Wealthy internationals planning to gain residency in Greece through the golden visa scheme will have to spend more money when investing after the country decided to increase the minimum investment amount for the scheme.
According to SchengenVisaInfo.com, the minimum property value required to issue a golden visa in certain regions of the Hellenic Republic will be 500,000 euros, according to an amendment proposed by the Greek Parliament last week.
According to local media reports, the new changes will apply to northern Greece, central and southern Athens in the Attica region, the islands of Mykonos and Santorini, as well as the city of Thessaloniki.
The Investment Residency Program, also known as the Golden Visa Program, allows internationals to obtain residency in Greece, provided they invest a specific amount and meet certain conditions.
Earlier this year, Greek Prime Minister Kyriakos Mitsotakis launched a plan that would see Greece increase the minimum investment required to issue a golden visa to 500,000 euros instead of 250,000 euros.
Mitsotakis announced the changes while stressing that the plan would be revised. The Prime Minister added that new amendments will be introduced to improve the affordability of real estate for Greek citizens.
Investors are snapping up property in Greece, especially in Athens, and are driving Greeks out of their neighborhoods and increasing rents, according to the Greek Prime Minister.
has highlighted that for the rest of the country, a minimum value of €250,000 will qualify for a permanent residence permit for investors, also known as a golden visa.
Third-country nationals who hold an investor’s permanent residence permit are eligible to renew it for the same period if they still have ownership of the property and there are no issues with the period for which they leave the country.
Furthermore, it has been reported that third-country nationals who own property in Greece can rent it out. At the same time, third-country nationals are eligible to complete ongoing contracts in areas where the new changes apply until 31 December 2023.
Greece's Gold Scheme is one of the most well-known such schemes in Europe; however, it has often been criticized for opening the door to many illegal activities such as money laundering and corruption, and the European Commission has continually called on EU countries running such schemes to end them as soon as possible.
Previously, a report provided by Ekathimerini stated that one third of real estate transactions in the Hellenic Republic over the past few years came from purchases made to obtain a golden visa.
Wealthy internationals planning to gain residency in Greece through the golden visa scheme will have to spend more money when investing after the country decided to increase the minimum investment for the scheme.
The minimum property value required to issue a golden visa in some areas of the Hellenic Republic will be €500,000, according to an amendment proposed by the Greek Parliament last week, SchengenVisaInfo.com reports.
According to local media reports, the new changes will apply to northern Greece, central and southern Athens in the Attica region, the islands of Mykonos and Santorini, and the city of Thessaloniki.
The Investment Residency Program, also known as the Golden Visa Program, allows internationals to obtain residency in Greece, provided they invest a specific amount and meet certain conditions.
Earlier this year, Greek Prime Minister Kyriakos Mitsotakis launched a plan that would see Greece increase the minimum investment required to issue a golden visa to €500,000 instead of €250,000.
Mitsotakis announced the changes while stressing that the plan would be revised. The Prime Minister added that new amendments will be introduced to improve the affordability of real estate for Greek citizens.
Investors are snapping up property in Greece, especially in Athens, and are driving Greeks out of their neighborhoods and increasing rents, according to the Greek Prime Minister.
has highlighted that for the rest of the country, a minimum value of €250,000 will qualify for a permanent residence permit for investors, also known as a golden visa.
Third-country nationals holding an investor’s permanent residence permit are eligible to renew it for the same period if they still have ownership of the property and there are no issues with the period for which they leave the country.
Furthermore, it has been reported that third-country nationals who own property in Greece can rent it out. At the same time, third-country nationals are eligible to complete ongoing contracts in areas where the new changes apply until 31 December 2023.
Greece’s Gold Scheme is one of the most well-known such schemes in Europe; however, it has often been criticized for opening the door to many illegal activities such as money laundering and corruption, while the European Commission has continually called on EU countries running such schemes to end them as soon as possible.
Previously, a report provided by Ekathimerini stated that one third of real estate transactions in the Hellenic Republic over the past few years came from purchases made to obtain a golden visa.
