New changes that will apply to the Golden Visa Program with property investments in Greece increasing to 500K euro came effective from Aug 1, 2023 will only apply to major cities which make upto only 5%. Rest 95% of Greece will be be open for reduced 250,000 euro golden visa investment. The increase of the minimum investment amount, depending on the area where the property is located, will apply from August 1st, 2023. Investors are entitled to buy a property with a minimum value of 250,000 euros even in the affected areas, provided that they have already paid a 10% of the property value as a deposit until July 31st, 2023, and finalize the purchase contract by December 31st, 2023 as required by law.
- Minimum – The minimum value of the real estate property, as well as the contractual consideration of hotel accommodation or tourist residences leases, is determined at 250,000 euros in low density inner regions or 500,000 euros (in major cities) depending on the location of the property, and must have been paid in full upon the signing of the contract.
- Permanent residence permit – The residence permit issued under Greece GV is permanent. The holder of the residence permit is however required to renew it every five (5) years, provided The real estate property must remain in the full ownership of the applicant. or the relevant leases/contracts must be ongoing.
- Minimum residence – There are no minimum residence condition. Absences from the country do not impede the renewal of the residence permit.
Next buyer – The resale of the real estate property, during the period when the residence permit is valid, to another third country citizen provides to the new owner the right to a residence permit along with a simultaneous revocation of the seller’s residence permit.
The increase in new requirement for investments will effect only 10% of Greece major cities. All other parts of Greece (90% of Greece) will be open for 250,000 euro investment.
500,000 €
• Regional Units of Northern Athens, Central Athens and Southern Athens
• Vari – Voula – Vouliagmeni,
• Thessaloniki,
• Mykonos,
• Santorini.
250,000 €
- Rest of Greece (eg. Corfu, Rhodes, Piraeus, Crete, Patras, Evia, Tinos, Chalkidiki)
Restricted Areas List
The following regions are restricted to foreigners for property investment. The border regions are defined the prefectures of the Dodecanese, Evros, Thesprotia, Kastoria, Kilkis, Lesvos, Xanthi, Preveza, Rodopi, Samos, Florina, Chios, and the islands of Thera and Skyros, as well as the former regions of Nevrokipi in the former prefecture of Drama; Pagoniou and Konitsas in the prefecture of Ioannina; Almopia and Edessa in the prefecture of Pella; and Sintiki in the prefecture of Serres. These areas require special permission from ministry of defense.
Leasing
It is also possible to get golden visa by leasing hotel our tourist property. Third country citizens who have signed a lease agreement – for a minimum of 10 years – for hotel accommodations or furnished tourist residences in integrated tourist resorts according to article 8, paragraph 2 of Law 4002/2011 (Government Gazette 180 A’), provided the minimum cost of the lease is €250,000 or €500,000, depending on the location of the property.
Legal entity
- If the owner has acquired the property through a legal entity, the applicant must own 100% of the company shares.
Family members
The following categories of family members shall qualify for Golden visa permit.
a. Spouses.
b. the other spouse or partner with whom a third-country national has a cohabitation agreement in Greece.
c. The direct unmarried descendants of the spouses, who are under the age of 21.
d. the direct unmarried descendants of the supporter or of the other spouse/partner, provided that their custody has been legally entrusted to the sponsor (for his/her children) and to the other partner (for his/her children), under 21 years of age.
e. the direct relatives of the spouses in the ascending line.
In cases of joint ownership, where the value of the property is €250.000 or €500,000, depending on the location of the property, the residence permit is only granted if the owners are spouses or partners with a cohabitation agreement in Greece, with undivided ownership of the property. In all other cases of joint ownership, the residence permit is only granted if the amount invested by each of the joint owners is at least €250,000 or €500,000, depending on the location of the property.
Rules for Payments
Payments paid crossed bank cheque to a bank account of the beneficiary, held in a credit institution operating in Greece or with a credit transfer, as defined by Law to a beneficiary’s bank account held in a payment service provider, operating in Greece or through a POS installed by a payment provider, operating in Greece, by charging a debit or credit card issued by a bank in the name of the buyer, to a beneficiary’s account held in a payment service provider. payments may be also executed by the buyer’s spouse or family members by blood or affinity, up to 2nd degree.
How to Apply at Consulate
Non-EU citizens and Third country nationals who have made an investment through the three options of the Greek Golden Visa program can apply for a residence permit through a proxy, without the obligation to previously visit Greece. The Power of Attorney for the appointment of a proxy must be signed before a Greek Consular authority οr before a notary public and is duly apostilled or certified by a Greek consulate, as applicable. The non-EU citizen must enter the territory of Greece in a period of 12 months from the date of the confirmation receipt of the application, in order to submit his biometric data to migration authority in Greece.
Please contact us for more information.
