Greece Golden Visa 2023 Changes
Greece Golden Visa - 2023 Changes
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Your Guide to Greece Golden Visa
At Greece Visa Homes, we work with investors and families from around the world who are interested in obtaining a Golden Visa in Greece. Contact us today to speak with team and advisors in Greece who will assist you with any questions you may have about the changes to the Greece Golden Visa program and the available property options.
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On September 10, 2022, Kyriakos Mitsotakis, the Prime Minister of Greece, announced an increase in the minimum investment amount for real estate acquisition under Greece’s Golden Visa program. The new threshold will be €500,000 in specified regions. In his speech, prime minister Mitsotakis emphasized that this change aims to make real estate more affordable for Greeks.
The current minimum investment amount for acquiring a Greece Golden Visa through property acquisition is €250,000, which is one of the lowest amounts among Europe’s popular residency by investment programs. However, starting from May 1, 2023, the new threshold of €500,000 will be applicable for real estate investments for the Greece Golden Visa. This update will affect the Greater Area of Athens, the whole Municipality of Thessaloniki, and the popular islands of Mykonos and Santorini. The €250,000 threshold will remain constant for the remaining regions.
- Starting from 1 May 2023, the investment amount for the Greece Golden Visa real estate property acquisition route will be increased from €250,000 to €500,000.
- This adjustment is aimed at making the real estate market in Greece more affordable for the locals.
- The new arrangement will apply to the Greater Area of Athens, the Municipality of Thessaloniki, as well as the islands of Mykonos and Santorini.
How Does The Change Impact Greece Golden Visa Investors?
The upcoming change to the Greece Golden Visa aims to make real estate property acquisition more affordable for locals. However, it is expected that foreign investors will expedite their applications to take advantage of the current €250,000 threshold.
Under the new regulations in affected regions, investors will be required to invest €500,000 in a single property. In areas where the update does not apply, investors can invest in multiple properties, totaling at least €250,000.
If an investor purchases a property in the selected areas and has already paid a deposit equivalent to 10% of the property’s total value before July 31, 2023, they will be eligible for the €250,000 scheme. The condition is that the relevant contract must be concluded by December 31, 2023.
If the deal for the selected property falls through, the investor has the right to replace it with a different property under the €250,000 scheme. This is contingent upon finalizing the transaction by December 31, 2023.
Unlike the previous requirement of retrieving the Power of Attorney for the Golden Visa application from the consulate, investors can now sign the POA before a foreign Notary of their choice in their home country. However, the POA must carry an Apostille Stamp or be authorized by the entitled Greek Consulate.
How Can Greece Visa HomesHelp You
Greece Visa Homes is a comprehensive investment immigration agency and advisory firm. We offer complete solutions for residence and citizenship through investment programs in multiple countries.
With a local office in Athens, Greece, our team consists of legal professionals and chartered real estate experts. We proudly assist clients from all around the world who are interested in purchasing property in Greece and obtaining Greece Golden Visas.
Reach out to us and speak with one of our experienced team members who can address all of your inquiries before any changes to the Greece Golden Visa program. We are here to provide guidance and support every step of the way.