Changes to Golden Visa in 2024
Since the writing of this article, Golden Visa minimum requirements have increased. Find the most recent changes here.
What is the Golden Visa Program?
The Golden Visa program in Greece is a residency-by-investment program. By purchasing real estate above a certain price in Greece, you are eligible to apply for the Golden Visa, which grants residency, restriction-free Shengen Zone travel in Europe, and family inclusion. Historically, the minimum investment required for a Golden Visa was set at 250,000 Euros. Pay any amount above this, and you got access to the above benefits.
What Changes are Coming to the Golden Visa Program?
The minimum investment required for a Golden Visa in most areas of Greece is 250,000 Euros. By completing the Golden Visa Process, you get access to the above benefits. In the North, Central and South Areas of Athens in the Attica Region, the Municipality of Vari-Vouliagmeni, Mykonos, Santorini, and Thessaloniki, the minimum investment required is now 500,000 euros. For more information on how to apply for a Golden Visa, contact our team here.
Single Property Rule
For areas that are subject to the new law, the 500,000 Euros must apply to a single property. In cases of joint ownership, the value of each applicant’s share of ownership must be at least 500,000 euros. In other words, if 2 individuals bought a home together in Santorini that was worth 1 million euros, and each paid 500,000 euros towards the home, both owners would be entitled to a Golden Visa. If one of the owners paid 400,000 euros towards the home, this individual would not be entitled to a Golden Visa.
The exception to this rule is spouses. You and your spouse’s combined contribution must be equivalent to at least 500,000 Euros to be eligible for a Golden Visa.
In Which Areas Will Golden Visa Minimums Stay the Same?
Outside of Athens, Mykonos, Santorini, and Thessaloniki, the rest of Greece will have a 250,000 Euro minimum for the Golden Visa. In areas with a 250,000 Euro minimum, an investment can be made in multiple properties in Greece. As long as the total adds up to at least 250,000 Euros, you are eligible for the Golden Visa.
When do the Golden Visa Changes Take Effect?
The new changes go into effect on July 31st, 2023, according to the Golden Visa website.
Grace Periods for Current Golden Visa Applicants
If you are investing in real estate in one of the areas specified above and have already paid a deposit of at least 10% of the total value of the property before July 31st, 2023, you can still benefit from the old 250,000 Euro scheme. This assumes that the contract will be completed by December 31st, 2023.
If the deal breaks down for some reason, the investor has a right to purchase a different property under the original 250,000 Euro scheme. Again, this assumes that the new contract will be completed by December 31st, 2023.
Golden Visa and Power of Attorney
You need to sign a Power of Attorney (POA) document to retrieve the Golden Visa application from the consulate. You must sign the POA before a Notary of your choice in Greece, or from a Greek Consulate in your home country.
