GREEK GOLDEN VISA UPDATE: EXTENSION OF THE DEADLINE FOR THE PAYMENT OF A DEPOSIT IN ORDER TO BENEFIT OF THE 250 000 EUROS REGIME

In accordance with the provisions of the new Immigration Code (Law 5038) which was published on 01/04/2023, the deadline for the payment of a deposit, in order to benefit of the regime of 250 000 euros for Golden Visas in the regions for which the minimum investment amount has been increased to 500 000 euros, has been extended to 31/07/2023.

It is reminded that for certain specific regions of Greece, the minimum amount to be invested in real estate has been increased to 500 000 €. Up until now, the amount was 250 000 € (the lowest in Europe). The increased amount of the investment concerns properties which are located in the following areas:

(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 € 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).

Transitional period for the application of the new Golden Visa rules:

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 31st of July 2023.

In case the purchase of the property for which the 10% deposit was paid (before 31st of July 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.

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.

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