Greece is revising its Golden Visa program, which provides residency to non-EU nationals through real estate investments.
According to Get Golden Visa, revisions were made to the program by the Greek Government.
The changes aim to alter investment requirements and potentially reshape the play field for international investors seeking residency in Greece.
The visa body relates that the Greece Golden Visa is a popular choice for European residency by investment, and that many investors see it as a strong option for international mobility and investment.
New Investment Tiers
Reports reveal that under this system, investments will be divided into two categories depending on the geographic area:
- Tier 1 – €800,000: This tier applies to high-demand areas such as Attica, Thessaloniki, Mykonos, Santorini, and islands with populations exceeding 3,100. Investments in these regions will require a minimum of €800,000.
- Tier 2 – €400,000: This tier covers all other regions of Greece. The lower threshold of €400,000 is intended to encourage investment in less sought-after areas.
- Investors in both tiers must invest in a single property of at least 120 square meters.
Impact on Existing and New Applications
Current applications for the Greece Golden Visa will not be affected by the new rules. Applications already under review will be processed according to the regulations in place at the time of submission.
Investments made under previous rules will continue as planned, ensuring that past financial commitments remain secure.
Continued €250,000 Investment Option
Get Golden Visa states that the Greek Golden Visa program will maintain a €250,000 investment option. This option allows investors to obtain a five-year residence permit by investing in properties such as converting commercial spaces into residential units or restoring listed buildings.
This lower investment threshold provides an accessible entry point for those looking to obtain residency through real estate.
Program Updates and Future Outlook
The updated Golden Visa rules, as stated, is Greece’s efforts to manage demand and adapt to changes in the real estate market.
One is informed that the new two-tier system aims to distribute investments more evenly across the country and highlight less prominent regions.
Key dates for the program updates include:
- August 31st, 2024: New rules take effect.
- December 31st, 2024: Deadline for completing investments under the old rules.
- April 30th, 2025: Deadline for completing properties under the new rules.
The revisions to the Greek Golden Visa program are set to reshape the investment scene, so as to promote a more diverse range of investment opportunities, further contributing to Greece’s broader economic goals.
What To know:
Existing applications will be processed under the current regulations. Investments made under previous rules will continue without changes.
For detailed information, potential investors can contact Get Golden Visa, an investment immigration agency based in Athens.
The agency offers comprehensive services and guidance on obtaining Greece Golden Visas and making real estate investments.
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