New Regulations Regarding the Greek Golden Visa

The Greek Golden Visa program is a residency-by-investment program that allows non-EU nationals to obtain a five-year renewable residence permit in Greece by making a qualifying investment. The program has been one of the most popular in Europe, due to its relatively low investment threshold and its many benefits, such as visa-free travel within the Schengen Area.

In 2023, the Greek government introduced some new regulations regarding the Golden Visa program. The most significant change is the increase in the minimum investment threshold for real estate investments in certain areas. As of July 31, 2023, the minimum investment threshold for real estate in the Greater Area of Athens, the Municipality of Thessaloniki, and the islands of Mykonos and Santorini is €500,000. In all other regions of Greece, the minimum investment threshold remains €250,000.

Another new regulation is the introduction of a transitional period for investors who have already started the Golden Visa process in one of the areas where the investment threshold has increased. Investors who have made a 10% deposit on a real estate property in one of these areas before July 31, 2023, will still be able to qualify for the Golden Visa with a €250,000 investment, even if they do not complete the purchase until after December 31, 2023.

The Greek government has stated that the new regulations are aimed at making the Golden Visa program more sustainable and to ensure that it continues to benefit the Greek economy. The increase in the investment threshold in certain areas is also intended to help make real estate more affordable for Greek citizens.

Here is a summary of the new regulations regarding the Greek Golden Visa:

• The minimum investment threshold for real estate investments in the Greater Area of Athens, the Municipality of Thessaloniki, and the islands of Mykonos and Santorini has been increased to €500,000.
• The minimum investment threshold for real estate investments in all other regions of Greece remains €250,000.
• Investors who have made a 10% deposit on a real estate property in one of the areas where the investment threshold has increased before July 31, 2023, will still be able to qualify for the Golden Visa with a €250,000 investment, even if they do not complete the purchase until after December 31, 2023.