Golden Visa in Greece hikes to €500K; Minister lists affected regions

The government is proceeding with new regulations regarding the “Golden Visa”, doubling the amount of property investment in specific and regions across Greece with the aim to obtain a residence permit.

Speaking to reporters on Thursday, Deputy Minister of Development and Investments Nikos Papathanasis announced that the government will submit to the Parliament the relevant regulation increasing the amount to 500,000 euros – from €250,000 currently – next week.

To secure a residence permit through the “Golden Visa” program investment amount will rise to €500,000 in Thessaloniki, Mykonos and Santorini, the minister said.

Regarding Attica, he added that excluded from the hike are eastern and western suburbs of Athens as well as Piraeus. However, the hike will apply to the northern and southern suburbs of Athens as well as the city center.

Regulations for other regions

For the other regions, the limit of 250,000 euros will remain, media report.

According to state-run news agency amna, under the new regulations it may be possible to obtain a license in expensive areas also through the purchase of up to 2 apartments (e.g. worth 250,000 euros each), as long as they are located on the same property.

Currently, investors can secure a residence permit by purchasing real estate worth at least €250,000, without any restrictions. They can purchase two, three or even more properties of lower value as long as the total exceeds €250,000.

Papathanasis noted that the goal is to highlight other regions of the country, where investment funds can be directed, apart from those that have so far garnered the most interest.

With regards to the implementation time of the regulation, it is worth noting that a window of time will be given until the beginning of 2023 for the signing of pre-contracts for the purchase of real estate, based on the current regime. Some media report that the deadline will be April 30, 2023.

Definite purchase and sale contracts must be conclude until December 31, 2023 for the signing of the definitive purchase and sale contracts, while the percentage of the down payment should be at least 10% of the purchase value of the property.

The plans for doubling the Golden Visa amount were first announced in September, creating insecurity in the real estate market and investors.