Greece Golden Visa Changes 2023: What You Need to Know

Greece has recently made changes to its golden visa program (Golden Visa Program: allows non-EU citizens to obtain residency in Greece by investing in real estate). 

The new law, N.5007/2022, has increased the minimum investment limit from 250,000 euros to 500,000 euros for properties located in certain areas.

The areas where the new limit applies include the regional unit of the Northern Sector of Athens, which covers the Municipality of Kifissia, Amarousio, Lykovrysi - Pefki, Penteli, Chalandri, Psychiko, Vrilissia, Agia Paraskevi, the Municipality of Papagou - Cholargou, Heraklion, Nea Ionia, and Metamorfosi.
The Regional unit of the central Athens Sector is also included, covering the Municipality of Athens, Municipality of Byronos, Municipality of Galatsi, Municipality of Dafni-Ymitto, Municipality of Zografou, Municipality of Iliopoleos, Municipality of Kaisariani, and Municipality of Nea Philadelphia-Nea Chalkidona. Lastly, the regional unit of the South Sector of Athens is included, covering the Municipality of Agios Dimitrios, Municipality of Alimos, Municipality of Glyfada, Municipality of Hellinikon-Argyroupoli, Municipality of Kallithea, Municipality of Moschatos-Tavros, Municipality of Nea Smyrni, and Municipality of Palaio Faliro. The Municipality of Vari - Voula - Vouliagmeni, the Municipality of Thessaloniki, and the islands of Mykonos and Santorini are also included.

It's important to note that the 500,000-euro limit applies to the purchase of one property only. In other words, investors cannot buy two properties worth 250,000 euros each and request a golden visa.

The changes aim to boost investment in certain areas of Greece. The golden visa program has been popular among investors, particularly from China, Russia, and Turkey. In 2021, the program generated over 1 billion euros in revenue for Greece.

While the new law may make it more difficult for some investors to obtain a golden visa, it's important to remember that Greece still offers a relatively affordable and attractive option for those seeking EU residency. The country has a low cost of living, a high standard of living, and a pleasant Mediterranean climate.

If you want to check out the map for yourself, here we have created a specific version of Greece map regarding golden visa changes.

In conclusion, the changes to Greece's golden visa program are significant, but they are not expected to deter investors from considering Greece as a destination for residency or investment. As always, it's important to consult with a qualified professional before making any investment decisions.

If you are considering investing in Greece's golden visa program, our consultants are ready to deliver top-level consulting services to help guide you through the process.