Greece Golden Visa property acquisition investment amount is currently €250,000 and one of the lowest amounts among Europe’s popular residency by investment schemes.
Greek P.M Announces New Rules for the Golden Visa
At the International Exhibition of Thessaloniki, the Prime Minister, Mr. Kyriakos Mitsotakis announced that the Golden Visa threshold will increase from 250.000 euros to 500.000 euros.
“In order to increase the affordability of real estate for Greeks, we are now increasing the minimum amount of investment required for the issuance of a golden visa from €250,000 to €500,000” the Prime Minister pointed out in this regard, among other measures for the Government’s Housing Policy.
In this regard, even though officials in the investment immigration sector are expressing their concern and surprise, we have to admit that we all were aware that from 2020 there was a legislative provision passed by the Greek Parliament regarding the possibility of readjusting the lower limit of the Program either overall or by region of the country, taking into account the level of development of each.
In addition, the recent developments at the European level and the emerging directions regarding the European Residency/Citizenship by Investment programs could have played their role to such a development.
Starting August 1, Greece’s investor visa program grants five-year residency rights for third country nationals who purchase, individually or through a legal entity, property in Greece valued at a minimum of 500,000 euros. Under the changes, only one property can be purchased for the set amount.
The new limit applies to property purchases in the central, northern and southern sectors of Attica, on Mykonos, Santorini and in Thessaloniki.
Municipalities in Athens effected:
- Agia Paraskevi
- Agios Dimitrios
- Dafni- Imittos
- Elliniko- Argyroupoli
- Filadelfia- Chalkidona
- Filothei- Psychiko
- Lykovrysi- Pefki
- Moschato- Tavros
- Nea Ionia
- Nea Smyrni
- Palaio Faliro
- Papagou – Cholargos
Municipalities in Thessaloniki effected:
- Ampelokipoi Menemeni
- Kordelio – Evosmos
- Neapoli- Sykies
- Pavlos Melas
Island municipalities effected:
For the rest of the country, the previous minimum value of 250,000 euros will continue to grant eligibility for an investor permanent residence permit, or Golden Visa.
Furthermore, the former regime of €250,000 will still apply for investors who engaged a property through a deposit of 10% of the property’s value by 31.07.2023 and will complete the purchase by 31.12.2023.