The Greek Parliament, aiming to revive its real estate market throughout the whole country, endorsed the Law 4635/2019 which includes significant changes on the Greece Golden Visa program (which has been temporarily suspended due to the recent Covid-19 outbreak) among other important provisions on investing in Greece.
New Parts of The Country Will Be Sponsored by the Golden Visa Scheme
In accordance with the amended article 20 B paragraph 2 of the Law 4251/2014, there is now an arrangement for differentiated price limits compared to the minimum threshold usually applied in Greece, currently sits at 250.000 €. However, that bare minimum is also expected to set for an increase in the Attica region. Subsequently, there will be an effort to promote commercial and touristic well-being of other Greek regions which admittedly have not displayed enough development in terms of financial stability compared to Athens and Thessaloniki.
A revised version of the Greek Golden Visa Program will go into effect as of May 1st, 2023. One major change that this revision will bring is that the minimum investment requirement for obtaining a Golden Visa by purchasing property will increase to a total of €500,000 in the specified regions. The selected areas comprise the Municipality of Thessaloniki, the Greater Area of Athens, and the islands of Santorini and Mykonos. The remaining parts of the country on the other hand, will continue to offer the investment opportunity under the €250,000 scheme.
The predicted focus will be casted upon the regions of Western and Northern Greece. To ensure the productive application of this plan, the price of Greece Golden Visa in these areas will be set at lower prices. The government seeks to attract potential investors and persuade them to give a chance to these underrated destinations in the country.
Alternative Ways to Pay the Purchase Fee are Enacted
Further on the issue, the amended article 20 B now allows the payments for the property purchase process to be transacted through POS terminals of banks operating in Greece. Moreover, the purchase price of the property included in the Greece Golden Visa application can now also be paid by the family members of the investor as well (i. e. spouse, children, parents, parents-in-law, siblings and spouses of siblings).
Can we Expect Further Developments In This Regard?
Greece’s popular investor visa plan grants five-years of residencial rights for Non-EU nationals who purchase, either individually or through the agency of a legal entity, a property in the country valued at a minimum of 250.000 €. The program has been described as one of the “friendliest in Europe”.
To this day, Greece Golden Visa is still one of the most affordable schemes of its kind in Europe. Due to the popularity of the program, as can be seen in the numbers, the economists observe a constant effort to develop the dynamics of the program in the Greek government, making it even more flexible and diverse in terms of pathways to follow, selection of schemes, alternating locations and available properties. The government’s main idea is to keep its assertive stance among other strong golden visa destinations. Therefore, there is more to be expected about Greece Golden Visa.