Further to a recent amendment introduced to the Greek Immigration Law, the conditions for the Golden Visa have been amended.
Increase of the investment amount for Greek Golden Visas for purchase of properties in certain regions of Greece:
More specifically, for certain specific regions of Greece, the minimum amount to be invested in real estate has been increased to 500,00.00 €. Up until now, the amount was 250,000.00 € (the lowest in Europe). The increased amount of the investment concerns properties which are located in the following areas:
- Athens (Northern, Central and Southern Prefectural Units)
- Municipality of Vari- Voula- Vouliagmeni
- Thessaloniki
- Mykonos
- Santorini
(see the areas on the map here)
Additionally, it is provided that in those regions, the investment must be effected to only one property, and it is specified that in case of joint ownership, each joint owner must invest at least 500 000 €.
In all other areas of Greece, the minimum amount to be invested in real estate remains 250,000.00 € and the investment may be effected by acquisition of one or more properties, the total price of which amounts to 250 000 €. In case of joint ownership, each joint owner must invest at least 250 000 € (with the exception of joint ownership between spouses).
The above amendments were introduced by the Greek Government within the framework of the general policies which have been adopted in an effort to increase the available housing options, especially in specific regions which are qualified as being of high investment interest and where the value of real estate has increased significantly in the last few years.
Transitional period for the application of the new Golden Visa rules:
In an effort to avoid impairing the credibility of the Program, and most importantly, taking into consideration that ongoing transactions would be adversely affected by the aforementioned changes, a transitional period has been provided for the application of the aforementioned amendments.
As such, prospective investors may complete their investment to one or more properties, including in the aforementioned regions of Athens, Voula, Vari Vouliagmeni, Thessaloniki, Mykonos and Santorini, until the 31st of December 2023, with a minimum investment amount of 250 000 €, provided however that the said investors will have paid a deposit equal to at least 10% of the purchase price (or lease amount) before the 30th of April 2023.
In case the purchase of the property for which the 10% deposit was paid (before 30th of April 2023) is not completed, the investor may complete his or her investment by acquiring a different or several different properties, the minimum price of which shall be 250 000 €, provided that such investment shall be completed before the 31st of December 2023.
Possibility to apply for Golden Visa in Greece through a Power of Attorney
By exception to the general rule which requires that in order to apply for residence permits in Greece the applicants must travel to Greece, it is possible to apply for a Greek Golden Visa without visiting Greece, through a Power of Attorney. Until now however, it was required that the said Power of Attorney be signed before a Greek Consular Authority.
Taking into consideration the significant delays faced by prospective investors before the Greek Consulates, it is now specifically provided that investors may apply for the Golden Visa without it being required to enter Greece under the condition that a) the application is submitted through a power of attorney executed either before a Greek Consulate abroad or a competent foreign authority abroad (provided that it carries an Apostille or certification by the Greek Consulate, as applicable) and b) the applicant travels to Greece in order to provide his/ her biometrical data (fingerprints) within one year from the date of submission of the application.
This amendment aims to allow investments in real estate to be completed in the most timely and efficient manner and to avoid unnecessary delays, expenses and inconvenience to prospective investors.
It is worth noting that the Greek Golden Visa Program, which is applied very successfully in Greece since 2012, remains as one of the most advantageous and competitive ones.
Our team has vast experience in Golden Visa, Investment Immigration and Real Estate Acquisition, and is ready to assist you.
For more information on the Greek Golden Visa program and the application of the above amendments, please do not hesitate to contact us.
*This publication is provided for informational purposes only and it does not constitute legal advice.