The Greek Golden Visa program, a popular residency by investment scheme, has long been favoured by wealthy non-EU nationals seeking to obtain residence in Greece through real estate investment. Recently, the Prime Minister of Greece announced significant updates to the program, including revised investment thresholds and zoning classifications. These changes are due to come into effect no later than May of 2024, and could impact prospective investors looking to capitalise on the Golden Visa in Greece opportunity.
In 2013, the Greece residency visa (Golden Visa program) was launched to the investment immigration market with a minimum real estate investment of EUR 250,000, with the investor granted a renewable five-year residency permit provided that the investment is maintained at the time of renewal. In January of 2023, the Greek Government announced an increase of the minimum investment amount from EUR 250,000 to EUR 500,000.
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GOLDEN VISA GREECE KEY POINTS
- Greece Golden Visa program increases minimum investment amount for residency: From €250,000 to €500,000.
- New investment thresholds vary by location: Zones are created with different minimum investment amounts.
- Prime locations (Zone A) require the highest investment: €800,000 minimum.
- Zone B offers a balance: €400,000 to €500,000 minimum investment.
- Zone C remains most affordable: €250,000 minimum investment remains.
NEW GREEK GOLDEN VISA REQUIREMENTS
Under the new announced rules, the investment thresholds for the Greek Golden Visa will undergo adjustments in investment requirements, which will now vary depending on the location. The new rules demonstrate three distinct area zones in Greece having their own respective investment thresholds, as detailed below.
EXCLUSIVE RESIDENCY: PRIME ZONES IN GREECE
In Zone A, encompassing prime locations such as Athens, parts of Attica, Thessaloniki, and islands such as Mykonos and Santorini, the investment for residence in Greece is now set to a minimum of EUR 800,000. This higher threshold reflects the premium real estate values in these desired areas, making it an exclusive option for investors seeking to obtain residency by investment in Greece’s most prestigious areas.
BALANCED OPPORTUNITIES: INVESTING IN ZONE B
Moving to Zone B, investors will find a more moderate investment requirement ranging from EUR 400,000 to EUR 500,000. This zone includes desirable regions but with lower real estate values than those in Zone A, offering a balanced opportunity for investors to gain Greece residency with the Greece Golden Visa.
ACCESSIBLE RESIDENCY: EXPLORING ZONE C INVESTMENTS
Finally, in Zone C, the investment threshold remains at the previous minimum of EUR 250,000. This zone covers the majority of municipalities in Greece, offering investors access to more affordable real estate options whilst still receiving the benefits of Greece investment immigration.
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GREECE INVESTOR VISA, BENEFITS BEYOND RESIDENCY
The regulations regarding other requirements for this Greece Investor Visa program such as the necessary documentation, processing times, and residency requirements remain unchanged.
This Greece Investment Visa program offers several advantages beyond residency, including visa-free travel within the Schengen Zone, access to Greece’s high standard of education, healthcare, and tax benefits, Greece’s minimal residency requirements, and the potential to invest in Greece for citizenship after 7 years subject to meeting actual residency and language requirements. The Golden Visa program also allows for three generations of dependents – the investors spouse, children under 21, and the parents of the investor and spouse – to enjoy the benefits of Greek residence. In addition, the processing for the program is fast, typically within 6-9 months.
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INVEST IN GREECE FOR RESIDENCY
Investing in Greece for residency through the Golden Visa Greece program presents an attractive opportunity for individuals and families seeking to establish a foothold in Europe. Whether it’s the vibrant urban lifestyle of Athens, the picturesque beauty of the Greek islands, or the rich culture of Thessaloniki, Greece offers diverse and enticing options for investors to consider.
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