Anticipated adjustments to the golden visa program by the Greek government involve raising investment thresholds across three distinct regions for prospective investors seeking residence permits through real estate purchase.
Specifically, the forthcoming legislation, slated for presentation in parliament soon, proposes elevating the minimum investment requirement for golden visas in certain regions to 800,000 euros.
Initially, the program granted residency visas and EU access to non-EU citizens who purchased real estate in Greece valued at a minimum of 250,000 euros. This threshold was recently raised to 500,000 euros for specific regions, including central, southern, and northern Athens, Thessaloniki, Santorini, and Mykonos.
As per reports, the proposed adjustments set the threshold at 800,000 euros, up from the current 500,000 euros, for the southern and northern suburbs of the greater Athens area, the island of Crete, the Cyclades islands, and Dodecanese islands. For other parts of the Attica prefecture, particularly those surrounding the greater Athens area with heightened demand for long-term housing, the threshold will range from 400,000 to 500,000 euros. In areas with lower real estate demand, the threshold will remain at 250,000 euros.
During a recent parliamentary session, Greek Prime Minister Kyriakos Mitsotakis confirmed these developments, highlighting that investments under the golden visa program would involve higher-value properties. He further stated that while the program was beneficial for the economy, the government would amend the law to safeguard housing requirements.
Under Greece’s investor visa program, eligible investors receive five-year residency permits, renewable upon expiration, when investing in real estate within the country.
On September 10, 2022, Kyriakos Mitsotakis, Prime Minister of Greece, announced that the minimum investment amount for property acquisition under the Greece Golden Visa program will be raised to €500,000 in specified regions. On December 22, 2022, the Hellenic Parliament voted for extending the transitional/grace period in which a Golden Visa investor could invest in Athens at a minimum of 250.000 euros before the increase to 500.000 euros.
It is crucial to point out that any future legislative change that may occur will always be accompanied by a transitional period. Indeed, there are several investors who are already in the process of purchasing property amidst legislative changes. For example, for the previous raise of the limit from 250.000 euros to 500.000 euros, an extension was granted to the Golden Visa procedure until July 31, 2023 to find a property and proceed with an investment at a minimum of 250,000 euros in those designated areas. Another extension for the completion of the investment has already been granted until April 30, 2024.
We, at Law Office Stathaki, can help you navigate through the process of applying for a Golden Visa residence permit with professional and to-the-point advice. Contact us today here.
