Greece’s Golden Visa continues to rank among the top choices for European residency through investment programs. For many investors, international mobility and investment opportunities abroad serve as contingency plans, with the Greece Golden Visa program being particularly favored due to its high demand. In early 2024, the Greek Government introduced revisions to the program, potentially altering the landscape for prospective investors.

 

Anticipated Changes Under the New Rule:

The Greek Minister of Finance announced forthcoming adjustments to the Golden Visa Program, notably introducing a dual-zone system for real estate transactions. If officially enacted by the parliament, these changes are expected to take effect from March 31, 2024.

 

Impact on Investors:

The proposed update would establish two distinct investment tiers based on geographic zones, directly affecting minimum investment requirements for applicants.

 

• Tier 1 | 800,000 EUR:
  This tier encompasses real estate investments in high-demand areas such as Attica, Thessaloniki, Mykonos, Santorini, and populous islands, necessitating a minimum investment of 800,000 EUR.

 

• Tier 2 | 400,000 EUR:
  Covering all other regions of Greece, this tier offers a more accessible entry point with a minimum investment requirement of 400,000 EUR. The objective is to incentivize investment across a broader spectrum of areas, potentially enhancing the economic benefits of the program.

 

Key Requirement for Both Tiers:
Investors must commit to purchasing a single property of at least 120 m².

 

Impact on Previous and Current Applicants:

Existing applications for the Greece Golden Visa program will remain unaffected by the proposed changes, as they are already under review. Moreover, the adjustments will not apply retroactively, ensuring that investments made under previous regulations proceed as planned, safeguarding the commitments of previous applicants.

 

Looking Forward:

The revisions to the Greek Golden Visa program are slated to take effect from March 31, 2024. Investors have the opportunity to apply under the existing 250,000 EUR minimum threshold with a 10% deposit by September 30, 2024, and finalize their investment by December 31, 2024, with property completion by April 30, 2025.

The changes underscore the government’s responsiveness to the demand for the Golden Visa Program in Greece and its adaptability to the evolving dynamics of the real estate market.

 

Initiatives and Prospects:

Initiatives such as property conversion and restoration present unique investment opportunities, particularly at the preserved threshold of €250,000. Furthermore, the two-tier investment framework encourages exploration beyond high-demand areas, potentially spotlighting regions of Greece with significant cultural and economic value.

 

Future Outlook:

The updates reflect a forward-looking approach to investment immigration, aiming to diversify the portfolio of investments attracted. This evolution is expected to contribute to a more balanced and sustainable impact on Greece’s economy and cultural heritage.

 

For Further Inquiries:

As changes loom on the horizon, it’s crucial to seek guidance from professionals experienced in the Greece Golden Visa program and real estate investments. Citizenship Network offers comprehensive support and expertise, with a dedicated team based in Athens, Greece, comprising legal and real estate professionals. Contact us to navigate the evolving landscape and capitalize on opportunities before the official changes to the Greece Golden Visa Program are implemented.