Golden Visa from Greece: New developments in the program.

Real estate investments requiring a minimum of between 250K and 500K euros.

At the 86th International Expo in Thessaloniki on September 10, Greek Prime Minister Kyriakos Mitsotakis announced an increase in fees for the Greek Golden Visa program. There are plans to double the minimum investment requirement for real estate investments from 250K euros to 500K euros.

Greek Prime Minister Kyriakos Mitsotakis announced an increase in the minimum of the Greek Golden Visa program through real estate investments in September this year; the minimum was established at the start of the program at 250K euros.

Which scenarios will require 500K EUR from investors?

According to unofficial sources, the amendment will set geographic limits for regions eligible for investments. From May 2023, the new increase will be in effect.
Properties in some municipalities of Greater Athens, as well as those in Thessaloniki, Mykonos and Santorini, will double in price from 250K to 500K euros depending on where they are located. See the map below for more information.

Investors can combine more than two properties if housed in the same building, but they only need to invest in one (1) property in total.

What we know so far:

• The threshold for acquiring a property via the Greece Golden Visa route will increase from €250K to €500K.
• In the coming months, the increase to €500K will become effective; the precise date will be made public soon.
• No announcements regarding investment locations have been made.
• The renewal of current Golden Visa holders will not be affected by the changes.
• There is no established schedule or protocol during the interim period.

ZONES with the new minimum threshold of 500k EUR

Athens Central Regional Unit:

• Athens
• Filadelfia-Chalkidona
• Dafni-Imittos
• Galatians
• Kaisariani
• Vyronas
• Zografou
• Ilioupoli

South Athens Regional Unit:

• Glyfada
• Faliro Palace
• Alimos
• Ayios Dimitrios
• Elliniko-Argyroupoli
• Kallithea
• Moschato-Tavros
• Néa Smyrni

North Athens Regional Unit:

• Kifisia
• Marousi
• Agia Paraskevi
• Chalandri
• Filothei-Psychiko
• Heraklion
• Lykovrysi-Pefki
• Metamorphosis
• Néa Ionie
• Papagou-Cholargos
• Penteli
• Vrilissia

What impact does this have on ongoing real estate transactions during the adaptation period?

Investors purchasing real estate in affected areas who have already paid a 10% deposit on the property before April 30, 2023 will be allowed to finalize their contracts until December 31, 2023 and can still apply for the previous 250K euros.