Last 10th of September 2022, the Greek Prime Minister Kyriakos Mitsotakis announced the increase in the minimum investment required for the Greece Golden Visa program.
In his own words, “In order to increase the available real estate for Greeks, we are now increasing the investment limit for granting a Golden Visa license from €250,000 to €500,000.”
However, there was no date given as to when it would be effective. Moreover, the Greece Golden Visa increase will affect only the property investments and not the other investment options.
The latest update, as of November 22, is that this increase will only be applicable to certain areas in Greece, mainly in the cities of Athens and Thessaloniki. There may be a six-month grace period from January 2023, to enable those who have already started the Greece Golden Visa investment process at the lower rate time to complete the application.
The reason for this change in the Greece Golden Visa
These changes have been made to allow Greek citizens more affordable housing, particularly young couples who are struggling to get into the property market. Due to the rapid economic growth of Greece as well as the increase of real estate values, it has been very difficult for them to acquire property.
Since its launch in 2013, the Greece Golden Visa has become the second most popular program after Portugal, with property investments being the most sought after. Recently, Greece barred Russian nationals from applying for the Golden Visa Program as part of the sanctions levied against Russia for the war on Ukraine.
Benefits and opportunities of the Greece Golden Visa
The Greek Golden Visa grants an immediate five-year residence permit to eligible applicants and their families, visa-free travel in the Schengen zone and Greek citizenship after seven years, which will allow the holder access to the European Union market. It allows you to live in Greece and have equal access to the Greek health care system and education. There are no requirements to live in Greece and you can choose to rent out your property after purchase.
Aside from a minimum investment of €500.000 in real estate, other investment options are: a lease agreement with a hotel or tourist establishments for at least ten years, a capital investment of at least €400.000 in a company registered in Greece, a €400.000 investment in Greek government bonds, a €400.000 investment in bods or shares of real estate investment companies, a €400.000 deposit in a Greek bank and €800.000 investment in corporate or government bonds.