From May this year, Greece will increase the minimum property spend from £250,000 to €500,000 in certain areas of the country in order to obtain a Golden Visa. Because of this, foreign buyers are hastening their property plans in an effort to get their hands on a Golden Visa.
Golden Visas can be obtained through investment into the country’s economy, but the most popular method is through investing in property.
From May, in order to obtain a Golden Visa, in the North part of Greece, Central and South Sector of Athens in the Attica Region, the islands of Mykonos and Santorini, and also the Municipality of Thessaloniki, you will have to purchase a property of €500,000 or more. In the rest of the country, the price will remain at €250,000.
The decision to change the rules around Golden Visas is so that foreign buyers stop driving up prices and real estate becomes more affordable for Greek citizens.
What is a Golden Visa?
The Golden Visa was introduced in Greece in 2014. Other countries have a Golden Visa scheme, such as Spain, Malta, and Italy; although, Portugal just put an end to theirs. Golden Visas have been extremely successful across Europe, especially with post-Brexit British people, as they mean that you can travel freely in the Schengen Area. Greece’s Golden Visa has been particularly popular because at €250,000, it has a low minimum spend. In Spain, for example, the minimum is €500,000.
What a Greece Golden Visa grants you:
- Visa-free travel within Europe’s Schengen Area.
- No requirement to reside in Greece.
- Residence applicable to the whole family.
- Eligibility to apply for citizenship after seven years.
- Opportunity to rent out the property to holidaymakers.
Changes to the rules has led to an influx of foreign buyers
Foreign buyers are rushing to buy Greek property for their Golden Visa. Should you do the same?
In the build-up to May, international buyers are hastening their property plans, so as not to miss out on this golden opportunity. The Greek Ministry of Migration and Asylum said that 2,767 new Golden Visas were issued last year, a significant jump on from 2021, which saw 1,525. Over 60% of Golden Visa applicants are from China, with Turkey, Lebanon, Egypt, and the UK following behind.
If you have also been considering gaining residency in Greece through an investment scheme, this may be the push you need to speed ahead with those plans. Given that Portugal has recently ended their Golden Visa scheme, and the European Union has heavily criticised countries that have them, it may be that Greece comes under pressure to fold their Golden Visa scheme completely too. For now, however, make use of this fantastic scheme while it lasts!
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