It’s official. The government of Greece has just submitted a bill to parliament for approval, regarding their proposed changes to the Golden Visa program. Subject to parliamentary approval, the amended program raises the minimum investment in real estate from €250.000 to €500.000 for properties in certain areas of the country. In the remaining areas, the lower minimum investment of €250.000 will be maintained.
To which areas does this change apply?
Yiannos Trisokkas, CEO and Managing Partner at Velment, a full-service global real estate enterprise serving an international clientele of HNWI, has verified that the new minimum investment of €500.000 applies to the Regional Units of the North, Central and South Athens Sectors of the Attica Region, Mykonos, Santorini and the Municipality Thessaloniki.
In particular, in the Attika region this covers the following areas:
Regional Unit of the Central Sector of Athens
Athens, Vyronas, Galatzi, Dafnis / Imitos, Zografou, Ilioupoli, Kaisariani, New Filadelfia/ New Xalkidonas.
Regional Unit of the Northern Sector of Athens
Ayia Paraskevi Attikis, Amarousiou, Vrilission, Irakliou, Kifisias/Ekali/New Erithrea, Likovrisis/Pefkis, Metamorfoseos, New Ioania, Papagou/Xolargou, Pentelis/Melissia/New Penteli, Filothei/Psichikou, Xalandri
Regional Unit of the Southern Sector of Athens
Ayios Demetrios, Alimos, Glyfada, Elliniko/Argyroupolis, Kallithea, Moshato – Taurou, New Smirni, Faliro
Another change worth noting is that such an investment must now be made in a single property.
When will these changes come into effect?
According to the amended program once approved, non-EU applicants have until 31 December 2023 to fulfil their contractual obligations under the old conditions, provided their application has been duly submitted in accordance with all requirements. This includes the full settlement of the agreed property price. After that the new minimum investment and property restrictions will apply.
And remember…
Holders of a residence permit granted under the Golden Visa program are entitled to renew their visa indefinitely, provided the investment property continues to be held by the investor. There is, however, no requirement for the permit holder to actually reside in Greece for a minimum period, and the acquired property may be used to generate rental income.
For further details and property recommendations, contact us at info@velment.com
