Greece is changing its Golden Visa program. This program lets people who are not from the EU get a residency by buying property in Greece.
According to Get Golden Visa, the Greek Government has made some changes to this program.
The goal of these changes is to update how much money you need to invest and to make the program better for people who want to live in Greece.
The Greece Golden Visa is a favorite way for people to live in Europe by making investments. Many people like it because it makes it easier to travel and invest.
New Investment Levels
The new rules will divide investments into two levels based on where you buy property:
- Tier 1 – €800,000: This is for popular areas like Athens (Attica), Thessaloniki, Mykonos, Santorini, and islands with more than 3,100 people. You need to invest at least €800,000 in these areas.
- Tier 2 – €400,000: This is for all other areas in Greece. You need to invest at least €400,000 here. This is to encourage people to invest in less popular areas.
- For both tiers, you must invest in a property that is at least 120 square meters in size.
Impact on Current and Future Applications
The new rules won’t affect applications that are already in progress. They will be handled according to the old rules.
If you invested your money before the changes, your investment is still safe, and things will go on as planned.
€250,000 Investment Option Still Available
There will still be a €250,000 option. This allows you to get a five-year residency by investing in property. For example, you can buy commercial spaces and turn them into homes or restore old buildings.
This lower amount makes it easier for more people to get residency by investing in real estate.
Program Updates and What’s Next
The updated rules are Greece’s way to handle more demand and changes in their real estate market.
The two-tier system aims to spread investments more evenly across the country and bring attention to less popular areas.
Important dates to remember:
- August 31, 2024: New rules start.
- December 31, 2024: Last day to complete investments under the old rules.
- April 30, 2025: Deadline to complete properties under the new rules.
These changes are meant to offer more varied investment opportunities and support Greece’s larger economic goals.
Key Points to Know
Current applications will go by the old rules. Investments done under the old rules will stay the same.
If you want more information, you can contact Get Golden Visa. They are an investment immigration agency in Athens and can help you with getting a Golden Visa and investing in property.