Greece Redefines its Golden Visa Program with Dual-Zone Investment Approach
The weeks of anticipation and speculation are gone! The Greek government has finally clarified the new real estate investment thresholds for its Golden Visa program, stirring interest among investors eyeing European residency.
These policy changes arrive amid an era where international mobility and investments abroad are increasingly sought after, and Greece's Golden Visa is among the most in-demand.
So what do these changes entail? And how will they affect those looking to invest?
A Closer Look at the Revised Golden Visa Program
Currently, Greece’s Golden Visa program offers a 5-year residence permit in Greece for investments totaling 250,000 EUR or more in the country's property market, making it the most affordable Golden Visa option in the European Union. Yet, a change is on the horizon.
A dual-zone approach to the Golden Visa real estate transactions will be in place soon.
This new system introduces two distinct investment tiers, directly influencing the minimum investment requirements based on geographic zones:
Tier 1, with an investment threshold for property of 800,000 EUR, targets prime locations such as Attica, Thessaloniki, Mykonos, Santorini, and islands with at least 3,100 inhabitants.
Meanwhile, Tier 2 requires a minimum investment of 400,000 EUR and spans the rest of Greek jurisdiction, promoting accessibility and encouraging investment across a broader spectrum of locations.
For both tiers, there is a stipulation that the investment must be in a single property, with no less than 120 square meters.
It’s important to note that the program highlights special opportunities for those interested in converting commercial properties to residential use or restoring heritage buildings. They’ll be able to maintain the investment threshold at 250,000 EUR for the time being. This aims to incentivize preservation and adaptive reuse of properties, aligning economic investments with cultural heritage conservation.
No worries, if you're in the midst of your application process. Your application will proceed unaffected by these changes until the end of summer 2024, safeguarding your efforts and financial commitments.
Furthermore, the alterations to the program are non-retroactive, which means investments under previous stipulations will follow through as initially planned.
What’s the main purpose of these changes?
The recent update to the Greek Golden Visa program is a clear nod to a more progressive approach to investment immigration. With the implementation of the dual-zone system, the program aims to stimulate and balance economic growth across diverse regions as well as preserve and enhance the rich cultural heritage of the country.
Fundamentally, the more accessible threshold of 400,000 EUR is designed to spread the benefits of investment, consequently encouraging exploration in less trafficked but equally captivating areas and potentially enriching lesser-known regions of Greece.
In essence, Greece is about to significantly raise the investment threshold required for obtaining residency, nearly doubling it. Although it may no longer offer the lowest-cost path to European residency, it remains an attractive option for investors. With a minimum investment of 400,000 EUR, high-net-worth individuals can secure residency in Europe, which comes with a number of benefits, and importantly, entails acquiring property in Greece.
