Where and when do the new criteria for Greece’s Golden Visa apply?

21/12/2022

Greece’s esteemed Golden Visa program is set to undergo pivotal changes that will redefine investment strategies for non-EU nationals seeking residency. The government has introduced a bill to parliament that, pending approval, will adjust the minimum real estate investment required to obtain a Golden Visa. This change highlights Greece’s commitment to maintaining the program’s prestige while adapting to the global investment climate.

Introduction to Greece’s Golden Visa Program Update

The Golden Visa program, known for offering non-EU investors a path to Greek residency through real estate investment, is preparing for significant updates. The forthcoming adjustments are poised to increase the minimum investment in real estate from €250,000 to €500,000 in selected areas, emphasizing the program’s focus on high-value investments in Greece’s most desirable locations.

Detailed Area-Specific Investment Requirements

Under the new proposal, the increased investment threshold will target the Regional Units of Athens’ North, Central, and South Sectors, as well as the idyllic islands of Mykonos and Santorini, and the vibrant Municipality of Thessaloniki. This move aims to channel investments into areas known for their high demand and potential for appreciation, offering investors substantial returns on their ventures.

Key Locations Affected by the New Criteria

The specified areas within the Attika region, including prestigious neighborhoods in Athens and surrounding sectors, are set to become focal points for significant investments. This strategic selection underscores the attractiveness of these locations, not just as tourist destinations but as prime real estate markets that promise growth and stability.

Transition Period and Grandfathering Provisions

Prospective investors have a grace period until 31 December 2023, during which they can secure their investments under the current terms. This transitional provision ensures that applicants already in the process or considering an application can still benefit from the existing conditions before the new criteria take effect.

Benefits and Renewal Conditions of the Golden Visa

The Golden Visa program continues to offer remarkable advantages, including the right to renew the visa indefinitely, as long as the investment property is retained. Importantly, there is no stipulation for the permit holder to reside in Greece, allowing for flexibility in living arrangements and the opportunity to generate rental income from the investment property.

The updates to Greece’s Golden Visa program reflect a strategic recalibration towards attracting investments into the nation’s most coveted regions. By raising the investment threshold for selected areas, Greece is not only enhancing the value proposition of its Golden Visa program but also promoting sustainable growth in its real estate market. For high-net-worth individuals looking to combine the benefits of European residency with the allure of Mediterranean living, Greece’s Golden Visa offers an unparalleled opportunity. With the deadline approaching, now is the time for interested investors to act and secure their place in one of Europe’s most enchanting destinations.

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