if something goes wrong with the developer, the investment is at risk.

What BRIDGES had to solve

The solution to this problem in under-construction transactions is a bank guarantee. This is a mechanism whereby a bank guarantees the return or protection of the buyer's funds in case the developer fails to fulfill its obligations. Funds cease to be "given to nothing" and receive protection during the construction period.

Why a standard answer would not do

The client came to BRIDGES to enter through under-construction real estate safely: to structure the transaction so that the investment would be protected by a bank guarantee while the property would be correctly qualified for Golden Visa purposes.

I was afraid to invest in a property under construction. Maria found the project and insisted on a bank guarantee. The money is protected, residence granted.

Evgeny · InvestorThe name and certain identifying details have been changed to protect confidentiality.

What Was at Risk

What Was at Risk

The threat was real and clear: between payment and completion, the client's capital is transferred while the property does not yet exist. If the developer had failed to fulfill its obligations, the investment would have been in jeopardy. The task was not to abandon the advantageous under-construction project but to protect the funds during the construction period—while maintaining correct qualification of the property under the program.

capital invested before construction completion;

  1. 01risk of developer non-performance;
  2. 02period between payment and property completion;
  3. 03correct qualification of under-construction property for Golden Visa;
  4. 04the status itself, if something goes wrong with the transaction or property.

The logic of the solution

How the matter progressed: from checks to result

The chart is built from the facts of this matter and shows the logic of the work without decorative or unverified data.

  1. 01
    Stage 1

    We assessed the benefit and risk of construction. First, we weighed the advantages of off-plan property—price and selection—against the main risk: capital is invested before completion. This defined our task—not to forgo the benefit, but to eliminate the risk.

  2. 02
    Stage 2

    We selected bank guarantee as protection. We offered an instrument that directly addresses the client's concern: a bank guarantee under which the bank ensures protection of the buyer's funds in case of problems with the developer. Money ceased to be given away with no recourse.

  3. 03
    Stage 3

    We verified the developer and property. Guarantee or not, we conducted due diligence on the developer and the property itself: reputation, documentation, completion prospects. Capital protection is built on multiple foundations, not a single document.

  4. 04
    Stage 4

    We structured the transaction under the guarantee and program. We organized the purchase so that the investment was secured by a bank guarantee while the off-plan property correctly qualified under the Golden Visa program. Security and program compliance went hand in hand.

  5. 05
    Stage 5

    We protected capital for the construction period. With the bank guarantee in place, the client's funds were protected for the entire period until completion. The main construction risk—loss of investment due to developer default—was eliminated.

Takeaway. Conclusion: off-plan property is more advantageous than ready-made but riskier; a bank guarantee protects capital until completion, combining savings and security.

How we solved the problem

How we solved the problem

The work was split into verifiable stages so that every conclusion rested on documents.

  1. 01

    We assessed the benefit and risk of construction

    First, we weighed the advantages of off-plan property—price and selection—against the main risk: capital is invested before completion. This defined our task—not to forgo the benefit, but to eliminate the risk.

  2. 02

    We selected bank guarantee as protection

    We offered an instrument that directly addresses the client's concern: a bank guarantee under which the bank ensures protection of the buyer's funds in case of problems with the developer. Money ceased to be given away with no recourse.

  3. 03

    We verified the developer and property

    Guarantee or not, we conducted due diligence on the developer and the property itself: reputation, documentation, completion prospects. Capital protection is built on multiple foundations, not a single document.

  4. 04

    We structured the transaction under the guarantee and program

    We organized the purchase so that the investment was secured by a bank guarantee while the off-plan property correctly qualified under the Golden Visa program. Security and program compliance went hand in hand.

  5. 05

    We protected capital for the construction period

    With the bank guarantee in place, the client's funds were protected for the entire period until completion. The main construction risk—loss of investment due to developer default—was eliminated.

  6. 06

    We completed the process to residence permit issuance

    Based on the qualifying investment, the client obtained Greek residence status, entering through a cost-effective construction investment without risking capital. The guarantee made it possible to combine savings and peace of mind.

How the work went

From first contact to the result

  1. 01We assessed the benefit and risk of construction
  2. 02We selected bank guarantee as protection
  3. 03We verified the developer and property
  4. 04We structured the transaction under the guarantee and program
  5. 05We protected capital for the construction period
  6. 06We completed the process to residence permit issuance

The sequence and timing reflect this specific case and depend on how complete the documents are and on the decisions of the competent authorities.

Expert comment

Off-plan property is the eternal investor's dilemma: more advantageous than ready-made, but more frightening because you pay now and receive later. And the fear is justified: between payment and completion, capital is vulnerable—everything depends on the developer. I never discourage clients from construction—there is real benefit there—but I always insist on protection. The best tool here is a bank guarantee: the bank ensures protection of the buyer's funds in case the developer fails to fulfill obligations. With this client, we did exactly that—we structured the transaction under the guarantee plus verified the developer and the property itself. As a result, he entered through construction, saved money, but his capital was protected throughout the construction period. He received his residence permit with peace of mind. Construction is fine if money is protected; investing blindly—no.

Sergey Evdokimov, Managing Partner, BRIDGESSergey EvdokimovManaging Partner, BRIDGES

Outcome

What the client received

What was required
How we did it · Result
Protect funds until completion
Bank guarantee · Capital under protection
Reduce developer risk
Developer and property verification · Multiple layers of protection
Retain construction benefit
Structure under guarantee · Savings without risk
Obtain status
Qualifying investment · Greek residence permit
Obtain status
Qualifying investment · Greek residence permit

What was: the client wanted to enter Greece's Golden Visa through cost-effective off-plan property but was concerned about capital protection until completion. What we did: assessed the benefit and risk of construction; selected bank guarantee as protection; verified the developer and property; structured the transaction under the guarantee and program; protected capital for the construction period; completed the process to residence permit issuance. What the client received: protected investment and Greek residence permit.

Practical takeaway

What matters in a similar situation

  • Conclusion: off-plan property is more advantageous than ready-made but riskier; a bank guarantee protects capital until completion, combining savings and security.
  • The client entered through construction without risking capital—because we protected the investment with a bank guarantee and verified the developer while retaining the benefit of off-plan property.
  • A bank guarantee protects the money invested even during construction, removing the main off-plan risk. We will look at your property.

FAQ

Questions people ask in a similar situation

01Can I obtain Greek residence through off-plan property?

Yes, off-plan property can qualify under the program. The main thing is to protect the investment, for example with a bank guarantee, and ensure that the property meets Golden Visa requirements.

02Why is a bank guarantee needed when purchasing off-plan property?

It protects the buyer's funds during the period between payment and property handover: the bank ensures fund protection in case the developer fails to fulfill its obligations. This covers the main construction risk.

03What are the advantages of purchasing off-plan property compared to completed property?

Often price and selection at an early stage. However, it carries construction period risk, so the benefit should be combined with capital protection—for example, through a bank guarantee.

04Is a single guarantee sufficient for security?

A guarantee is key protection, but not the only one. It is also important to verify the developer and the property: reputation, documentation, and delivery timeline. Security is built on multiple foundations.

05When is a Residence Permit issued upon purchasing off-plan property?

Residence status is granted based on a qualifying investment under program rules. Conditions for off-plan properties are clarified with the authorized body, and the investment remains protected by guarantee throughout the construction period.

06Which documents were key in this case?

We assessed the benefit and risk of construction. First, we weighed the advantages of off-plan property—price and selection—against the main risk: capital is invested before completion. This defined our task—not to forgo the benefit, but to eliminate the risk. We selected bank guarantee as protection. We offered an instrument that directly addresses the client's concern: a bank guarantee under which the bank ensures protection of the buyer's funds in case of problems with the developer. Money ceased to be given away with no recourse.

07Why did the standard route not suit the client?

However, like any prudent investor, the client was concerned about the primary risk of under-construction property: funds must be invested before the property is completed. There exists a period between payment and completion when capital has already been transferred but the property does not yet exist—and if something goes wrong with the developer, the investment is at risk.

08What risk had to be closed before filing?

The threat was real and clear: between payment and completion, the client's capital is transferred while the property does not yet exist. If the developer had failed to fulfill its obligations, the investment would have been in jeopardy. The task was not to abandon the advantageous under-construction project but to protect the funds during the construction period—while maintaining correct qualification of the property under the program. capital invested before construction completion;

09How did BRIDGES check that the chosen solution would hold?

We protected capital for the construction period. With the bank guarantee in place, the client's funds were protected for the entire period until completion. The main construction risk—loss of investment due to developer default—was eliminated. We completed the process to residence permit issuance. Based on the qualifying investment, the client obtained Greek residence status, entering through a cost-effective construction investment without risking capital. The guarantee made it possible to combine savings and peace of mind.

About the author

Sergey Evdokimov

Author: Sergey Evdokimov

Managing Partner, BRIDGES

As Founder and Managing Partner of BRIDGES, I am responsible for the firm's strategy and personally lead its most complex client matters, including cases in which citizenship or residence decisions require a strategic view and consideration of capital.

I begin by defining the objective: the outcome the client needs, the facts that affect the choice, and the matters that require further review. I then establish the available directions, the sequence of work, and the key decision points.

Once the strategy has been agreed, I oversee the BRIDGES team's key decisions and remain involved at the stages that shape the course of the matter. The purpose is to give the client a clear rationale for the chosen direction and a precise understanding of the next steps.

Prepared on the basis of BRIDGES practice and reviewed by a subject-matter expert.

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Dmitry NagyInternational Tax Consultant, BRIDGES
Dmitry Nagy, International Tax Consultant, BRIDGES

Names and certain details have been changed to protect client confidentiality. The result described reflects one specific situation and is neither a public offer nor a guarantee of a similar outcome. Programme terms are stated as of 2026 and may change - please confirm current parameters with a BRIDGES consultant.