"Golden Visa": in which regions the threshold is doubled

Source: https://www.kathimerini.gr/economy/562183159/chrysi-viza-se-poies-perioches-diplasiazetai-to-orio/

13.12.2022

Minimum investment of 500,000 euros in central Athens, southern and northern suburbs. 

In the centre of Athens, and in the northern and southern suburbs, the government is imposing a threshold of 500,000 euros for obtaining a residence permit through the "Golden Visa" programme, starting by May 1st  2023. According to market sources, the doubling of the minimum investment amount, which is currently 250,000 euros, is also expected to be imposed in Thessaloniki, Mykonos, Santorini, while in Attica, the eastern and western suburbs, as well as Piraeus, will be excluded .

At the same time, under the new regime it is quite possible that a Residence Permit may be obtained through the purchase of up to two properties (e.g. worth 250,000 euros each), as long as they are located in the same property. Currently, interested investors can obtain a residence permit by purchasing property worth at least €250,000, without any restriction. For example, two, three or more properties of a lower value can be acquired, as long as their total value exceeds €250,000.

Regarding the timing of the change in the program, reports suggest that a timeframe until April 30, 2023 will be provided for the signing of property purchase agreements, based on the current regime of 250,000 euros. There will then be a period until 31/12/2023 for the signing of the final purchase and sale contracts, while the percentage of the deposit must be at least 10% of the purchase value of the property. At the same time, if for any reason it is not possible to complete the purchase, then the interested investor will be able to sign a pre-contract for the purchase of another property, even after April 30th, as long as he/she completes the purchase by the end of 2023.

The above is expected to be clarified through official information from government "lips" in the coming days, possibly even today. This will bring to an end a three-month period of intense uncertainty in the real estate market, as it was not clear what exactly would be in place and when, resulting in a significant lack of investor confidence in the Greek programme. It is recalled that the announcement to double the limit from 250,000 to 500,000 euros was made by Prime Minister Kir. Mitsotakis from the platform of the TIF more than three months ago. Since then there has been no official statement from government officials, apart from unofficial leaks, which have hurt rather than helped to build investor confidence. Based on recent data presented by the Ministry of Immigration and Asylum, up to the end of October, 2,009 new permits were pending for investors from countries outside the EU. The largest volume of pending permits concerns investors from China, for whom 1,615 permits are pending. Of course, according to market players active in the field of investment migration through the "Golden Visa" programme, this number is estimated to have increased significantly in November and even more so in December, precisely because of concerns about a sudden change in the current institutional framework. 

On the other hand, it is estimated that doubling the threshold, especially for areas such as the centre of Athens, where property values are not so high, will exclude foreign investors from buying property for investment purposes. However, there may be "inflationary" pressures in other areas due to the shift of market interest to other parts of Attica region.