News is in from the Prime Minister of Greece, Kyriacos Mitsotakis, that the conditions for gaining residency in Greece by investment in real estate are changing imminently, leading to an urgent call to action for anyone looking to gain this popular residency by means of investment.
Change in the real estate requirement for the Greek residency Golden Visa
Until now overseas investors have been able to purchase a property with a minimum value of €250,000. However, in order to improve availability and affordability of property for local citizens the Greek Government has announced that from January 2023 the minimum value of investment for purchasers from abroad will rise to €500,000. Investors wishing to purchase property at the lower threshold have until just 31 December this year to start the process and pay 10% of the purchase price.
The Greek Prime Minister, Kyriacos Mitsotakis said, “In order to increase the affordability of real estate for Greeks, we are now increasing the minimum amount of investment required for the issuance of a golden visa from €250,000 to €500,000.
Investors who are aiming to obtain Greek residency by investing in real estate are urged to act now to secure the best option. Contact our team for personalised, speedy and specialist advice here.
We at Astons would be delighted to show you our extensive selection of properties in Greece, offering perfect investment opportunities. These range from compact luxury apartments to large villas, hotels and other properties. See our full portfolio of Greek real estate.
It is clear that investors wishing to take advantage of the opportunity to purchase property at the lower threshold of €250,000 will be acting very soon to maximise their investment and start the purchase acquisition and visa application process.
Greece has long been an attractive choice for investors. Offering beautiful scenery, a high quality of life and easy transport links to the rest of Europe, it has proved popular over many years to those looking to gain a second residency.
Beneficial reasons to choose Greece:
- The amount of investment required is relatively low compared to other EU countries
- The right to live, work and invest in Greece
- High standard of living
- Access to high quality Greek education and healthcare
- Visa-free travel to all of the countries of the Schengen zone
- Access to the EU free market
- Family can be covered in the residency application, including spouse, unmarried children under the age of 21 (and up to 24 if they are a student) and dependent parents of the applicant and their spouse
- No residency requirement to maintain or renew the visa
- Real estate investments can be rented out to provide a constant income
- The visa can be renewed every five years as long as the investment is maintained
- Citizenship can be applied for after 7 years of residency
The Greek residency by investment program is open to anyone who:
- Is over 18 years of age
- They do not have any criminal record in any country they have lived in
- Has taken out health insurance in Greece
- Can show they have the funds to make the required investment
However, the real estate requirement is changing very soon, with an increase in the amount of investment required, and anyone looking to make an investment for residency is advised to move quickly.
Astons’ team of international experts have up-to-the-minute knowledge of conditions and deadlines and are on hand to help you with all the latest information. Contact us!
Our team at Astons is ideally placed to provide all the advice and information you need to move ahead quickly. This small window of opportunity still allows time to take advantage of the lower property threshold, if you take action very soon. Contact us now for a no-obligation consultation.