In 2013, Greece Golden Visa Program was launched to the immigration market with a minimum real estate investment amount of €250,000. The investor can be granted a five-year residence permit and it can be renewed multiple times, provided that the investment is maintained at the time of renewal.
After 10 years of opening and becoming one of the most popular programs of its kind for wealthy foreigners wishing to acquire residency in Europe, starting in January 2023, the Greek Government has announced a change regarding the minimum investment amount, increase from €250,000 to €500,000 to meet the eligibility requirements for this program.
The explanation for this change is mentioned in an announcement of the Greek Prime Minister, Mr. Kyriacos Mitsotakis:
"In order to increase the affordability of real estate for Greeks, we are now increasing the minimum amount of investment required for the issuance of a golden visa from €250,000 to €500,000."
According to the new law, depending on the location of the real estate in Greece, the minimum investment amount will be different. The investment amount will be EUR 500,000 if the investors choose in the property in Athens, Region of Attica, Region of Central Macedonia, Region of Central Macedonia ("Selected areas").
While, for other areas in Greece, this amount remains unchanged at EUR 250,000.
In addition, in the case of investment by purchase of immovable property in the Selected areas, it must be made in a single immovable property. Investors can still buy the property in the Selected areas with the minimum price of EUR 250,000 if they make a deposit of 10% of the property price before July 31st, 2023 and complete the whole payment no later than December 31st, 2023.
The regulation about other requirements of this program, such as necessary documents, processing time remained unchanged.
In addition to Greece, you can also consider other residency and citizenship by investment ("RCBI") programs such as Portugal Golden Visa, France Start-Up Visa, or Spain Golden-Visa.
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