Owners of forgotten properties, unfinished buildings, old single-family homes, but also other owners with two- or three-storey buildings who want to get them out of the lease due to age, are doing everything they can to sell them either to individual brokers (Greek and foreign) or to builders, as long as the minimum 250,000 euros In her program Golden Visa.
In less than 10 days from today, the Golden Visa program has become difficult. If the transition period is not extended (government sources consider the possibility of extension very difficult), the ownership thresholds in the areas of interest rise to 800,000 eurosand this whole game that started with it. Transitional period The Golden Visa will expire, creating new data. Real Estate Market.
There are two cases: those who have ready-to-use properties of lower value and are trying to sell them for 250,000 euros (the current minimum for the Golden Visa) to agencies and brokers. The goal is to sell them to Chinese, Israelis, Americans, etc., at this price and pocket the difference. In this first case, the owners approach individual brokers, Greeks, Chinese, etc. They are independent, living in Greece or have acquired it. Residence permit Through Golden Visa we search for almost ready properties to sell to third parties who want to obtain a golden passport.
The second case is for semi-finished or other properties that need work and renovation, and they are looking for contracting companies to do all the work, finishing and disposing of it through the golden visa. However, the following problem often appears here: the owner wants to give it more, i.e. 250 thousand euros, but the builders do not buy it. The reason is simple! Beyond the cost Buying a property (For example 150,000 euros), the contractors must bear the finishing work, the commission of the foreign broker they work with (as in China it reaches 20%), VAT, other taxes, guaranteed rents (demanded by clients such as the Chinese), and other additional burdens that may push the price of the property to 500,000 euros. That is, in order for the manufacturers to “exit”, they will have to make it available at double the price, making it irrelevant to the Golden Visa program.
On the one hand, the government acknowledges the good performance of the program, but on the other hand, it wants to send a clear message that the Golden Visa program must also be adapted to the broader housing problem in the country. This will become clear in September during a speech by Prime Minister Kyriakos Mitsotakis. It is worth noting that with the new system of granting a 5-year residence permit to third-country nationals (Golden Visa), the following conditions will apply:
– In the Attica region, the regional units of Thessaloniki, Mykonos and Santorini and in the islands with a population of more than 3,100 inhabitants, the value of the real estate that the interested party must own increases to 800,000 euros. In fact, as the Minister said in Parliament on Tuesday, the investment limit in Attica, Thessaloniki, Mykonos, Santorini and the islands with a population of more than 3,100 inhabitants rises to 800,000 euros and in the rest of the regions to 400,000 euros, with a transitional arrangement in order not to disrupt the functioning of the market.
– In the rest of the country, the value of real estate is EUR 400,000. However, the investment must be made in a single property (and not in several properties of a lower value) with an area of at least 120 square meters. It is permitted to purchase a proportion of the property in undivided joint ownership, the minimum value of which is EUR 800,000 and EUR 400,000 respectively.
– For buildings that currently have a different use and are being converted into housing, the minimum investment amount is EUR 250,000. The conversion of use must be completed before submitting the residence permit application.
– The limit is also set at €250,000 if it is an investment in a listed building that will be restored. It should be noted that for changes of use, i.e. from e.g. industrial to residential, etc., as for listed properties, there is no minimum square footage for properties offered for sale.
In less than 10 days from today, the Golden Visa program has become difficult. If the transition period is not extended (government sources consider the possibility of extension very difficult), the ownership thresholds in the areas of interest rise to 800,000 eurosand this whole game that started with it. Transitional period The Golden Visa will expire, creating new data. Real Estate Market.
There are two cases: those who have ready-to-use properties of lower value and are trying to sell them for 250,000 euros (the current minimum for the Golden Visa) to agencies and brokers. The goal is to sell them to Chinese, Israelis, Americans, etc., at this price and pocket the difference. In this first case, the owners approach individual brokers, Greeks, Chinese, etc. They are independent, living in Greece or have acquired it. Residence permit Through Golden Visa we search for almost ready properties to sell to third parties who want to obtain a golden passport.
The second case is for semi-finished or other properties that need work and renovation, and they are looking for contracting companies to do all the work, finishing and disposing of it through the golden visa. However, the following problem often appears here: the owner wants to give it more, i.e. 250 thousand euros, but the builders do not buy it. The reason is simple! Beyond the cost Buying a property (For example 150,000 euros), the contractors must bear the finishing work, the commission of the foreign broker they work with (as in China it reaches 20%), VAT, other taxes, guaranteed rents (demanded by clients such as the Chinese), and other additional burdens that may push the price of the property to 500,000 euros. That is, in order for the manufacturers to “exit”, they will have to make it available at double the price, making it irrelevant to the Golden Visa program.
On the one hand, the government acknowledges the good performance of the program, but on the other hand, it wants to send a clear message that the Golden Visa program must also be adapted to the broader housing problem in the country. This will become clear in September during a speech by Prime Minister Kyriakos Mitsotakis. It is worth noting that with the new system of granting a 5-year residence permit to third-country nationals (Golden Visa), the following conditions will apply:
– In the Attica region, the regional units of Thessaloniki, Mykonos and Santorini and in the islands with a population of more than 3,100 inhabitants, the value of the real estate that the interested party must own increases to 800,000 euros. In fact, as the Minister said in Parliament on Tuesday, the investment limit in Attica, Thessaloniki, Mykonos, Santorini and the islands with a population of more than 3,100 inhabitants rises to 800,000 euros and in the rest of the regions to 400,000 euros, with a transitional arrangement in order not to disrupt the functioning of the market.
– In the rest of the country, the value of real estate is EUR 400,000. However, the investment must be made in a single property (and not in several properties of a lower value) with an area of at least 120 square meters. It is permitted to purchase a proportion of the property in undivided joint ownership, the minimum value of which is EUR 800,000 and EUR 400,000 respectively.
– For buildings that currently have a different use and are being converted into housing, the minimum investment amount is EUR 250,000. The conversion of use must be completed before submitting the residence permit application.
– The limit is also set at €250,000 if it is an investment in a listed building that will be restored. It should be noted that for changes of use, i.e. from e.g. industrial to residential, etc., as for listed properties, there is no minimum square footage for properties offered for sale.
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