Greece Golden Visa Program: Key Updates and Crucial July 31st Deadline
The Greece Golden Visa Program has recently experienced significant changes that impact both investors and the real estate market.
This blog post will provide an overview of the updated immigration rules passed by Greek lawmakers, which includes key updates on real estate-based golden visa applications, incentives for investors, and affected municipalities.
Background of Greece Golden Visa Program
Greek lawmakers recently passed updated immigration rules, which include changes to the real estate-based Golden Visa Program. The transition period for these applications has been postponed from April 30th to July 31st this year.
In September last year, the Greek government announced plans to double the minimum investment requirement for the golden visa program’s real estate option from €250,000 to €500,000. However, it was later revealed that the higher minimums would apply only to 36 key municipalities.
A grace period was initially set for investors to invest at the lower threshold, with a 10% deposit due by April 30th, 2023. However, this week the Hellenic Parliament voted to postpone the beginning of the transition period to July 31st.
Government’s Approach and Incentives for Investors
Minister of Migration and Asylum, Notis Mitarakis, emphasized the importance of establishing effective procedures to address immigration challenges while considering the needs of the Greek economy and society.
To make the transition smoother for investors, the government has introduced an incentive that allows them to switch properties during the extended five-month transition period, as long as they pay a 10% deposit before July 31st.
This flexibility provides prospective investors with more time to explore different property options and make well-informed decisions on their investments in Greece.
Municipalities Affected by the Change
Among the 36 municipalities affected by the increased investment requirement, 28 are in the Greater Athens region, six in Greater Thessaloniki, and two are tourist hotspots Santorini and Mykonos.
Surge in Applications and Processing Times
The announcement of the price increase led to a surge in applications during Q4 of last year, which continued into 2023. This emphasizes that now is a crucial time to consider the Greece Golden Visa, given the upcoming changes and the lower investment requirements before the July 31st deadline.
Despite the increase in applications, processing times remain reasonable, with residence cards taking around 2-4 months to be issued. If you’re interested in exploring the Greece Golden Visa Program, our team of experienced professionals is here to guide you through the process and help you make the most of this time-sensitive opportunity.
Conclusion
In summary, the recent changes to Greece’s Golden Visa Program, including the postponement of the transition period and increased investment requirements, have created new dynamics for investors and the real estate market. The program offers significant benefits, such as visa-free travel within the Schengen Area, the ability to include family members in the application, access to excellent education and healthcare and an overall better quality of life.
By understanding these changes and staying up-to-date with processing times, prospective investors can make informed decisions on their property investments in Greece and fully capitalize on the advantages of the Greece Golden Visa Program.