New push for Greek golden visas: minimum investment doubled to €500,000
Greece will increase the minimum property value required to qualify for a Golden Visa, one of the most popular programs of its kind for wealthy foreigners seeking residency in Europe, from €250,000 to €500,000 ($532,000) from January 2023. The new minimum value will apply to the purchase of a single property in the northern part of the country, in the central and southern districts of Athens in the Attica region, on the islands of Mykonos and Santorini, and in the municipality of Thessaloniki. The previous minimum value of €250,000 will remain in force for the rest of the country. By the end of December, Prime Minister Kyriakos Mitsotakis said investors were buying up Greek real estate, especially in Athens and other popular destinations, pushing Greeks out and causing rental prices to rise. Mitsotakis added that the new amendments aim to make real estate more affordable for Greek citizens. Foreigners who have already obtained permanent residence by investment can extend it if they can prove that they still own or possess real estate. Golden Visa is issued within two months of submitting the application and additional supporting documents. For those who have already applied and are in the process of buying in areas where the investment limit has changed, the deadline is December 31, 2023. Foreign real estate investment volume reached €414.4 million in the second quarter of 2022, up 67% from the same period in 2021. According to a report by Ekathimerini newspaper, a third of real estate transactions in the Hellenic Republic in recent years have been made for the purpose of obtaining a Golden Visa.The decision approved by parliament at the end of December
Demand for Greek Golden Visa is skyrocketing
Despite strong opposition to Golden Visa programs by the European Commission
, Greece has been particularly open to foreign investment in exchange for residence permits in recent years, and 2022 is expected to be a record year for foreign real estate purchases. International real estate investment in the first half of 2022 is up more than 60% year-on-year, leading analysts to predict a new record will be set in 2022.
Golden Visa gives wealthy people the opportunity to "buy" the right to a residency permit, sometimes without even living in the country. This serves as a golden opportunity to invest in Europe and get accelerated residency privileges. The Golden Visa allows the primary investor and their family (if they are included) to live, work, study and receive medical care in the country. Many such visas are a fast track to citizenship, making the whole process easier. While the scheme is offered by various EU member states, it is often criticized by European officials who see it as an opportunity for illegal activities, including money laundering and corruption. The European Commission calls on Member States that run such programs to discontinue them as soon as possible because of the potential to attract criminal acts and the risk to the security, transparency and values on which the European Union is based.
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