Wealthy foreign investors will remain eligible to benefit from Greece’s Golden Visa Program through the option of purchasing a property under the current prices until August 30.
However, there will be a transitional period to ensure smooth transition to the new changes, SchengenVisaInfo reports.
According to Naftemporiki report, this transition will follow certain conditions:
- Nationals from third countries who pay the price upfront or provide a ten per cent payment, sign a pre-contract or a private purchase agreement, and prove relevant credits by August 30 this year, are eligible to finalise their investment by December 31, 2024, under the current rules.
- If the property purchase isn’t completed, the buyer is allowed to invest in another property under the same conditions but not after April 30, 2025.
Following the new rules passed in Parliament, nationals from third countries who wish to apply for a Greek Golden Visa are required to own real estate valued €800,000 in areas like Attica, Thessaloniki, Mykonos, Santorini, as well as islands with populations surpassing 3,100 inhabitants in order to qualify for a five-year residence permit.
However, in other parts of the Hellenic Republic, the real estate value requirement is €400,000. Regardless of location, the investment must be made in one property with least 120 square meters, not in several properties of lesser value.
Introducing New Changes to the Golden Visa Program
Last month, the government of Greece unfolded plans to impose restrictions on short-term rental properties acquired through the Residency by Investment Scheme (RIP) known as the Golden Visa Program. Such a decision was introduced as part of efforts to make more properties available for long-term rentals.
Greece is attempting to find new ways in order to deal with a housing shortage. The Golden Visa Program has also contributed to the housing shortage in this country, especially its option to acquire residency by buying properties.
In order to deal with the situation, the Prime Minister of Greece, Kyriakos Mitsotakis, in August last year, announced that the minimum investment requirement for this scheme in some parts of the country increased to €500,000 from €250,000.
In order to increase the affordability of real estate for Greeks, we are now increasing the minimum amount of investment required for the issuance of a golden visa from €250,000 to €500,000 (£434,000, $500,000).
Besides, Greece introduced a new map in order to help better manage the situation.
