Greece Golden Visa Program Sees Significant Changes in Investment Threshold

Greece’s esteemed Golden Visa Program, designed to attract foreign investments by offering residency in exchange for real estate purchases, has recently undergone major modifications, as reported by officials.

Starting August 1, 2023, wealthy foreign nationals seeking residency in Greece will have to dig deeper into their pockets. The earlier cap of EUR 250,000 for homes eligible under the Golden Visa Program has now been revised to a whopping EUR 500,000. This implies that foreign investors must invest half a million euros to qualify, doubling the previously required sum.

From the stated date onward, non-Greek citizens who venture into real estate purchases in Greece, whether individually or through a legal entity, worth a minimum of EUR 500,000 will be granted a five-year resident permit under this investor visa initiative. Notably, the updated regulations permit the acquisition of just one home, in contrast to previous provisions.

The changes notably affect prime areas such as the wider Athens region, with suburbs like Melissia, Kifissia, Ekali, and Glyfada among others witnessing this increased investment cap.

Earlier this year, Greek Prime Minister Kyriakos Mitsotakis had unveiled plans to introduce these revisions, initially set to take effect on May 1. However, the implementation was deferred by three months, leading to the August 1 commencement date.

Authorities are currently grappling with an inundation of interest in this program. A staggering 5,444 investor visa applications are in queue, indicating a growing interest of the Greek residency by investment scheme and adding pressure on the approval process.

For those considering this golden opportunity, FRR Immigration stands ready to guide potential investors through the application process, urging them to seize the chance to be part of this revamped Greek initiative.

*Source: Schengen Visa Info