Back in September 2022, the Greek Prime Minister made an announcement stating that the minimum investment amount for property acquisition for the Greece Golden Visa program in 2023 will be increased from €250,000 to €500,00. In his speech, the prime minister emphasized that this change is to assist Greeks by increasing affordability of real estate.
On December 21st, 2022 the Greek Ministry of Development submitted the amendment of the law into parliament to raise the Golden Visa minimum to €500,000, in certain parts of Greece.
According to the governmental ‘Amendment – Addition’ of the Permanent Residence of Investor (Golden Visa), paragraph B of article 20 of the law “ 4521/2014 (Α’ 80)‘’, it is revised as follows:
Regions of Greece that will have a minimum investment of 500k for Greek Golden Visa
The new minimum value at time of purchase will apply to the North, Central and South Sector of Athens in the Attica Region, the islands of Mykonos and Santorini and the Municipality of Thessaloniki. For the other regions, the limit of 250,000 euros will remain.
The amendment clarifies that the above investment must concern the purchase of a single property, while in cases of joint property ownership, the minimum value of the ownership share must be 500,000 euros and must again concern a single property. If for any reason the purchase of the specific property is not completed investors can change into another property(s) without losing his right for the 250k till the end of 2023.
Golden Visa €500K Property Threshold Extends For 3 Months
With the same amendment, however, a transitional period is provided for investors who have started the procedures. The deadline has been set originally on April 30, 2023. With a new amendment voted by the Greek Parliament, a new extension by July 31, 2023 has been introduced, allowing investors to qualify through a €250,000 investment in one of the areas undergoing a price hike if they make a 10% deposit before this date. Third-country nationals have until 31 December 2023 to complete ongoing contracts for the areas where minimum values are changing.
Furthermore, third country nationals who already have a permanent residence permit for investors can renew this for an equal time period provided they still have ownership or possession of the property and the period of their absence from the country does not cause problems.