According to Law 5.038/2023, the Government extended the deadline for the amendments to the procedure for obtaining the residence permit addressed to real estate investors, also known as “Golden Visa”. Investors who manage to pay in advance an amount of 10% and more until July 31 of the year 2023, will be able to obtain a “Golden visa” under the old conditions, i.e. with a minimum property acquisition threshold of €250,000. After the end of the above date, the minimum limit for acquiring a property in the following areas will rise to the amount of €500,000, namely:
- Municipalities of Vari – Voula – Vouliagmeni of Athens
- Municipality of Thessaloniki,
- South, North and Central Sectors of Athens
- Santorini and Mykonos
For the purchase of a property in the rest of Greece, the amount of the investment was not modified.
“Golden Visa” in Greece: for whom and under what conditions
The “Golden Visa” program is aimed at foreign investors, coming from Third Countries, i.e. from countries that are not members of the European Union.
With a certain minimum amount of real estate investment in the country, foreigners are entitled to obtain a residence permit for themselves and their family members.
Initially, under the terms of the “Golden Visa” program, any foreign investor who intended to invest 250.000 € or more in Greek real estate was entitled to a residence permit with the potential of obtaining the citizenship of Greece after a certain period of permanent residence in the country. At the end of 2022, the Greek government warned of impending changes, notably the increase of the minimum investment amount for the “Golden Visa” to 500.000 € in certain areas of the country.
What you need to do to get a “Golden Visa” under the old conditions.
Until 31 July 2023, you can obtain a “Golden Visa” under the old conditions if you are interested in acquiring a property in the areas where the minimum prices are changing. To obtain a residence permit in the country, it is sufficient to purchase one or more properties, while the total value of the transaction must be at least 250 thousand euros.
The only condition is the payment of an advance payment of 10% of the total purchase price, until July 31, 2023, with the conclusion of a pre-contract or private agreement and the completion of the purchase and sale process within the year 2023.
At the end of the transition period, new conditions will come into force in 36 key Municipalities, providing for a double threshold for starting investments in the country's economy – from 500.000 €. It should also be noted that only one (1) property worth €500.000 or more can be acquired in the mentioned areas.
After the announcement of the changes in the conditions for obtaining a “Golden Visa”, the number of real estate transactions has increased dramatically. Thus, in the last six months, more than 4.000 applications from foreign citizens wishing to buy a residence in Greece were processed.