Greece has extended its “Golden Visa” scheme for three months enabling non-EU citizens to buy properties for 250,000 euros before the minimum cost rises to 500,000.
Investors from countries outside the EU will have three more months to secure deals to acquire properties at the current lower price limit of 250,000 euros, thereby securing the coveted residence permit (Golden Visa) but also the property of their choice in terms of location, before the minimum cost rises to €500,000.
In the recent law on the new immigration code of the Immigration Policy Ministry, published in the Government Gazette a few days ago, a provision is provided which stipulates that the time frame for signing a preliminary agreement (or even a final sale contract) at the existing price of €250,000 is extended from April 30, which was the deadline until now, to July 31, 2023, reports the Greek News daily Kathimerini.
Until then, interested investors can proceed with agreements to acquire properties in certain regions of Greece and Athens with a lower investment limit of €250,000.
From August 1 onward, and as long as no new extension is granted, those who wish to obtain a residence permit and at the same time want to acquire a property in the above areas will have to invest at least €500,000.
Those who have signed pre-agreements by July 31 will have until the end of 2023 to proceed with the signing of the definitive purchase and sale contracts and to apply for the issuance of a residence permit for themselves and their family members.
The amendment stipulates that:
Citizens of third countries may complete their investment in one or more properties in the areas covered by sub-par. 2 of paragraph B of article 20 of Law 4251/2014 (Α΄80), until December 31, 2023, with a minimum investment value of two hundred and fifty thousand (250,000) euros, subject to the payment of an advance payment of ten per cent (10 %) on the purchase or rental price of hotel accommodations or tourist residences hereunder until April 30, 2023, or as provided for in the first paragraph of subpar. 5 of paragraph B of article 20 of Law 4251/2014, either by signing a preliminary notarial agreement or by signing a private agreement of a specific date and a relevant proof of credit from the buyer’s bank regarding the sending of the advance payment to the seller’s account until on April 30, 2023.
If the purchase of the property for which an advance of ten per cent (10%) of the purchase price was given is not completed by April 30, 2023, the third country citizen may complete his investment in another or other properties, with a minimum investment value of two hundred fifty-thousand (250,000) euros and in any case no later than December 31, 2023.
With par. 11 of article 177 entitled “Transitional provisions Law 5038/2023 A’ 81/01.04.2023” it is defined that:
“11. The advance payment deadline of Article 92 of Law 5007/2022 (A’ 241) is extended until July 31, 2023”.
[source: lawnet.gr in Greek]
