Important Update on Greece Golden Visa

Golden visa
February 29, 2024 | | Greece Golden Visa |

Greece Golden Visa

Greece Golden Visa is one of the best visas to move or live in Greece for a long time. The Greece residency by investment program that allows non-EU citizens to obtain Greek residency by investing in real estate and other investment options.

The Greece residency by investment program used to be one of the most affordable visa programs in the world. However, the Greek government has made changes in Greece’s visa policy. The changes in the visa policy have affected numerous aspects of the visa. Furthermore, the ease of getting Greeceā€™s golden visa has also ended with the new Greece golden visa update

If you want to know everything about the New rules for Greece golden visayou must read this article. The article will disclose crucial highlights of new changes in this visa. Moreover, we will discuss some basic details about the Greece golden visa. In addition, we will give you a list of benefits you can enjoy with this type of visa.

Greece Golden Visa

Greece Golden Visa ā€“ Overview

Greece launched the Greece Golden Visa program for non-EU and EEA foreign nationals to attract foreign direct investment to the local economy. This visa program lets foreign investors acquire 5 years of residency permits in return for a significant contribution to one of the available investment options. The following is the list of available investment options for this visa program:

– Real estate

– Capital equity company

– Deposit in a credit institution

– State bonds

– Shares and corporate bonds

The Greece Golden Visa program was designed to be a fast and flexible means for foreign nationals to get residency while boosting economic sectors, including infrastructure, tourism, agriculture, and more. Residency permits will be provided to the primary applicants, their dependants, and corporation executives if they are involved in investment projects.

The Greece Golden Visa has numerous benefits for investors and their dependents. It allows its holders to live in Greece and benefit from their local social services and healthcare services. Investors and their dependents, like spouses or other family members, can visit all Schengen zone member states for up to ninety days within one hundred and eighty days.

The Golden Visa program allows for the issuance of residence permits in Greece under the authorization of the Ministry of Migration and Asylum, under the provisions of the European Union. The legal basis for this program is established in Article 16 of Law 4251/2014, which has been amended and supplemented by Article 8 (par. 21) of 4332/2015 Law plus Article 84 (par. 1 to 6) of 4399/2016 Law.

 

Benefits of Greece Golden Visa

You may avail of numerous benefits by getting a Greece Golden Visa. The following is the list of benefits of this visa:

āž„ The Greece Golden Visa allows you and your family to stay in Greece. There is no minimum stay required in Greece. You can also enjoy the local amenities of this country.

āž„ The Greek residency permit is not limited in any way. Indeed, you are given a Greek residency permit for five years. However, you can renew it as long as you maintain your minimum investment in Greeceā€™s economy.

āž„ You can renew the visa every five years of residing in this country. After seven or 7 years of continuous residency, you are eligible to apply for Greek Citizenship.

āž„ If you do not live in Greece for more than 183 days, you are not required to pay its tax. However, you must pay tax on any income earned in Greece.

āž„ The Greece Golden Visa holders can expand their business to all Schengen states, which creates more opportunities and a wider professional network.

What is the main change to Greece’s Golden Visa?

Recently, Greece has made significant changes to Greece’s golden visaHowever, the change is only impact to the real estate investment option. The new ā€˜N.5007/2022ā€ Law has enhanced the least investment limit from EUR 250,000 to EUR 500,000 for property investment in certain areas. This modification is the result of the prime ministerā€™s initiatives to make housing affordable for locals.

Prime Minister Mistsotakis mentioned the New rules for Greece golden visa focus on making the housing more affordable for the locals. The change focuses on local young couples or families who want to purchase or renovate a property. But struggling to make a purchase or renovate due to high competition from foreign investors.

Greece Golden Visa

 

2024 Update

As mentioned above, the real estate investment has been increased to EUR 500,000 from EUR 250,000. However, Prime Minister Kyriakos Mitsotakis said the amount will be increased to EUR 800,000 for real estate properties in cities and islands where the demand for these properties is high.

While specific areas are not yet revealed, the PM hinted that the Greek government plans to increase it beyond EUR 800,000 in specific urban areas and islands. Investors who made a 10 percent deposit on real estate investments in the specific areas before 31st July 2023 have been given a grace period by the Greek Government until 31 December 2023 to close the purchase.

In which areas will the Golden Visa change be implemented?

The area of the central Athens Sector includes the Regional unit and the municipalities of Athens, Byronos, Galatsi, Dafni-Ymitto, Zografou, Iliopoleos, Kaisariani, and Nea Philadelphia-Nea Chalkidona. The South Sector of Athens also falls under the Regional unit and includes the municipalities of Agios Dimitrios, Nea Smyrni, Palaio Faliro, Alimos, Glyfada, Hellinikon-Argyroupoli, Kallithea, and Moschatos-Tavros. Additionally, the Municipality of Vari-Voula-Vouliagmeni, the Municipality of Thessaloniki, and the islands of Mykonos and Santorini are also included.

 

When will the change take place?

The Greece visa policy changeshave already been implemented in specific areas on 31 July 2023. However, there is no official date for when the minimum investment will further increase to EUR 800,000.

 

How can Flyingcolour Relocation help you?

Greece Golden Visa lets you live legally in Greece with your dependent. However, the Greek government has increased the minimum investment in real estate. To understand them better and look for other alternative options Flyingcolour Relocation Service can help you to choose the best investment. Furthermore, we can guide you through the whole process of getting this visa.

To learn more about the Greece Golden Visa, book a free consultation with one of Flyingcolour team advisors, simply call +971 50 5585305 or send WhatsApp messages to +971 4 4542366. you can also drop an email to info (at) flyingcolour (dot) com.  

This article was published on 29-02-2024. The information provided in the article is based on the policies and rules applicable at the time of writing it. Talk to one of our consultants for any recent updates or changes.