Your Guide to Greece Golden Visa
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On 10 September 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. In his speech, Mitsotakis emphasized that this change is to provide real estate affordability for Greeks.
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.
- The investment amount for the Greece Golden Visa property acquisition route will be increased to €500,000 from €250,000 as of 1 May 2023.
- With this change, the Greek government aims to make Greece’s real estate market more affordable for the locals.
- The said new arrangement will be applicable in the Greater Area of Athens, the Municipality of Thessaloniki, Mykonos, and Santorini.
What Should Investors Expect from Greece Golden Visa Changes?
While the upcoming change on Greece Golden Visa aims to make property acquisition more affordable for the locals, it’s expected that foreign investors will speed up their application to benefit from the current €250,000 threshold.
Within regions where the new regulations apply, investors will be required to make the €500k investment in only ONE (1) property. In other areas where the update is not in effect, on the other hand, the investment can be made in more than one property, with a total of at least €250k.
In case an investor is buying in the selected areas and has already paid a deposit that corresponds to 10% of the total value of the property before 31 July 2023, they will be entitled to benefit from the €250k scheme, on the condition that the relevant contract will be concluded until 31 December 2023.
If the deal for the selected property breaks down, the investor will hold the right to restore it with a different property under the €250k scheme. That is, on the condition that the transaction is to be finalized by 31 December 2023.
As opposed to the previous arrangement that necessitated the Power of Attorney for the Golden Visa application to be retrieved from the consulate, investors can now sign the POA before a foreign Notary of their choice in their home country, provided that the POA carries an Apostille Stamp; or is authorized by the entitled Greek Consulate.
How Can Get Golden Visa Help You
Get Golden Visa is a full-service investment immigration agency and investment advisory firm. We provide end-to-end solutions on residence and citizenship by investment programs in many countries.
We have a local office in Athens, Greece, and have legal professionals and chartered real estate professionals in the team.
We assist clients from all around the world, interested in buying property in Greece and obtaining Greece Golden Visas.
Contact us and talk to one of our experienced team members to help you with any and all your questions before Greece Golden Visa changes.