The next four months will be months of investment fever for the real estate market. Thousands of sales in the most popular areas of the country and within the framework of the “Golden Visa” program must be completed by April 30, 2024 at the latest, in order for foreign investors to avoid the increase of the minimum investment limit of 500,000 euros that has been in force since August of the current year.
The government gives a last extension to foreign investors who want to secure a residence permit in Greece by investing in a property, as the previous extension, until July 31, was not enough to complete sales that had been closed for properties worth up to 250,000 euros. A relevant provision was submitted to the multi-bill on “Organizational and procedural provisions for development, interventions for the enhancement of fair developmental transition and other urgent provisions”, which is expected to be voted in the next few days and with which a way out is given to the investment bottleneck for “Golden Visa” with the purchase of real estate worth up to 250,000 euros.
The areas covered by this provision are those considered most popular for foreign investors: central, northern and southern sector of Attica, Mykonos, Santorini and Municipality of Thessaloniki. In these areas, the minimum limit for the value of the residence that a foreign investor must buy, in order to get the “Golden Visa” is now 500,000 euros. Moreover, this limit must be covered only with one purchase of real estate and purchases of more real estate of lower value. In view of the introduction of the new, minimum limit, in 2022 there was an “explosion” of investments in real estate by investors who wanted to make purchases of real estate worth up to 250,000 euros.
The areas that are not affected by the golden visa raise are the rest of Greece, excluding the regions mentioned above. This means that you can still obtain a golden visa by purchasing a property worth at least €250,000 in places like Volos, Pelion, Skopelos, Skiathos, Alonissos and many other locations.
We, at Law Office Stathaki, can help you navigate this process with professional and to-the-point advice. Contact us today here.
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