Golden Visa in Greece: A Comprehensive Guide to the New Rules

Greece’s Golden Visa policy has been one of the most successful residency by investment programs in Europe. Since its launch in 2013, it has attracted thousands of foreign investors to the country, providing them with a fast-track option to obtain a residency permit by investing in Greek real estate. The program has been instrumental in boosting the Greek economy and creating jobs in the real estate and construction sectors.

As of September 2022, the Prime Minister of Greece, Mr. Kyriakos Mitsotakis announced a possible raise of the Golden Visa threshold from 250.000€ to 500.000€. Within the next couple of months more information regarding amendments to the Golden Visa scheme were released, talking about the minimum investment amount of 500.000€ applying only in the regions of Athens and Thessaloniki.

On December, the Greek government voted L.5007/23.12.2022 which amended the Golden Visa framework regulated by Article 20B of L.4251/2014. In alignment with L.5007/23.12.2022, the threshold for investment in Real Estate indeed increased from 250.000€ to 500.000€. The government has stated that it will work to ensure that the benefits of the program are spread more widely, by encouraging investment in socially responsible projects and sustainable development.

When?

The new Law will come into effect from May 1st, 2023.

Where?

The decision to raise the threshold from 250k to 500k is a strategic move that aims to attract more high-value investors to the country, while also providing a boost to the real estate sector in Greece. However, the new threshold of 500k applies to only 10% of the Greek Municipalities which are the following:

• Central Athens Regional Unit (Athens, Filadelfia-Chalkidona, Dafni-Imittos, Galatsi, Kaisariani, Vyronas, Zografou, Ilioupoli).
• South Athens Regional Unit (Glyfada, Palaio Faliro, Alimos, Agios Dimitrios, Elliniko-Argyroupoli, Kallithea, Moschato-Tavros, Nea Smyrni, Vari-Voula-Vouliagmeni).
• North Athens Regional Unit (Kifisia, Marousi, Agia Paraskevi, Chalandri, Filothei-Psychiko, Irakleio, Lykovrysi-Pefki, Metamorfosi, Nea Ionia, Papagou-Cholargos, Penteli, Vrilissia).
• Municipality of Thessaloniki
• Island of Mykonos
• Island of Santorini

Adaptive Period?

According to Art. 92 of L.5007/2022 there is a provision regarding a transitional period. In particular, investors who have made a 10% deposit on a property in the affected areas before April 30th, 2023, will be able to conclude their property contracts by December 31st, 2023, and still be eligible for the previous 250k scheme. If the deal falls through, investors can still apply for the previous scheme by purchasing another property before the end of 2023.

Anything else you need to know?

• Invest in solely one property

It shall be highlighted that in view of the new provisions regarding the Golden Visa project, investors in areas where the threshold is increased to 500.000€ must invest in one (1) single property. However, in areas where the threshold remains 250,000 EUR, investors still have the option to invest in multiple properties to meet the minimum requirement of 250k.

• Power of Attorney before a foreign Notary

Foreign investors who wish to pursue a Golden Visa in Greece but cannot be present in the country to handle their case may grant a Power of Attorney (PoA) to a Greek Law Firm to act on their behalf. This can be done in several ways, depending on the investor’s location and preference. One option is for the investor to sign the PoA before a Greek Embassy or Consulate of their home country. However, in effect from May 1st, 2023, the applicant is allowed to sign a Power of Attorney before a Notary Public in their country of origin. The document must be properly certified and attested with an Apostille Stamp or authorized by the competent Greek Consulate.

In view of the above, the decision to amend the Golden Visa program is a significant one, and it has been met with both support and criticism from various stakeholders. On the one hand, the move is likely to attract more high-value investors to Greece, who are more interested in investing in premium real estate opportunities. This could help to stimulate economic growth, create more jobs, and boost tourism in the country.

On the other hand, some have expressed concerns that the move could lead to a further rise in property prices in Greece, making it more difficult for local people to afford to buy homes. There are also concerns that the program could be open to abuse, with some investors using it as a way to launder money or avoid taxes.

In conclusion, while Thessaloniki, Athens, Mykonos, and Santorini are among the most famous and popular regions for real estate investment in Greece, there are several other areas that offer equally compelling opportunities for investors. From the rugged landscapes of Crete to the ancient sites of the Peloponnese, the crystal-clear waters of the Ionian Islands to the rich history of Rhodes and the stunning region of Chalkidiki as an equally great alternative to Thessaloniki, Greece offers a wealth of possibilities for investors seeking to own a piece of paradise and make their mark on the country’s thriving property market.

*Our office has extensive experience in immigration law and international law (residence permits, citizenship, naturalization, deportation, asylum applications, etc.). For more information or legal advice, please do not hesitate to contact us at +30 2313 079293 or by email at info@siopi-law.gr*

Dafni I. Siopi

Attorney at Law, LLM

52 Tsimiski Str, Thessaloniki

T. +30 2313 079293, +30 6977 568673

E. info@siopi-law.gr, dsiopi@siopi-law.gr