Greece Golden Visa Rules 2023
Greece Golden Visa Program has provided a minimum threshold of 250k euros for investment in real estate. However, the Greece authorities announced Greece Golden Visa Rules 2023 changes which double to minimum investment to 500k euros after April 30, 2023, in many municipalities. The changes aim to make the local real estate market more affordable for Greeks struggling due to competition from foreign investors.
The Golden Visa is granted within two months of applying and additional supporting documentation. It is the most cost-effective investment option among Schengen countries for high-net-worth non-European Union nationals and their families to get European Residency cards. It competed with the Portugal Golden Visa, with a minimum threshold of EUR 280k in real estate investment.
The Residency by Investment program allows non-European Union citizens to secure residency in Greece after they make real estate investment and satisfy specific conditions. It allows individuals and their families to live freely in the most beautiful country in the Mediterranean. The purchase of property and residency permit requires no minimum stay requirement. Visa-free travel across all Schengen zone countries. Inclusion of family members in the Golden Visa and getting a Greek passport after 7 years. Become a property owner in Europe’s most promising real estate market and get high returns on your investment. Establish and operate your own business in Greece.
Greece golden visa new rules
The change in minimum investment figure according to the Greece golden visa new rules will apply to the country’s central, north, and southern sections of Athens in the Attica Region, Santorini, the Municipality of Thessaloniki and the islands of Mykonos. For the remaining areas of the country, the minimum investment remains the same at 250k euros.
Following the price increase, new rules are also expected to apply – applicants will have to invest in a single property to reach the minimum investment threshold of 500k euros. A combination of properties will no longer be allowed. For joint property ownership, the minimum value of the ownership share must be 500K 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 other property(s) without losing their right to the 250K till the end of 2023.
The investors who have started the Golden Visa process with investment in first category areas can complete their investment in one or more properties until December 31, 2023. The minimum investment remains 250K euros for them, subject to an advance payment of 10% of the overall purchase price until April 30, 2023.
Foreign investors who already possess a permanent residence card can undergo renewal if they maintain investment in the property and the time of their absence from Greece does not create problems.
Greek golden visa latest news
The change in minimum investment announced by Kyriakos Mitsotakis, Prime Minister of Greece, last year has rapidly increased foreign investment in real estate prior to the limit for residence cards in Greece increases from 250K euros to 500K euros post April 30, 2023.
According to Greek golden visa latest news by Forbes, the amount of foreign investment for real estate hit 414.4 million euros in the Q2 of 2022, a 67% rise from the same period in 2021. Forbes quoted a report from the daily Ekathimerini that one-third of transactions in real estate in the Hellenic Republic (Greece) in recent years were from purchases explicitly made to acquire a Golden Visa.
Chinese buyers have acquired almost 6,000 golden Greek visas since 2014 to lead the list of foreign investors in Greece.
DM Citizenship by Investment consultants has specialists to process golden visas for Europe, including Greece. Contact our consultants today to learn investment options and the latest Greece Golden Visa program updates.