New rules for Greek Golden Visa!

In September 2022, the Prime Minister of Greece, Kyriakos Mitsotakis announced an increase in the minimum of the Greek Golden Visa scheme via real estate investment. The minimum of the Greek Golden Visa threshold will be 500,000 Euro from the 1st of May, 2023.

In which cases will the investors need 500,000 EUR?

Based on unofficial information, the change will apply geographical limits on the threshold of the areas for real estate investments. The new threshold will be applicable from the 1st of May, 2023.

Depending on the location, properties in specific municipalities in the Greater Area of Athens will double from 250,000 EUR to 500,000 EUR, as well in Thessaloniki, Mykonos and Santorini.

How does this affect ongoing real estate transactions?

Investors buying in the areas affected and who have already paid a 10% of the property value as a deposit before 30/04/2023 and have signed a pre-sale contract from Notary will be able to conclude their property contracts up to 31/12/2023 and still apply under the old 250,000 EUR scheme.

In case the deal for the property chosen collapses, the investors will be able to replace it with another property and still apply under the old 250,000 scheme, provided they will have concluded the transaction up to the end of 2023.

Any other changes?

Another new rule is that in the areas where the threshold is increased to 500,000 EUR, investors will have to invest only in ONE (1) property, while where the threshold remains 250,000 EUR, the investors will still have the option to invest in multiple properties, to reach the minimum of 250k.

Furthermore, it is now allowed for the investors to proceed by signing a Power of Attorney in their country, without visiting Greece.

Areas with the new minimum threshold of 500,000 EUR:

1) Central Athens Regional Unit:

2) South Athens Regional Unit:

3) North Athens Regional Unit:

4) Municipality of Thessaloniki

5) Islands: Mykonos and Santorini