Ahead of the New Greece Golden Visa Changes: Foreigners Are Hurrying to Purchase Properties in Greece
24 September 2024 | Greece
Ahead of the New Greece Golden Visa Changes: Foreigners Are Hurrying to Purchase Properties in Greece
There has been a significant increase in foreign interest in purchasing real estate in Greece prior to the new regulations going into effect as a result of the country’s decision to raise the minimum investment amount needed to receive a golden visa as of September 1.
Foreigners can obtain residency in the Hellenic Republic through the Golden Visa Program in exchange for financial investment.
Authorities in Greece had previously announced plans to raise the minimum amount needed to obtain a Golden Visa as part of their attempts to address the housing issue.
Greek Prime Minister Kyriakos Mitsotakis made the announcement, announcing that the cap on Golden Visa requirements for real estate investments in the nation’s most sought-after regions would be raised to €800,000 ($890,000).
Key Takeaways:
- Ahead of the upcoming changes, foreigners are rushing to purchase real estate in Greece in order to get residency through the Golden Visa Program.
- Starting on September 1st, the minimum investment required for golden visas will rise to €800,000 in Greece’s most well-known regions.
- In the first five months of 2023, Greece’s Golden Visa Program contributed approximately €1 billion to the country’s GDP.
New Changes Going into Effect on September 1st 2024
- The minimum amount needed to invest in Mykonos, Santorini, Thessaloniki, and islands with more over 3,100 inhabitants will rise from €500,000 to €800,000 as of next month.
- In other regions, affluent foreign investors who wish to purchase a home and obtain residency under the Golden Visa Program will need to pay €400,000 as opposed to €250,000.
- The minimum size of every property sold is 120 square meters. Additionally, in order to meet the required threshold, only one property may be purchased.
- Simultaneously, a €250,000 threshold will apply to non-residential properties and to listed properties in need of renovation.
Greece's Economy Has Significantly Gained from the Golden Visa Program
Greece’s Golden Visa Program boosted the country’s economy by about €1 billion in the first five months of the year, according to data from the Immigration and Asylum Office.
Greece’s Ministry of Migration and Asylum said in May of this year that, out of the 6,228 applications received the previous year, 9,478 petitions for golden visas are still under examination.
The Ministry’s data showed that the high demand for this program was unaffected by the rise in the minimum amount needed to obtain a golden visa.
Benefits of Greece Golden Visa
- Residency Rights: Right to reside in Greece without mandatory stay requirements.
- Schengen Area Access: Visa-free travel within the Schengen Zone.
- Family Inclusion: Eligibility for family members to obtain residency.
- Pathway to Citizenship: Potential to apply for Greek citizenship after seven years of residency, subject to conditions.
Will It Affect Current or Previous Applicants?
Your case is being reviewed if you have already applied for a Greece Golden Visa. Therefore, the recent modifications to the Greek Golden Visa program will not affect your application.
Moreover, the program modifications won’t apply to previous versions of the program. The investments made in accordance with the earlier regulations will go ahead as scheduled. Consequently, because the prior applicants have already started the Greek Golden Visa application process, their efforts and financial obligations will be protected.
Conclusion
On August 31, 2024, the modifications to the Greek Golden Visa program are anticipated to take effect. By December 31, 2024, the final investment will be made, and by April 30, 2025, the alternative property will be completed.
The government’s intention to respond to the Greek real estate market’s changing conditions and the country’s desire for the Golden Visa Program will be demonstrated by the new regulations.
For more details & questions, Kindly contact us and one of our Immigration Consultants & Immigration Lawyers will respond to you.
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Simard & Associates helps clients apply for citizenship and residence under the applicable programs. To schedule an initial free consultation, get in touch with us.
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Simard & Associates helps clients apply for citizenship and residence under the applicable programs. To schedule an initial free consultation, get in touch with us.
