New Changes to Greek Golden Visa Program
This change makes the program less attractive and attainable for many.
Greece Increases Minimum Golden Visa Investment
Greece is one of the global west’s oldest civilizations. The rich history, temperate weather, and beautiful architecture of the country make it one of the most desirable destinations in the world. It is an easy place to adopt a healthy lifestyle. The quality of life is high, and expats earning anything above the average salary will be able to live a relatively lavish life in this Mediterranean country.
For many years, the Greek Golden Visa program has offered one of the more affordable investment thresholds among its European counterparts, whereby applicants could qualify for a minimal real estate property investment worth at least €250,000, among other investment options.
Our experts look forward to discussing all options to make Greece happen for you! Contact us today to arrange for a consultation.
The Greek Golden Visa Demand Skyrocketed in 2022
According to data from the Bank of Greece, during the second quarter of the year, capital inflows from abroad for the acquisition of real estate in Greece amounted to 414.4 million euros. This is an increase of sixty-seven percent compared to the corresponding period last year.
Apartments in the center of Athens, quality constructions along the Athens Riviera, and luxurious country houses in popular tourist areas are the main areas chosen by foreign investors.
During the first half of 2022, foreign capital inflows in Greece registered an annual increase of sixty-one percent to 788 million euros compared to 488 million during the corresponding period of the previous year.
In Certain Regions of the Country the Investment Has Doubled To €500,000
On 10 September, Kyriakos Mitsotakis, Prime Minister of Greece, made an announcement and stated that the minimum investment amount for property acquisition under Greece Golden Visa program will be raised to €500,000.
This price hike makes the Golden Visa Program less attractive and attainable for many potentially interested.
In his speech, Mitsotakis emphasized that this change is because investors were snapping up Greek properties, particularly in Athens, and driving Greeks out of their own neighborhoods and raising rents.
Changes to the Greece Golden Visa Program Per Region
According to Kathimerini, a leading political and economic newspaper in Greece, the minimum investment is to double in central Athens and its southern and northern regions. Sources speculate that this increase to the minimum qualifying investment shall also be imposed in Thessaloniki, Santorini, and Mykonos, excluding Attica and Piraeus’s eastern and western suburbs from the change.
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Visa Benefits
The benefits accompanying Greece’s Golden Visa are many!
Securing Greece’s Golden Visa enables:
- Visa-free travel throughout the Schengen Zone
- Residency for the whole family. As well as having the right to live in Greece and any country of the Schengen area during the period of visa validity (renew your RP every 5 years)
- No requirement to live in Greece
- The right to study in any of the Schengen countries
- Access to Greek healthcare and education
- The right to obtain Greek permanent residence after five years from the date of obtaining residence permits
- The right to apply for Greek citizenship after five years from the date of obtaining permanent residence
- Fast and transparent procedure (within 2 months)
- Applicable to any type of real estate
- No language criteria when applying for Greek Residency permit
- Interview is not required when applying for Greek Residency permit
- Joint ownership allowed (up to 2 owners)
- Multiple ownership allowed (more than one property)
- You can rent your property
Fun Fact
Did you know that Greece has the biggest EU consumption of olive oil per capita, with around 12 kg per person per year?
Obtaining a Visa
If you wish to stay in Greece for longer than 90 days within a 180-day period, you should apply for a visa. After price increases from Greece , who will be next?
Our experts look forward to discussing all options you have to make the right decision for your specific needs! Contact us today to arrange for a consultation.
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