Golden Visa Alert: Amendment introduced for voting in the Greek Parliament provides that the deadline for completing an investment in real estate for the purpose of obtaining a residence permit is extended until February 28, 2025.
WHAT TO EXPECT: minimum investment threshold depending on specific municipalities and geographic zones moved to 800,000 EUR (instead of the current €500,000). Specifically for the Region of Attica, the Regional Units of Thessaloniki, Mykonos, and Santorini, and the islands with a population of more than 3,100 inhabitants, the minimum value of real estate at the time of acquisition is 800,000 EUR. All the other regions of the country, are anticipated to provide a more accessible entrance point of 400,000 EUR.( from a minimum €250,000) .
WHAT CAN YOU STILL BUY WITH 250.000 EUROS?
YOU CAN STILL FIND A GREAT PROPERTY IN GREECE
Law no. 5007/2022, and more precisely, article 91 of that law introduced changes in the conditions for obtaining a permanent investor’s residence permit under Greek Law, also commonly referred to as a “Golden Visa”, by replacing paragraph 2, article 20, Law 4251/2014. Based on these amendments, the minimum amount of investment in real estate for the granting of a permanent investor's residence permit has been increased to 500,000 euros in certain areas of the country of high investment interest and the investment in these areas must be in a single property. The areas which fall within the scope of these recent amendments are listed below:
• Athens North Sector: Kifissia, Marousi, Agia Paraskevi, Halandri, Flothei, Psychiko, Neo Heraklion, Lycovrisi, Pefki, Metamorfosi, Nea Ionia, Papagou, Cholargos, Penteli, Vrilissia
• Athens Central Sector: Athens, Philadelphia, Nea Chalkidona, Dafni, Ymittos, Galati, Kaesariani, Vyronas, Zografou, Ilioupoli
• Southern Sector of Athens: Glyfada, Paleo Faliro, Agios Dimitrios, Alimos, Elliniko, Argyroupoli, Kallithea, Moschato, Tavros, Nea Smyrni, Vari, Voula, Vouliagmeni
• Thessaloniki
• Mykonos and Santorini
In regards to the remaining areas of Greece, which do not fall within the scope of the amendments introduced by the above law, the minimum investment amount remains at 250,000 euros, which can be invested in the purchase of one or more properties.
Areas which remain under the previous status:
• The whole of Piraeus and Neo Faliro, Gerakas, Pallini
• All the islands EXCEPT MYKONOS AND SANTORINI
LAW 5007/2022 (O.G.G. Α 241/23.12.2022)
WHAT CHANGES REGARDING GREEK GOLDEN VISA
NEW THRESHOLD FOR GREEK GOLDEN VISA
The minimum of the Greek Golden Visa scheme via real estate investment will double from 250.000 EUR to 500.000 EUR in specific municipalities in Greece.
AREAS WITH THE NEW MINIMUM THRESHOLD OF 500,000 EUR
The new changes will be applied to the North, the Central and South Sector of Athens in the Attica Region, the islands of Mykonos and Santorini and the Municipality of Thessaloniki.
OTHER LIMITS IN THE PROPERTY INVESTMENT
In the areas where the threshold is increased to 500.000 EUR, investors will have to invest only in one (1) property.
In the areas where the threshold remains 250.000 EUR, the investors will still have the option to invest in multiple properties, to reach the minimum of 250.000 EUR.
WHEN WILL THE CHANGES BE APPLIED
The changes will apply from 1-1-2023. However, third-country citizens will still be able until 31-12-2023 to complete contracts that are in progress in the areas affected and still apply under the old 250.000 scheme, as long as they pay a 10% of the property value as a deposit before 30-4-2023.
If the deal for a certain property (or properties) falls through, the investors will be able to proceed with another property (or properties) and still apply under the old 250.000 scheme, provided they will have concluded the transaction up to 31-12-2023.
POWER OF ATTORNEYS (POA) CERTIFIED WITH APOSTILLE STAMP
Third-country citizens will now be able to proceed by signing a Power of Attorney (POA) in their country, without visiting Greece, not only in front of the Greek Consulates but also in front of any foreign Notary, provided that the POA will be certified with Apostille Stamp.
The Greek Government has decided to increase the minimum investment amount for the Greek Golden Visa program from 250.000 to 500.000 euros.
This change will probably take effect within the next month. We wait for a new official announcement regarding the exact date and the transitional period. We do not know if this change will only apply to properties in certain locations.
The residence permits already issued will not be affected and can be renewed normally.
Following the official government announcement regarding the “reopening” of the Greek tourism industry on 14th May 2021 and the intensive preparations the Greek State is making for that opening, Greece is expected to be once again one of the most popular and safe tourist destinations of summer 2021. Let us look into the three main reasons why Greece is expected to be one of the top picks for foreign tourists.
The vaccination of the general public in Greece is progressing quickly. By the beginning of March, 18 small population Greek islands have already been labeled as “Covid-free Islands” as 100% of their population has been vaccinated against Covid-19 and have been deemed perfectly safe for tourists. By the end of March ten more Greek islands are expended to be added to the “Covid-free” list.
To ensure the safety of tourists, after the vaccination of the most vulnerable members of the population has been completed, Greece will give priority to the vaccination of 800.000 tourism industry workers.
Greece will only allow tourists who have been vaccinated or gained immunity after having successfully recovered from Covid 19 or have recently tested negative to enter the country.
Taking all of the above into consideration the future of the Greek tourism industry for Summer 2021 is looking quite promising.
