The conditions for obtaining a residence permit in Greece through investment have changed. From the beginning of 2023, foreigners wishing to take part in the Golden Visa program for obtaining a residence permit will have to be more careful in choosing a region for buying real estate in the country: in some regions, the minimum investment amount has increased from 250 to 500 thousand euros.
What has changed in the procedure for obtaining a residence permit in Greece for investors
Under the Golden Visa program, foreigners can obtain a residence permit in Greece for investors and for the whole family on special simplified conditions. But if earlier, for everyone who wanted to invest in the Greek economy through the purchase, there were uniform conditions: invest at least 250 thousand euros and apply for a Golden Visa. Since 2023, it has become more difficult to obtain the right to permanent residence in the country: in a number of regions, the minimum investment amount has doubled.
According to the regulations made to the Circular of the Ministry of Justice of Greece dated 12/28/2022, now in a number of regions and municipalities, in order to obtain the Golden Visa and the corresponding opportunities for moving, a foreigner needs to purchase a property worth at least 500 thousand euros. And now the property should be only one worth 500 thousand euros or more.
The minimum investment for the Golden Visa in Greece will increase from 250 to 500 thousand euros in the following regions and municipalities:
- Vari-Voula-Vuliagmeni, Attica region
- Thessaloniki, Central Macedonia
- Southern, Northern and Central sectors of Athens
- Islands of Santorini and Mykonos in the South Aegean region.
In regions and municipalities that are not included in the above list, the minimum investment amount for the Golden Visa remains at the same level - 250 thousand euros, which can be used to purchase any number of properties.
To obtain a residence permit under the old conditions of the Golden Visa program in regions where the minimum amount has been increased, it is possible if, by April 30 of the current year, an advance payment of 10% of the property value is made to the seller's account. What is important, the advance payment must be confirmed by a preliminary agreement and a supporting document from the seller's bank account. In this case, you need to apply for the Golden Visa by December 31, 2023.
We should note that from now on for sale/purchases it is allowed to transfer rights through a power of attorney issued by a notary of a foreign state with an apostille mark.