Minimum investment for Greek Golden Visa is likely to double from early 2023

On 10 September 2022, at the Thessaloniki International Fair, Greek Prime Minister Kyriakos Mitsotakis announced that the Greece Golden Visa system will be revamped. He said Greece was doubling the minimum payment for real estate investment for its Golden Visa from €250,000 to €500,000. The basic reason for the price increase is to make real estate more affordable for Greek citizens. The Prime Minister also stated that he wanted to encourage home ownership and that he would give homeowners a subsidy for rebuilding their properties. This is part of a larger package of policies to be implemented.

Although he did not announce the date, experts predict that it will probably take place in early 2023. Following this announcement, many lawyers, said that real estate market players are now focusing on Athens’ expensive markets, such as the southern suburbs, but also on prime locations in the northern suburbs. They add that the ups and downs in property are to be caused by the changes to the Golden Visa, where investments of €500,000 will now be expected, rather than the €250,000 that has been the case until now.

Benefits of Obtaining a Golden Visa for Greece

The benefits of obtaining a Golden Visa for Greece are that you will be issued a residence card for visa-free travel within the Schengen area. Visa holders also have the opportunity to leave the property and make a profit. There is no minimum residence requirement in Greece. According to the Golden Visa, you are allowed to include your family members in your application.

Requirements for the Greek Golden Visa

The Golden Visa policy was inaugurated in July 2013. Applicants are granted a 5-year residence visa to subsidize real estate. There is no minimum visit requirement, and the applicant’s children up to the age of 21 are included. The visa is applicable for five years. It can be renewed after five years with a sustained property investment. Visa holders are not required to reside in Greece, and citizenship is allowed after seven years of residence.

It was observed that in the first half of 2022, there was a reduction of more than 5% in the granting of five-year permits to investors who acquire real estate worth more than €250,000, according to data from the Ministry of Immigration and Asylum. In other words, all 9,614 permits granted from the start of the policy until 31 December 2021 were active. However, after six months, the total number of active licenses had decreased by 539 to 9,074.

This is because in several cases, foreigners using the Golden Visa program bought properties in areas that until a few years ago had cheap housing, renovated them and put them on the market at higher prices.

However, in the future, those who want to benefit from the Greek Golden Visa program will rather have to choose from newly built housings, in the most expensive areas, such as the southern and northern suburbs where new flats cost from €400,000. Larger, more elegant houses start from €500,000.

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