Getting a residence permit in Greece through real estate investment will soon become more expensive. The authorities of the Hellenic Republic officially announced plans to double the minimum amount of investment in real estate to obtain the "golden visa". Now investors who have purchased housing or commercial real estate in Hellas in the amount of at least 250 thousand euros can apply for a residence permit, but very soon the minimum may increase to 500 thousand. Kyriakos Mitsotakis mentioned this in his speech at the recent Thessaloniki International Exhibition.
In his speech on the economic program of the Greek government, Mitsotakis noted that increasing the cost of the "golden visa" to 500 thousand euros will allow in the foreseeable future to significantly increase the amount of available real estate for citizens of the country, while not harming the growing economy. This is not the first time the team of the incumbent prime minister has focused on measures to support the most vulnerable segments of the population. Today, the problem of affordability of housing for ordinary residents of Greece really exists, and if it is not addressed, this will lead to much more serious problems for the domestic economy than the loss of the opportunity for a number of foreigners to obtain a residence permit through investment in housing or offices in Hellas.
The increase in the price of the “golden visa” is not the only government initiative aimed at increasing the affordability of housing for citizens. The changes come in a package of 21 innovations, which will be introduced in stages, with the first one starting before the end of 2022. When exactly will the Greek golden visa rise in price, no one dares to say yet. But in any case, changes are just around the corner, and those who want to secure their future and the future of their family through the registration of a residence permit through investment in Greece should hurry up and purchase real estate at the “old price”.
In the second quarter of 2022, the price per square meter of residential and commercial real estate in Greece rose by more than 8%. In the updated world ranking of countries in terms of nominal growth in housing prices, compiled by experts from the consulting company Knight Frank, Greece ranked 29th.
Greece has great prospects, in addition, it is member of the EU and getting a residence permit for the whole family in Europe means making a good education for children and grandchildren, quality housing and travel opportunities more accessible. A residence permit in Greece obtained under the Golden Visa program provides a foreigner the following:
- Travelling within the Schengen area without obtaining a visa
- Service in medical centers and clinics of the countries of the European Union
- Having a Greek bank account
- Bringing your spouse, parents and children (under 21 years of age) to the country with the above listed privileges.
In addition, the investor can earn from renting out real estate and save on taxes under tax incentive programs for foreign investors. Of course, you can also live in the purchased property on your own or with your family, as well as open a business if you have the permits.