Price hike for Golden Visa pondered in selected areas
Property investment threshold will double next year, but only for certain areas in the country
The government is considering raising the Golden Visa residence permit threshold to 500,000 euros in the center of Athens and its northern and southern suburbs.
Market sources say the doubling of the minimum amount of investment, currently €250,000, is expected to be imposed also in Thessaloniki, Mykonos and Santorini, while in Attica the eastern and western suburbs will be excluded, as well as Piraeus.
At the same time, with the new regime it will be quite possible that investors will be allowed to obtain a license through the purchase of up to two properties (e.g. worth €250,000 each), as long as they are located in the same location. Today, interested investors can secure a residence permit by purchasing real estate worth at least €250,000, without any restrictions. For example, two, three or even more properties of lower value can be acquired, as long as the total exceeds €250,000.
Regarding the time of implementation of the change in the program, sources speak a window of time until April 30, 2023 for the signing of preliminary contracts for real estate purchases, based on the current regime of €250,000. After that, some leeway will be provided until December 31, 2023 for the signing of the definitive purchase and sale contracts, while the percentage of the down payment should be at least 10% of the purchase value of the property. At the same time, if for any reason the completion of the purchase is not possible, then the interested investor will be able to sign a preliminary agreement for the purchase of another property, even after April 30, as long as they complete the purchase and sale by the end of 2023.
The above is expected to be clarified through official information from the government within the next few days, possibly even on Tuesday. In this way, a three-month period of intense insecurity created in the real estate market will end, as it was not clear what exactly will take effect and when, resulting in a significant lack of investor confidence in the Greek program.
