In the coming days, the Greek government will raise the cost of the Golden Visa to 500,000 euros. According to preliminary data, foreign investors who will begin a transaction for the purchase of real estate before the end of 2022, make a deposit and pay the entire amount - at least 250,000 euros - in the first half of 2023, will become participants in the Golden Visa program on the conditions valid before the rise in price.
The fact that the minimum amount of investment from third-country nationals to obtain a residence permit on a "Golden Visa" programme will soon double - to 500,000 euros - was mentioned by the Prime Minister Kyriakos Mitsotakis back in September. According to the politician, such a move is caused by the desire of the government to increase the availability of housing for citizens and give them an advantage over foreigners in buying real estate.
According to the Greek media, in order to get a “golden visa” under the old conditions - for investments in real estate at the amount of at least 250 thousand euros, you need to rush to begin a transaction before the end of this year. If the transaction for the purchase of real estate is underway the moment the Golden Visa doubles in price, the investor will retain the old conditions. The transitional period for introducing changes to the program will last until the end of the first half of 2023, which means exactly that much time will have those who start a transaction in December 2022 and make an advance payment for the execution of a sale and purchase agreement. The advance payment in order to apply for a residence permit in Greece must be at least 62.5 thousand euros - 25% of the minimum investment amount.
Brief information about the Golden Visa program
"Golden Visa" is a program developed by the Greek government. Golden Visa members can apply for a residence permit in the country on the terms of the purchase of real estate for a total amount of 250,000 euros. It is possible to extend the five-year residence permit received under the program, but it will be necessary to confirm each time that the property that became the basis for the issuance remains. Also, the basis for the extension may be the acquisition of another object within the minimum cost determined by Golden Visa. A residence permit obtained under the Golden Visa entitles the investor to bring his family to the country, obtain a residence permit for spouses and immediate relatives in descending and ascending lines, apply for citizenship after seven years of residence.