Greece will increase the cost of the “Golden Visa” to 500,000 euros in 2023

Greece will increase the cost of the Golden Visa to 500,000 euros in 2023

According to an amendment presented in the Greek Parliament last week, in some parts of the Hellenic Republic, the minimum property value required for the issuance of a Golden Visa will be 500,000 euros.

According to local media, new the changes will apply to the northern part of Greece, as well as to the central and southern sectors of Athens, the islands of Mykonos and Santorini, as well as the municipality of Thessaloniki.

The Residence Permit by Investment Scheme, also known as the Golden Visa, allows foreigners to acquire a residence permit in Greece, provided they invest a certain amount of money and meet certain criteria.

Formerly in This year, Greek Prime Minister Kyriakos Mitsotakis announced plans to increase the minimum investment required for the issuance of Golden Visas. up to 500,000 euros instead of the current 250,000.

The Prime Minister added that new amendments will be made to increase the affordability of real estate for Greek citizens. According to him, investors are buying property in Greece, especially in Athens, pushing Greeks out of their traditional areas, and then raising rents.

At the same time, for the rest of the country, a minimum amount of 250,000 euros to obtain a permanent view residence permit will remain.

Third-country nationals holding a permanent residence permit for investors have the right to extend it for the same period if they continue to own real estate. Another advantage of the Greek variant — there is no minimum mandatory period of stay.

Also, third-country nationals who own property in Greece are allowed to rent it out.

Greek Golden Visa Program is one of the most popular in Europe. However, it is often criticized for money laundering and a window for corruption.

The European Commission has repeatedly called on EU countries that use such schemes to stop them as soon as possible. 

It was previously reported that a third of real estate transactions in Greece in recent years are the result of purchases made for Golden Visas.

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