Deadline Nears for Greece's Golden Visa: Property Investors Face Higher Thresholds

07:17 22/8/2024 - Πηγή: iEfimerida

The clock is ticking for those looking to secure a Greek Golden Visa through property investment under the existing, more favorable terms.

With just over a week remaining, potential buyers are urged to act quickly to capitalize on the lower

investment thresholds before they expire.

Recent legislative changes have ushered in higher minimum investment amounts and additional restrictions on eligible properties. In sought-after areas like Athens, Thessaloniki, Mykonos, Santorini, and larger islands, the minimum investment has now doubled to 800,000 euros. Properties must also meet a minimum size requirement of 120 square meters and cannot be split into smaller units.

Elsewhere in Greece, the threshold has risen from 250,000 euros to 400,000 euros.

While exceptions exist for the restoration of listed buildings and the conversion of industrial properties into residences, these investments must be finalized before applying for residency.

These changes reflect the government's intention to refine the Golden Visa program, ensuring investments align with their economic and development goals.

They also come with stricter penalties for non-compliance, including hefty fines and the potential revocation of the visa.

For investors who can secure a property with a 10% deposit by the end of August, there's still a chance to complete the purchase under the old rules by the end of the year.

If that is not feasible, they have until April 30, 2025, to invest in an alternative property under the previous conditions.

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