For many years, the Greek Golden Visa program has provided one of the most cost-effective investment thresholds amongst Schengen countries, where high-net-worth individuals and families were able to obtain a European permanent residency card in return of a minimum investment amount of EUR 250,000 in real estate. Many non-European investors are equally interested in the Portugal Golden Visa EUR 280,000 commercial real estate option, which forced the Greece Golden Visa program to strive and boost the program for the golden allure.
The modifications to the Greece Golden Visa program are explicitly linked to the program’s property investment route. In some cases, the new rules increased the minimum investment requirement for property acquisition, while others defined the qualified commercial locations and residential properties.
Starting May 1st, 2023 Greece will raise the minimum property value from EUR 250,000 to EUR 500,000 for its Golden Visa; one of the most popular European programs of its kind for wealthy non-EU investors seeking residency in Europe.
In his speech, Prime Minister Mitsotakis emphasized that the new Greece Golden Visa rules aim to make real estate market reasonably priced for Greek citizens. The changes take into account young local couples and families who want to buy or renovate their properties in Greece but have been hampered by high competition from foreign investors.
The new minimum investment value will be implemented to the country’s north, central, and southern sectors of Athens in the Attica Region, the islands of Mykonos and Santorini, as well as the Municipality of Thessaloniki. For areas in rest of the country, the previous minimum value of EUR 250,000 remains the same.
The demand for Greek Golden Visas has skyrocketed during the past two years. Foreign investment in real estate reached EUR 415 million in the second quarter of 2022 alone; a 68% increase over the same period in 2021. According to a report, one-third of recent real estate transactions in the Hellenic Republic were purchases made specifically to obtain a Golden Visa and permanent residence.
The law change has resulted in a surge of foreign investors taking up real estate before the limit for Greek residence permits rises from EUR 250,000 to EUR 500,000 in 2023.
One of the main benefits Greek Golden visa holders and residents of Greece possess, is the ability to travel visa-free to all Schengen countries such as Denmark, France, Germany, and Malta, as well as some EU countries that are not part of the agreement, and stay up to 90 days every six month. Furthermore, the investor has the option of relocating to Greece or keeping it as a safe haven in the case of economic or political instability in their country of origin.
Another advantage investors and their families seek with Greece Golden Visa, is access to Greek’s local hospitals, clinics, schools, universities and other state educational facilities for the entire family.
The golden visa route is popular amongst wealthy individuals and investors looking to get a permanent residency in Europe that might lead to a golden passport. However, there are faster and easier ways to obtain a powerful dual citizenship and second passport.
One of the fastest ways you can look into is Saint Lucia citizenship by investment program. Within four to six months only, you and your family can enjoy the many benefits that come with obtaining a Saint Lucian passport such as traveling visa-free to more than 147 countries including the UK, all of Europe and the Schengen Area, access to world-class education and healthcare systems, expanding your business with offshore banking, as well as benefiting from tax exemptions.
At Bluemina, we work closely with the developers in Greece and other European countries to ensure clients obtain their golden visa and European residency card in a reliable and legal way. After 26 years of experience, we have a 100% success rate in Golden Visa and Permanent Residence applications from Greece, Portugal, and Malta.
If you would like to start your Golden Visa or Citizenship by Investment application, contact us now and our team of expert advisors will assist you further.