Greece Golden Visa: From 250,000€ to 500,000€. Which municipalities will be affected?

In September 2022, the Greek Prime Minister, Kyriakos Mitsotakis, announced that the minimum investment amount for the Greece Golden Visa program in some regions of the country would be increased from EUR250,000 to EURE500,000. This will apply to certain municipalities.

A transition period will begin from May 1st, 2023, to December 31, 2023. This is particularly important for investors who have already paid 10% of the property value by April 31st, 2023. They will be able to conclude their property contracts on or before December 31, 2023, as they will still be able to apply the old minimum investment amount of EUR250,000.

Investors will be limited to buy only a single property. However, an exception to this rule will apply in instances where the applicant, for example, buys two properties in the same building.

Furthermore, investors are now allowed to proceed with purchasing a property without visiting Greece by signing a Power of Attorney in their country in front of the Greek consul, but also in front of any foreign notary of their choice, providing that the Power of Attorney is duly certified with the Apostille Stamp or authorized by a qualified Greek consul.

The new rules that will require a EUR500,000 minimum investment requirement apply to a total of thirty-six municipalities in Greece

In the Athens area, these municipalities are:

Agia Paraskevi, Agios Dimitrios, Alimos, Athens, Chalandri, Dafni-Imittos, Elliniko-Argyroupoli, Filadelfia-Psychiko, Galatsi, Glyfada, Ilioupoli, Irakleio, Kaissariani, Kifisia, Lykovrysi-Pefki, Marousi, Metamorfosi, Moschato-Tavros, Nea Ionia, Nea Smyrni, Palaio Faliro, Papagou-Cholargos, Penteli, Vrilissia, Vyronas and Zografou.

In the Thessaloniki area:

Ampelokipoi Menemeni, Kalamaria, Kordelio-Evosmos, Neapoli-Sykies, Pavlos Melas and Thessaloniki.

In the islands:

The tourist hotspots Mykonos and Santorini.

Benefits of the Greece Golden Visa: Why is it worth it?

The key advantages of the Greece Golden Visa are visa-free travel within Europe’s Schengen area, there is no requirement to reside in Greece, residence permits can be acquired within 30 to 60 days, unlimited expiry date of residence permit, opportunity to rent out the investment property, residence applicable to the whole family (spouse, children under 21 years old, parents of main applicant and spouse), eligibility to apply for Greek citizenship after 7 years of residence, the ability to hold shares and receive income from the dividends of a company registered in Greece, but not employed in Greece, and tax optimization for 15 years or a flat rate of EUR100,000 per year.