A popular destination for holidaymakers and investors alike, Greece is known for its rich cultural heritage, beautiful landscapes, and warm hospitality. It has also become a top choice for property investors, with the Golden Visa Greece program attracting plenty of international attention and promising a path to residency through strategic investment. The program underwent significant change recently, so what are the current requirements for prospective investors?
Previously, investors seeking a Golden Visa Greece were required to make a real estate investment of 250,000 or more; since 31 July 2023, the threshold has increased to 500,000 in some popular areas, including Athens, Thessaloniki, Santorini, and Mykonos. This change was designed to encourage better access to the real estate market for the local Greek citizens.
For those outside these regions, the original 250,000 investment requirement remains unchanged; what’s more, investors who had already deposited ten per cent of the total property value before the end of July 2023 in the four designated areas can still benefit from the 250,000 scheme, provided the purchase is completed before the close of 2023. For expert advice, specialists such as Georgakilawfirm can help.
Previously, investors were required to obtain power of attorney (POA) for the Golden Visa application from a consulate; now, investors have the option to have the POA notarised by a foreign notary in their home country, provided it bears an apostille stamp or is authorised by the Greek Consulate.
Those who may not wish to pursue real estate investment can consider entering a lease agreement with a hotel or tourist establishment for a minimum of ten years, investing 400,000 in a registered Greek company for investment in Greek government bonds or undertaking other investment options outlined by the program. Be quick, however, as there appears to be a growing backlog of applicants.
The recent changes are a big shift in eligibility criteria. Participants now have an even broader range of options available to secure a residency permit, opening up lots of exciting international residency avenues via real estate, capital investment, and other opportunities.