Greek Government Announces Golden Visa Price Increase Areas & Grace Period
27 January 2023
The Greek Government recently issued a statement regarding the anticipated Golden Visa price increase, limiting the increase to certain areas of the country while also announcing a grace period for those looking to invest within those areas under the former regulations.
The new law L. 5007/2022 Articles 91 and 92 detail the changes, limiting the Golden Visa's real estate minimum investment threshold increase from €250,000 to €500,000 to these areas:
- North, Central, and South Sector of Athens
- Municipality of Vari - Voula - Vouliagmeni (Region of Attica)
- Municipality of Thessaloniki (Region of Central Macedonia)
- Regional Units of Mykonos and Santorini (Region of South Aegean)
By restricting the price increase to these regions, the Greek Government has ensured that the vast majority of the country's provinces still operate under the €250,000 minimum investment threshold, giving a boost to those region's housing markets while continuing to provide investors with a very affordable price point for one of the world's most popular Residency by Investment programmes.
Government Announces Grace Period
The Greek Government also released the grace period that allows investors to qualify for the Golden Visa by investing €250,000 in real estate within one of the areas affected by the price increase.
Investors will have until December 31st, 2023, to complete their purchase and submit their application, but to qualify for this exception, an investor must deposit 10% of the property's value before April 30th, 2023.
However, interested investors who want to take advantage of this grace period must act quickly, as they will need to choose their preferred property or properties, finalize the initial paperwork, and make the deposit before the deadline in April comes around.
The best way to do so is through Latitude’s vetted developers in Greece which allows us to provide our clients with top-tier properties with exceptional value in a very short time. Our team of experts can finalize the required paperwork and assist in structuring the deposit details to ensure everything is in order before the deadline.
To know more about Greece's Golden Visa, the upcoming changes, and how you can take advantage of the current investment threshold, contact us today to book a free, comprehensive consultation.