What is a Golden Visa?
The “Golden Visa” is not actually a visa, but rather a type of residency permit granted to real estate owners. In 2013, the Greek Government introduced a scheme to issue permanent residency permits to non-EU nationals who purchase real estate valued at a minimum of €250,000. The permit is renewable every five years, provided that the property is still owned by the permit holder.
NEW REGULATIONS ON THE GOLDEN VISA LAW
The new regulations included in articles 91 and 92 of the official gazette dated 27.12.2022 and in articles 100 and 177 of the official gazette dated 01.04.2023 not only increase the minimum limit for purchases subject to golden visa by foreign investors to €500.000 in some central municipalities of Athens, the central municipality of Thessaloniki, Mykonos and Santorini, requires the investment to be made in a single property.
The regulation, which authorizes the Ministries of Finance, Development and Migration Affairs to determine new regions where different limits will be applied with a joint decision, does not foresee a change in the existing regulation in all other regions of the country. Therefore, the purchase of one or more real estate with a minimum value of €250,000, excluding the regions mentioned in the new regulation, continues to entitle foreign investors and family members for a Golden Visa.
What Does the Transition Period Predict?
The new regulation also includes temporary regulations that are valid until 31.07.2023 only in the aforementioned regions, without any changes in the remaining regions of the country. All buyers who have signed a purchase contract by this date and have deposited 10% of the value of the property as a down payment are entitled to trade on the old limits and conditions.
In order to use this right, that is, to be subject to a golden visa, the entire price of the property must be paid by 31.12.2023. The regulation also allows the use of a down payment paid until 31.07.2003 for another property, provided that the full price is paid by 31.12.2023, in case the said purchase does not take place.
Therefore;
The new regulation, provided that the advance payment is made until 31.07.2023, continues in the aforementioned areas to recognize the right to foreign investors and their family members who purchase one or more properties with a minimum value of €250,000 to a permanent residence permit (Golden Visa), which is valid for life and is renewed every five years.
