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Wealthy foreign investors will continue to be eligible to benefit from Greece’s golden visa program through the option to purchase property at current prices until August 30.
However, SchengenVisaInfo reports, there will be a transition period to ensure a smooth transition of the new changes.
According to the Naftemporiki report, this transfer will follow certain conditions:
- Third-country nationals who pay the price up front or pay ten percent, sign a pre-contract or private purchase agreement, and prove relevant credit by August 30 of that year, can use their investment until December 31, 2024. are eligible for finalization, under existing laws.
- If the purchase of the property is not completed, the buyer is allowed to invest in another property under the same conditions but not later than April 30, 2025.
Following new laws passed by parliament, third-country nationals who want to apply for a Greek Golden Visa must own property worth 800,000 euros in areas such as Attica, Thessaloniki, Mykonos, Santorini. , as well as in islands with a population of more than 3,100. To qualify for a five-year residence permit.
However, in other parts of the Hellenic Republic, the property value requirement is €400,000. Irrespective of the location, investment should be made in one property of at least 120 square meters and not in multiple properties of lesser value.
New changes are being introduced to the Golden Visa program.
Last month, the Greek government revealed plans to impose restrictions on short-term rental properties acquired through the Residency-by-Investment Scheme (RIP), known as the Golden Visa Program. Such a decision was introduced as part of efforts to make more properties available for long-term rentals.
Greece is trying to find new ways to deal with the housing shortage. The Golden Visa program has also contributed to the housing shortage in the country, particularly the option to acquire housing by purchasing properties.
To address this situation, Greek Prime Minister Kyriakos Mitsotakis announced in August last year that the minimum investment requirement for the scheme had been raised from €250,000 to €500,000 in some parts of the country.
To increase real estate affordability for Greeks, we are now increasing the minimum investment required for the issuance of a Golden Visa from €250,000 to €500,000 (£434,000, $500,000).
In addition, Greece introduced a new map to help better manage the situation.
