Update –
On March 21st, the Greek Government confirmed new changes to the Greece Golden Visa’s Real Estate investment option. This announcement followed the price increase of the non-Real Estate Golden Visa investment options. As of March 31st, 2024, acquiring the Greece Golden Visa through real estate investment will now involve three price categories: €250,000, €400,000, and €800,000.
Investors are increasingly drawn to Greece for its Golden Visa program, which offers a gateway to European residency through real estate investments.
Recently, Prime Minister Kyriakos Mitsotakis announced in the Greek Parliament that the real estate investment route for the Golden Visa program will experience price hikes.
Mitsotakis revealed that prices in certain areas could soar to as high as €800,000. The new policy will introduce three distinct minimum investment levels:
- Zone A: €800,000
- Zone B: €400,000 – €500,000
- Zone C: €250,000
Although the prime minister did not specify which areas fall into each category, he indicated that popular locations would be primarily targeted for these price hikes. Currently, the top three areas with the highest investment interest are:
- Attica: 7,852 pending applications
- Peloponnese: 226 pending applications
- Crete: 224 pending applications
It is anticipated that Attica will be the first region to experience the price increase.
In this article, we will explore the implications of these changes, the investment opportunities within each zone, and what investors need to know to navigate the updated Greek Golden Visa program.
These changes aim to align the investment thresholds with the current market dynamics and investor demand, ensuring a more structured and strategic approach to real estate investments within the Golden Visa program.
By understanding and adapting to these new investment categories, investors can make informed decisions and maximize the benefits of the Greece Golden Visa program.
How the Regions Will Be Categorized?
Although the Greek government has yet to officially specify the areas and their respective zoning, several Greek press outlets have suggested likely scenarios:
Zone A
Anticipated Areas:
- Attica: Northern, southern, and central parts
- Islands: Mykonos, Santorini
- Cities: Central Thessaloniki
- Additional Regions: Cyclades, Crete, and Dodecanese islands
Zone A is expected to cover high-demand areas with significant investment interest, making it the most expensive investment category with a minimum threshold of €800,000.
Zone B
Expected Areas:
- Athens: Including the main city area
- Piraeus
- Suburbs: Northern and eastern suburbs such as Gerakas, Ekali, and Markopoulo
Most of the Attica region will fall under Zone A, but certain suburban areas within Attica will be classified under Zone B, exempting them from the highest pricing category. The minimum investment for these specific areas will range between €400,000 and €500,000. Notably, some suburban regions will have a lower investment requirement, roughly €250,000, providing more accessible options for investors.
Golden Visa investors interested in developing neighborhoods near and within the Athens area should note that this region raised its minimum investment several months ago.
Zone C
Likely Areas:
- Municipalities with Lower Investment Interest: These areas have seen relatively low investment activity.
Zone C aims to attract investments to less popular areas, with a minimum investment requirement of €250,000. The goal is to spur economic activity and development in these regions, which have not historically been high-traffic investment destinations.
Impact of New Policy
The new policy primarily targets Golden Visa investors focusing on popular city centers. However, market observers predict that these changes will drive development in areas facing housing shortages, such as Corfu, Hania, Patra, Iraklio, and Rhodes.
For more information about Greece Golden Visa program or to take the first step in obtaining your Golden Visa or second citizenship, our managers at Fast Passport Boutique by Jane Katkova are ready to assist you with any questions you may have.
include Attica’s northern, southern, and central parts, along with the islands of Mykonos and Santorini and central Thessaloniki. The reports also implied that the Cyclades, Crete, and the Dodecanese islands might be part of Zone A.
According to the reports, Zone B is expected to consist of Athens, Piraeus, and the northern and eastern suburbs of Gerakas, Ekali, and Markopoulo. While most of the Attica region will be classified as Zone A, some of the suburban areas within Attica will be exempt from the Zona pricing, making the minimum investment for those specific Attica areas roughly €250,000.
Golden Visa investors looking at developing neighbourhoods near and within the Athens area will be disappointed to learn about how the region raised its minimum investment several months ago.
Zone C is the last area that will categorized for municipalities that have seen relatively low interest for investment purposes. While they aren’t high-traffic areas, the corresponding price hikes incentivize Golden Visa investors to investigate the areas that aren’t as popular in hopes of spurring new economic action within the region and bringing more people in.
While the new policy primarily targets Golden Visa investors going to popular city centres, market observers predict that these actions will increase development for areas suffering from extreme housing shortages, such as Corfu, Hania, Patra, Iraklio, and Rhodes.
If you have any questions about Greece’s real estate investment Golden Visa program, or you are looking to take the first step in getting your Golden Visa or second citizenship, our managers at Fast Passport Boutique by Jane Katkova would be happy to help you along the way and answer any questions you may have.
Obtaining a Greek Golden Visa
To qualify for a Greek Golden Visa, you must make a minimum investment of €250,000 (approximately Rs. 22,344,750) in real estate within Greece. This investment secures a five-year residency permit, which can be renewed indefinitely as long as the investment is maintained.
Key Steps to Obtain a Greek Golden Visa:
Select Your Investment:
- Choose a property or properties that meet the minimum investment threshold of €250,000.
Legal and Financial Preparation:
- Ensure all legal documentation and financial arrangements are in place. This includes obtaining a tax number in Greece, opening a Greek bank account, and ensuring all funds for the investment are properly transferred.
Purchase Property:
- Complete the property purchase. Ensure that all transactions are compliant with Greek law and that you have legal assistance to navigate the process.
Submit Your Application:
- Gather all necessary documents, including proof of investment, passport copies, health insurance, and a clean criminal record.
- Submit your Golden Visa application to the Greek authorities.
Receive Residency Permit:
- Once approved, you will receive a five-year residency permit, allowing you to live, travel, and work in Greece. This permit is renewable as long as the real estate investment is maintained.
Get Your Second Residency with Fast Passport
Fast passport is the Global Leader in Residency & Citizenship by Investment programs. We take pride in having guided thousands of expats & investors to their second residency or citizenship not only in Greece but all across the world. Our reach is international and we have offices and operate in Portugal, Europe, Canada.
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