ATHENS – The minimum value of property that must be acquired to grant eligibility for a Golden Visa will be increased to 500,000 euros in certain parts of Greece, according to an amendment tabled in Parliament by the development and investments ministry, attached to a health ministry bill that is to be debated in the plenary on Wednesday.
The new minimum value at time of purchase will apply to the North, Central and South Sector of Athens in the Attica Region, the islands of Mykonos and Santorini and the Municipality of Thessaloniki. It also applies to the total agreed price of contracts for the lease of hotel accommodation or furnished tourist residences in these areas, which must be paid in full before applying for a permanent residence permit for investors.
The amendment clarifies that the above investment must concern the purchase of a single property, while in cases of joint property ownership, the minimum value of the ownership share must be 500,000 euros and must again concern a single property.
For the remainder of the country, the previous minimum value of 250,000 euros will continue to grant eligibility for an investor permanent residence permit, or Golden Visa.
Third country nationals who already have a permanent residence permit for investors can renew this for an equal time period provided they still have ownership or possession of the property and the period of their absence from the country does not cause problems. Additionally, third country nationals who own property in Greece are permitted to lease it.
The golden visa is issued within two months of submitting the application and supporting documents.
Third country citizens will have until December 31, 2023 to complete contracts that are in progress in the areas where the upper limits will change.