A recent amendment in Article 20 of the Greek Law 4251/2014 on Immigration, Social Integration Code, and other provisions have been passed, introducing changes in the requirements for Non-EU Nationals to obtain a Residency Permit in Greece.

What is a Greek Golden Visa?

Non-EU Nationals can obtain a Residency Permit in Greece, by investing a minimum amount of €250,000 in any number of real estate properties anywhere in Greece. This Residency Permit, often referred to as a “Golden Visa”, is granted for a 5-year period and may be renewed for additional 5-year periods, provided that the Non-EU National maintains ownership of the real estate property purchased (the “Investment”).

Under the Golden Visa scheme, an Investor’s spouse, underage children and/or dependent parents may also obtain a Residency Permit in Greece, which permits’ validity shall be subject to the validity of the Investor’s Residency Permit. Once a Golden Visa is granted, the Investor does not need to meet a minimum duration of stay and may even elect not to reside in Greece at all.

A Golden Visa does not provide a Work Permit and accordingly neither the Investor nor its dependent family members may engage in any form of employment in Greece. The Investor is, however, allowed to rent out the Investment and collect rent.

What Changes?

The recent amendment introduces enhanced requirements for granting a Golden Visa when the application is based on investment in specified, densely populated areas in Greece.

Namely, when investing in real estate located in the North, Central, or South Sectors of Athens, the Municipality of Vari – Voula – Vouliagmeni in Attica, the Municipality of Thessaloniki in Central Macedonia, or in Mykonos or Santorini islands, the minimum amount of investment required to qualify for a Golden Visa is increased to €500,000.

Unlike investments in the rest of Greece, Investors who wish to purchase real estate in the abovementioned areas will have to meet the €500,000 threshold with the purchase of 1 parcel of real estate only.

Transitional Period: Until 30/04/2023

Irrespective of the above, Investors may still obtain a Golden Visa by investing the current minimum of €250,000 even in the densely populated areas specified above, provided that a Sale and Purchase Agreement is signed and that a 10% downpayment for the Investment is paid by 30 April 2023, with the completion of the investment and the payment of the remaining amount by 31 December 2023.

Wish to find out more? Contact our team at info@paraschou.com.cy.