Τhe minimum value of property that must be acquired to grant eligibility for a Golden Visa will be increased to 500,000 euros in certain parts of Greece, according to an amendment tabled in Parliament by the Development and Investments Ministry on Wednesday.
The new minimum value at time of purchase will apply to the North, Central and South Sector of Athens in the Attica Region, the islands of Mykonos and Santorini and the Municipality of Thessaloniki.
It also applies to the total agreed price of contracts for the lease of hotel accommodation or furnished tourist residences in these areas, which must be paid in full before applying for a permanent residence permit for investors.
The amendment clarifies that the above investment must concern the purchase of a single property, while in cases of joint property ownership, the minimum value of the ownership share must be 500,000 euros and must again concern a single property.
For the rest of the country, the previous minimum value of 250,000 euros will continue to grant eligibility for an investor permanent residence permit, or Golden Visa.
For the rest of the country, the minimum value of the real estate at the time of its acquisition, as well as the total contractual rent for the leases of hotel accommodations or tourist residences herein, is set at two hundred and fifty thousand (250,000) euros and must have been paid in full before submission of the request for the granting of the permanent investor residence permit.
In the case of investment through the purchase of real estate in the areas of the first paragraph, it is carried out in one or more properties.
In addition to the quantitative criterion of the investment, a qualitative criterion is also included, in order to avoid the repetition of the urban myth, i.e. the purchase of entire apartment buildings. Thus, in the case of investment through the purchase of real estate in the above areas, it is carried out in a single property.
In the case of investment through the purchase of an undivided co-ownership property (apartment house), the minimum value of the co-ownership percentage is set at 500,000 euros and the investment is made in one property.
With the same amendment, however, a transitional period is provided for investors who have started the procedures. Thus, they can complete their investment in one or more properties in the first category areas, until December 31, 2023, with a minimum investment value of 250,000 euros, subject to an advance payment of 10% of the purchase price until April 30, 2023.
Third country nationals who already have a permanent residence permit for investors can renew this for an equal time period provided they still have ownership or possession of the property and the period of their absence from the country does not cause problems.
Additionally, third country nationals who own property in Greece are permitted to lease it.
The golden visa is issued within two months of submitting the application and supporting documents.
Third country citizens will have until December 31, 2023 to complete contracts that are in progress in the areas where the upper limits will change.
The amendment as submitted to the Parliament is here in Greek in pdf