Greece Golden Visa New Rules: Deadline extended to July 31st
Back in September 2022, the Greek government announced plans to introduce new Greece Golden Visa Rules raising the minimum qualifying real estate investment threshold of the Greek golden visa in certain, more popular, areas. Just before the close of the year, the decision was submitted to parliament to officially change the law. At the time, it was anticipated that the cost hike would go into effect by April 30th, 2023. Investors were encouraged to act quickly to lock in the Greece Golden Visa at the original lower price point in these selected areas.
Low and behold, as we approach the end of April, the Greek government has now announced they will be postponing the price increase until July 31st, 2023.
Once this goes into effect, Greece’s golden visa investment minimums will double from €250,000 to €500,000 in the more popular areas of: North, South and Central Athens, Mykonos, Santorini, and the Municipalities of Thessaloniki and Vari. In these areas golden visa investors will be required to invest the €500,000 and they will be limited to investing these funds into just one property as opposed to the multiple properties/units. The full list of the 36 municipalities that will be affected by the Greece Golden Visa new rules can be found at the bottom of this article.
Just over 2 months left
Last minute investors can now breathe a sigh of relief upon this news. To meet the minimum investment amount of €250,000 across the country, investors are required to pay a 10% deposit initially and finalize their full investment before the end of 2023. Therefore, investors need to act swiftly yet with diligence. Luckily, we can help with both aspects to ensure you make your investment just in the knick of time.
If you think three months is too short, or if you’re interested in lesser-known areas, Lincoln Global Partners offers some excellent properties in Crete, Piraeus Halkidiki, and Paros. The investment minimum for properties in these areas will remain at €250k with no limit on how many units are purchased with this amount.
90% of municipalities to remain unaffected by Greece Golden Visa New Rules
In total, these golden visa cost changes will affect only 36 Greek municipalities. Leaving 90% of Greece still available to investors at the €250k minimum. Plenty of these areas are expected to become real estate hot spots soon enough. Already thriving with innovative and sustainable projects undoubtedly attractive to private and commercial investors alike. Piraeus, for example, is booming with groundbreaking initiatives and total overhauls of unused buildings and spaces. New transportation rail and metro lines are linking everything together as well. So, investors will have ample opportunities to spend less and profit more in up-and-coming areas throughout Greece.
Although other golden visa programs across Europe are unfortunately dying out, such reforms are causing Greece to be the golden spot for golden visas. Even with the price changes — which the Greek government is cautiously rolling out — costs are still comparatively low and benefits high. So whether you invest €250k right now, or €500k later, Greece and its golden visa program are sure bets to give investors the best bang for their buck (or rather EURO) in Europe.
The municipalities to be effect are as follows:
Greater Athens municipalities
- Agia Paraskevi
- Agios Dimitrios
- Nea Ionia
- Nea Smyrni
- Palaio Faliro
Greater Thessaloniki Municipalities
- Ampelokipoi Menemeni
- Pavlos Melas