For many years, the Greek Golden Visa program has offered one of the more affordable investment thresholds among its European counterparts, whereby applicants could qualify for a minimal real estate property investment worth at least €250,000, among other investment options.
This minimum threshold has made the program compete for the golden allure of Portugal’s Golden Visa, but Greece made the decision to increase the minimum investment amount in 2023 to €500,000.
However, comments by Greece’s Prime Minister outlined plans to again increase the minimum investment amount for a second time in as many years. In this article, we explore these proposed changes and the new terms of the program.
What is the main change to the Greek Golden Visa?
The Greece Golden Visa changes are tied explicitly to the program’s property investment route. Namely regarding increasing the minimum investment requirement for property acquisition and defining the locations where qualifying commercial and residential properties are to be considered under the new rules.
2024 Update
The Greek government raised the minimum investment amount in 2023 from €250,000 to €500,000. However, Prime Minister Kyriakos Mitsotakis said that the amount will be raised even higher to €800,000 in 2024 for real estate in cities and on Greek islands where demand is high.
The previous increase came into effect in July 2023, and only applied to purchases in northern and central provinces, the South Athens Attica region, and the municipalities of Thessaloniki, Mykonos, and Santorini.
While not naming specific areas, Mitsotakis hinted that the government plans to raise it beyond the €800,000 in certain urban areas and islands.
Investors who made a ten percent deposit on real estate investments in the specified areas before 31 July 2023 had been granted a grace period by the Greek Government, giving them until 31 December 2023 to finalize the purchase.
Prime Minister Mitsotakis stressed in his speech that the Greece Golden Visa’s new rules aim at making the Greek real estate market more affordable for Greek locals. The changes consider local young couples and families who seek to purchase property in Greece – or renovate their properties – but have been struggling due to high competition from foreign investors.
Tier 1: €800,000: This real estate investment opportunity covers the areas of Attica, Thessaloniki, Mykonos, Santorini, and other islands with a combined population of over 3,100.
Tier 2: €400,000: This tier applies to all other regions of Greece and sets a more accessible entry point at 400,000 EUR. The primary objective is to promote investment in a broader range of areas, ultimately expanding the program’s economic benefits.
The investment requirement for both tiers is to be made in a single property of at least 120 square meters.
Areas where changes are implemented
According to Kathimerini, a leading political and economic newspaper in Greece, the doubling of the minimum investment was in northern and central provinces, the South Athens Attica region, and the municipalities of Thessaloniki, Mykonos, and Santorini. No specific areas have been mentioned in the latest development.
While this regime is set to control the real estate market value in Greece, it does not exclude the possibility of Golden Visa applicants obtaining their permits through the purchase of at most two properties in northern and central provinces, the South Athens Attica region, and the municipalities of Thessaloniki, Mykonos, and Santorini totaling €500,000 – each at a minimum value of €250,000 – as long as they are both located on the same premises.
Timeline
According to Kathimerini, the Greek Golden Visa’s rules changed on 31 July 2023. However, there has been no official date for when the minimum investment amount will further increase to €800,000.
Greece Golden Visa
Golden Visa Greece
is one of many European residency-by-investment schemes aiming to attract foreign direct investments to nourish their respective nation’s economy.
Investment programs offer temporary and permanent residence permits in exchange for qualifying investments in economic development for non-EU, non-EEA, and non-Swiss third-country nationals and their families.
These benefits include, but are not limited to, access to top-tier healthcare and education systems, visa-free travel across Europe and other Schengen member states, high returns on investment, tax benefits, family inclusion, and the possibility of acquiring Greek citizenship and a Greek passport after seven years of living in Greece.
Investors are attracted to the Greek real estate investment scheme due to the low property taxes and cost of living. The program’s low investment threshold makes it highly sought-after globally.
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Frequently Asked Questions about the Greece Golden Visa Changes
What are the new Greek Golden Visa changes?
The new Greek Golden Visa changes are an increase from €500,000 to €800,000 for the minimum investment in real estate. However, the previous changes only applied to real estate purchases in northern and central provinces, the South Athens Attica region, and the municipalities of Thessaloniki, Mykonos, and Santorini.
When will the changes occur?
There has been no official date on the planned changes. The previous changes to the Greek Golden Visa took effect on 31 July 2023.
How can I visit Greece to explore its investment programs?
You may need an entry visa to visit Greece to explore investment programs, including the Golden Visa Program. Once in Greece, you can explore various options like purchase property or invest in a Greek company.
Are there any tax benefits for Golden Visa holders?
Yes, the program offers tax incentive programs for investors. These may include relief from Greek taxes under double taxation agreements with other countries, making it beneficial for tax residents.
