Upcoming Changes in Greece’s Golden Visa Program and Investment Thresholds

14/12/2022

Greece’s Golden Visa program, a beacon for international investors seeking residency through real estate investment, is on the brink of significant changes. Prime Minister Mr. Mitsotakis’s announcement about doubling the minimum investment requirement has stirred the real estate market and potential investors into a rush to submit applications under the current, more favourable conditions. With the landscape still evolving, the real estate community and investors are keenly awaiting official clarifications.

Anticipating Changes: The Real Estate Market Responds

Since the Prime Minister’s announcement, there’s been a noticeable urgency among international investors to leverage the existing €250,000 investment threshold for the Golden Visa. This period of anticipation has led to a flurry of activity, with applicants eager to finalize their investments before the new criteria take effect.

Recapping the Proposed Changes

Currently, the Golden Visa program requires a non-EU investor to invest at least €250,000 in Greek real estate to qualify for residency. The proposed changes, however, suggest a significant shift:

  • Doubling the minimum investment to €500,000 in specific high-demand areas such as central Athens, Thessaloniki, Mykonos, and Santorini.
  • Restricting investments to one property only, or two within the same development, as opposed to the current flexibility of multiple property investments.

Implementation Timeframe: What Investors Need to Know

Investors are understandably anxious to understand which areas will be affected and the timeline for these changes. The latest updates indicate a strategic approach to maintaining the €250,000 threshold in most regions, with select areas seeing the increased minimum. Importantly, a transition period is expected, offering a grace period for investments initiated before specific cutoff dates.

Official Confirmation: Awaiting Final Word

The investment and real estate communities are on the edge of their seats, waiting for the government to officially announce the final details of the Golden Visa program’s amendments. This official confirmation will dispel the uncertainty that has hovered over the market and investors for the past months.

The Ripple Effect: Market Dynamics and Future Outlook

While the €500,000 minimum will be confined to certain locales, the broader implications for Greece’s real estate market are profound. Areas exempt from the hike are poised for increased demand, potentially driving up property values. The preservation of the €250,000 investment option, even in a limited capacity, is poised to be well-received, ensuring Greece’s Golden Visa program remains among the most attractive in Europe.

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