Investors looking to obtain a Golden Visa by investing in real estate in Greece have some good news. The Greek government has pushed back the implementation of the impending change that would double the minimum investment amount for specific areas of Greece from €250,000 to €500,000. Originally set to go into effect on April 30, 2023, the new implementation date is now July 31, 2023.
This means that investors still have an opportunity to obtain a Golden Visa by investing the current minimum amount of €250,000, as long as they can wire a deposit by July 31, 2023, and conclude the sale by December 31, 2023. This applies to specific regions of Greece, including the North, Central and South Sectors of Athens in the Attica Region, the islands of Mykonos and Santorini, and the Municipality of Thessaloniki.
Timeline of changes :
In December 2022, the Greek Ministry of Development submitted an amendment to parliament, increasing the minimum investment amount for property acquisition from €250,000 to €500,000 for certain regions in Greece. These regions include the North, Central, and South sectors of Athens in the Attica region, the islands of Mykonos and Santorini, and the Municipality of Thessaloniki.
The government’s decision to increase the minimum investment amount was aimed at increasing affordability of real estate for Greeks. The new minimum value at the time of purchase would apply only to specific regions, while the limit of €250,000 would remain in other regions.
Foreign investors who have already started the procedures to obtain a Golden Visa have been provided with a transitional period, which has been extended until July 31, 2023, allowing them to qualify for the program through a €250,000 investment in one of the areas undergoing a price hike if they make a 10% deposit before this date. Third-country nationals have until December 31, 2023, to complete ongoing contracts for the areas where minimum values are changing.
It’s important to note that the investment must concern the purchase of a single property, and in cases of joint property ownership, the minimum value of the ownership share must be €500,000 and must concern a single property. Investors who are unable to complete the purchase of a specific property can change to another property without losing their right for the €250,000 until the end of 2023.
Overall, the Greek government’s amendment to the Golden Visa program provides a valuable opportunity for foreign investors to obtain Greek residency and invest in the country’s real estate market. As Greece continues to rebuild its economy following the COVID-19 pandemic, this program represents an attractive option for those looking to invest in a stable and growing market.
So, if you’re considering investing in real estate in Greece to obtain a Golden Visa, now is the time to act. Don’t miss out on this opportunity to invest in the Greek real estate market and obtain Greek residency.
At Amoiridis Law Services® www.law-services.gr we are dedicated at assisting our well-respected clients successfully complete any of their investment projects in Greece. Thanks to our longstanding experience, we are able to provide a full package of consultancy services to our almost exclusively international clientele, customized to their specific needs.
As a result, we have represented clients from all around the globe regarding their projects in Greece. Our network of associate experts, composed by both in-house and external solicitors, notaries, accountants, tax experts, currency exchange experts, realtors etc., enables us to provide an all-in-one package of consultancy services, guiding you through the ways to properly protect your investments.
For any further information and clarifications please do not hesitate to contact our qualified legal team, ready to provide you with further personalized information tailored to your needs and your profile.
You can email us: or call/text us directly at: +306908351705 (WhatsApp/Viber)
Athens, April 2023
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