Greece Golden Visa is a residency-by-investment program in Europe that lets non-EU citizens obtain a Greek residency permit by investing in real estate or other assets in the country.
Recently, it was announced that the investment thresholds are going to increase in certain areas of the country. Let’s break down what’s new, so you can understand how it works and what it means for you.
The Original Investment Amounts for the Greece Golden Visa Program
The Greece Golden Visa program, initially introduced, offered residency to non-EU investors in exchange for a real estate investment of at least €250,000. This was one of the lowest entry points for golden visa programs in Europe, making it a highly attractive option for investors seeking EU residency. The program allowed investors, along with their families, to gain a five-year residency permit in Greece, which could be renewed as long as the property investment was maintained.
The €250,000 investment threshold applied to any real estate purchase within Greece, without any specific restrictions on the location or type of property. This flexibility, combined with the relatively low investment amount, contributed to the program's popularity, attracting a significant number of investors looking for access to the Schengen Zone and a potential pathway to EU citizenship.
Related Read: Six Reasons You Should Invest in Greece Golden Visa in 2024
Over the years, the success and demand for the Greece Golden Visa program have led to changes and increases in the minimum investment amount, reflecting adjustments in the country's economic strategy and attempts to balance foreign investment with local housing market conditions.
Greece Golden Visa Changes that are coming into effect in April
Starting at the beginning of August 2024, there are new prices and rules based on where you want to buy property.
Greece is now dividing places into three groups, each with its own price range. This means how much you need to spend on the property to get the visa depends on where the property is.
€800,000 for Prime Spots: The most expensive tier. You need to invest at least €800,000. This is for places like the Athens Riviera, Central Thessaloniki, and the islands of Mykonos and Santorini. Before, you only had to spend €500,000 in these areas, so the price has gone up.
€400,000 for Athens and Thessaloniki: The next level is €400,000, for areas in Athens and Thessaloniki that aren't as high in demand as the top-tier locations. This has increased from €250,000, making sure that these places don’t get overcrowded with investors looking for a cost-effective deal.
€250,000 for Other Regions: The entry-level price stays the same at €250,000 for the rest of Greece. This is good news for places like Halkidiki, which are still attractive for buyers looking for a good deal.
Special Offer for Conversation Efforts
There’s also a special deal for investors who want to help save old buildings. Should you decide to acquire a property requiring renovation, designated as a "conservation" project, an investment of €250,000 suffices for eligibility, irrespective of the property's location within Greece.
Why These Changes?
Greece is updating the prices to match the changing real estate market. The goal is to make sure that investment is spread out nicely across the country and to help save historic buildings. It’s also a way to keep the program attractive to investors from outside the EU, who get a chance to live in Greece by buying property.
What’s Next?
If you've been considering investing in Greece or were curious about the Golden Visa program, these changes could impact your decision. Whether you're in search of a luxury spot by the sea or a historic building to revive, there's a variety of options to suit different budgets and interests.
Now is a good time to look into these new rules and see where you might want to buy a piece of paradise.
At High Net Worth Immigration, we're here to guide you through finding the right investment path to get your Greek residency. We've got your back every step of the way, from gathering together the documents you need, to picking up your residency permits, and even supporting you after you've successfully gotten your residency.
Don't put it off any longer—reach out to our team today.
