New Rush For Greek Golden Visas As Minimum Investment Required Doubles To €500,000

From January 2023, Greece will increase the minimum amount of assets required for a golden visa from €250,000 to €500,000 ($532,000).

The new lowest price at the time of purchase applies to single properties in the northern part of the country, central and southern Athens in the Attica region, Mykonos and Santorini islands, and the city of Thessaloniki.

The rest of the country will keep the previous minimum of €250,000. The “residence by investment”, or golden visa scheme, allows third country nationals to invest in real estate and obtain residency in Greece, subject to certain conditions being met.

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The decision, which was approved by parliament in late December, said Prime Minister Kyriakos Mitsotakis said investors would buy Greek properties, especially in Athens and other popular destinations, pushing out Greeks and It was motivated by the fact that it caused rental prices to rise.

Mitsotakis added that the new amendments are aimed at making real estate more affordable for Greek citizens.

Foreigners who have already obtained permanent residency through investment can renew it if they can prove that they own or hold the property.

A Golden Visa will be issued within two months of submitting the application and additional supporting documents.

For those who have already applied and are in the process of purchasing in areas where the investment quota has been changed, the deadline is December 31, 2023.

golden visa rush

Demand for Greek golden visas is skyrocketing. Foreign property investment in Q2 2022 reached €414.4 million, a 67% increase from the same period in 2021.

The daily Ekasimerini reported that one-third of all real estate transactions in the Greek Republic in recent years were due to purchases made specifically to obtain a golden visa.

Apartments and luxury homes in the center of Athens, its Riviera and popular tourist destinations are the most popular.

The new law has been superseded by a new rush “for foreign buyers to try to get their hands on the property before the Greek residence permit limit is raised from €250,000 to €500,000.”

There is particular interest among Chinese buyers, who have obtained almost 6,000 Golden Greek visas since 2014.

A new record for overseas real estate investment

Despite strong opposition from the European Commission to the golden visa programme, Greece has been particularly open to foreign investment in exchange for visas in recent years, with record property purchases by foreigners set for 2022. expected to be

International capital investment in real estate in the first half of 2022 increased by more than 60% compared to last year, with leading analysts predicting 2022 to set a new record.

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i do not agree

The Golden Visa offers wealthy people the opportunity to ‘buy’ residency. This acts as a ‘golden’ opportunity to invest in Europe and get a quick residency privilege.

A Golden Visa allows the principal investor and his family (if included) to live, work, study and access medical services in the country. Many such visas are shortcuts to citizenship and make the whole process easier.

The scheme is offered by various EU Member States, It has often been criticized by Union officials for opening the door to illegal activities such as money laundering and corruption.

The Commission urges Member States running such schemes to terminate them as soon as possible due to the exposure to criminal activity and risks to security, transparency and the values ​​that underpin the European Union. I am asking for

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