What Is Greek Golden Visa?
The Greece Golden Visa is a residency-by-investment program that allows non-EU citizens to obtain Greek residency by investing in real estate or other assets in Greece.
Launched in 2013, the Greek Golden Visa Program grants a 5 year residence permit in exchange for as low as a €250,000 real estate investment in Greece. You can include your family in the residency program. The Greek Golden Visa allows you to live in Greece and travel across the Schengen region, without a visa.
Greek golden Visa changes in 2023
The investment amount for the Greece Golden Visa property acquisition route will be increased to €500,000 from €250,000 as of 1 May 2023.
The said new arrangement will be applicable in the Greater Area of Athens, the Municipality of Thessaloniki, Mykonos, and Santorini.
What Should Investors Expect from Greece Golden Visa Changes?
While the upcoming change on Greece Golden Visa aims to make property acquisition more affordable for the locals, it’s expected that foreign investors will speed up their application to benefit from the current €250,000 threshold.
Within regions where the new regulations apply, investors will be required to make the €500k investment in only ONE (1) property. In other areas where the update is not in effect, on the other hand, the investment can be made in more than one property, with a total of at least €250k.
In case an investor is buying in the selected areas and has already paid a deposit that corresponds to 10% of the total value of the property before 31 July 2023, they will be entitled to benefit from the €250k scheme, on the condition that the relevant contract will be concluded until 31 December 2023.
If the deal for the selected property breaks down, the investor will hold the right to restore it with a different property under the €250k scheme. That is, on the condition that the transaction is to be finalized by 31 December 2023.
As opposed to the previous arrangement that necessitated the Power of Attorney for the Golden Visa application to be retrieved from the consulate, investors can now sign the POA before a foreign Notary of their choice in their home country, provided that the POA carries an Apostille Stamp; or is authorized by the entitled Greek Consulate.
Golden Visa Greece Benefits:
-Right To Live in Greece
-Visa-Free Travel With Greece Residence Permit
-Family Reunification
-Low Investment Threshold in a Promising Real Estate Market
-The Double Taxation Treaty
Official site of Hellenic Republic about Golden Visa : https://migration.gov.gr/en/golden-visa/
For more information about the Greek Golden Visa please do not hesitate to contact us.
