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New rules and 500,000 EUR Threshold for Greek Golden Visa – When and Where
In September of this year, the Prime Minister of Greece, Kyriakos Mitsotakis announced an increase in the minimum of the Greek Golden Visa scheme via real estate investment; back in 2013, the minimum was set at the launch of the program at 250k EUR.
In which cases will the investors need 500k EUR?
Based on unofficial information, the change will apply geographical limits on the threshold of the areas for real estate investments. The new threshold will be applicable from the 1st of August, 2023.
Depending on the location, properties in specific municipalities in the Greater Area of Athens will double from 250k EUR to 500k EUR, as well in Thessaloniki, Mykonos and Santorini. Please see the map below for details.
Adaptive period: How does this affect ongoing real estate transactions?
Investors buying in the areas affected and who have already paid a 10% of the property value as a deposit before 31/07/2023 will be able to conclude their property contracts up to 31/12/2023 and still apply under the old 250k scheme.
In case the deal for the property chosen collapses, the investors will be able to replace it with another property and still apply under the old 250k scheme, provided they will have concluded the transaction up to the end of 2023.
Any other changes?
Another new rule is that in the areas where the threshold is increased to 500,000 EUR, investors will have to invest only in ONE (1) property, while where the threshold remains 250,000 EUR, the investors will still have the option to invest in multiple properties, to reach the minimum of 250k.
Furthermore, it is now allowed for the investors to proceed by signing a Power of Attorney (POA) in their country, without visiting Greece, not only in front of the Greek Consulates but also in front of any foreign Notary of their choice, provided that the POA will be duly certified with Apostille Stamp or will be authorised by the competent Greek Consulate.
AREAS with the new minimum threshold of 500k EUR:
1) Central Athens Regional Unit:
- Athens
- Filadelfia-Chalkidona
- Dafni-Imittos
- Galatsi
- Kaisariani
- Vyronas
- Zografou
- Ilioupoli
2) South Athens Regional Unit:
- Glyfada
- Palaio Faliro
- Alimos
- Agios Dimitrios
- Elliniko-Argyroupoli
- Kallithea
- Moschato-Tavros
- Nea Smyrni
- Vari-Voula-Vouliagmeni
3) North Athens Regional Unit:
- Kifisia
- Marousi
- Agia Paraskevi
- Chalandri
- Filothei-Psychiko
- Irakleio
- Lykovrysi-Pefki
- Metamorfosi
- Nea Ionia
- Papagou-Cholargos
- Penteli
- Vrilissia
4) Municipality of Thessaloniki
5) Islands: Mykonos and Santorini
The new amendment should apply to the areas indicated in blue, in the graph below:
