In the near future, perhaps next week, it is expected that the decision to change the granting system will be finalized Residence permit For nationals of third countries subject to investment in Greek real estate market.
Today, it is required to spend 250,000 euros to acquire a property in order to secure the “Golden Visa”, with the amount expected to double from January 1, 2023. According to information, during this period, the Ministries of Immigration Policy (where the process of granting the “Golden Visa”) and Tourism are working on Draft ministerial decision to change the current system, which will be effective from the new year.
But what about the transactions that have been initiated, that is, foreign investors have submitted the required application and the process is in an advanced stage, but the sale of the property may not be completed by the end of the year? According to the information, for this transitional period, the basic plan, whose modification cannot be ruled out, stipulates that investors will be able to join the current system even when it is replaced by the new framework in the new year. The condition for this to happen is that investors pay 25% of the €250,000 price, i.e. €62,500 down payment, until the end of December. And if the deal is completed with the conclusion of a purchase and sale contract, until the first half of 2023, investors will still belong to the current system for granting a residence permit.
Prime Minister Kyriakos Mitsotakis announced the increase in the minimum investment amount to secure the “Golden Visa” last September at the Thessaloniki International Fair. The main reason behind this measure is to increase the stock of real estate available to Greek buyers, given that an increase in the minimum amount will limit sales to less affluent foreign investors. However, this measure is opposed by players in the real estate market, who argue that it could harm Greece’s competitiveness as an investment destination, and today offer the most affordable program. Spain and Portugal have an investment limit of €500,000, but the latter in particular offers the option to acquire citizenship, once the investor has completed five years of obtaining the residence permit.
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