Golden Visa regime changing in Greece

Property market in Greece set to rebound after covid-19

The decision to change the rule of granting residence permits to third-country nationals subject to investment in the Greek property market will be finalized in the coming days and possibly this week, reports the Ekathimerini.

Investors must spend 250,000 euros on a property to secure a Golden Visa, but that amount is set to be doubled from January 1. The ministries of Migration Policy (responsible for issuing permits) and Tourism are working on the draft ministerial decision to change the existing regime.

But what about those transactions underway – i.e. those of foreign investors who have submitted the required application, the processing of which is at an advanced stage but which may not be completed by year-end? Sources say that the provisional plan for this transitional period provides that investors will be able to join the existing regime even when it is replaced with the new framework, as long as they pay 25% of the €250,000 – i.e. €62,500 – as an advance payment before the end of December.

If the transaction is completed with the drawing up of a purchase and sale contract by the end of the first half of 2023, then investors will still be deemed as belonging to the existing regime.