Unpacking the Greece Golden Visa price hike: how to get a residence permit and save €150,000
The cost of obtaining a Greece residence permit by investment will nearly double, rising from €250,000 to €400,000—500,000. The information comes from the media Ekathimerini, citing Greek Prime Minister Kyriakos Mitsotakis. The change will presumably come into effect starting May 1st, 2024.
We provided insight into the updated conditions and explored the feasibility of securing a residence permit in Greece with an investment of €250,000.
Investment programs expert
Currently, a 5-year residence permit in Greece is granted for investments totalling €250,000 or more in the country's economy, making it the most affordable Golden Visa option in the European Union. However, it is set to change.
As per media reports citing the Greek government, investors will still be eligible for residency by investing in real estate. However, beginning May 1st, 2024, the minimum investment threshold will increase from €250,000 to 400,000.
Real estate investors will have the following options available:
Purchase of properties valued at over €800,000 in “Zone A.” This zone encompasses highly sought-after regions such as Athens, central, southern, and northern parts of Attica, Thessaloniki, and the islands of Mykonos and Santorini.
Purchase of properties ranging from €400,000 to 500,000 in “Zone B.” This may include suburbs of Athens, such as Piraeus, Erakas, Ekali, and Markopoulo.
Purchase of properties valued at over €250,000 in the designated “Zone C.” These areas comprise Greek municipalities less favoured by investors.
Greece previously raised the minimum investment threshold for real estate in August 2023, increasing property values from €250,000 to 500,000 across 36 regions of the country.
A transitional period was introduced for investors, allowing them to purchase real estate under the previous conditions before the new regulations took effect. A similar transition period will be implemented now, although the exact timeline remains uncertain.
The Greek Golden Visa program remains highly popular among investors, with foreigners injecting €5.5 billion into the Greek economy over the past decade. In addition to real estate purchases, investors can invest in securities or open a bank deposit amounting to €400,000 or more. However, the Greek government has yet to disclose how these options will be affected as of May 1st, 2024.
5 reasons to obtain a Greece Golden Visa
1. Visa-free travel. Holders of a Greek residence permit enjoy visa-free travel to Schengen countries, allowing for stays of up to 90 days within 180 days.
2. Simplified procedure. Investors are not required to undergo language or cultural proficiency exams to secure a residence permit, providing a straightforward pathway to the European Union’s residency.
3. Family inclusion. The application for a residence permit can encompass the entire family, including spouses, children under 21, and parents, facilitating cohesive family relocation.
4. Investment returns. Property investments in Greece offer the potential for attractive returns, as rental income is permissible under the law. The yield on Greek real estate typically is 2—10% annually.
5. Path to Greek citizenship. Following five years of residency, investors become eligible for permanent residency. Subsequently, after an additional two years, they can apply for Greek citizenship, providing an enduring connection to the country.
Practical Guide
