Transitional period in Greek Golden Visa program has come into effect

What has happened

Greece’s Golden Visa program has been in a transitional period since September 1, when the new changes voted a few months ago came into force.

What does it mean

In Attica, Thessaloniki and the larger islands (with more than 3,100 permanent residents), the minimum investment amount for obtaining a residence permit has been increased from €250,000 to €800,000.

The entry threshold for the program in other areas of Greece is set at €400,000. The entry threshold of €250,000 remains if the property is to be renovated or converted from industrial to residential.

It was possible to become a  participant of the program under previous conditions until August 31, as long as a private agreement or preliminary agreement for the purchase of a property was signed, with a payment of 10% of the value of the property to be acquired.

Statistics

4,734 applications for Greek residency were submitted in January-July. According to market experts, the majority of these applications are for properties worth €250,000.

“The vast majority of our customers preferred cheap properties, mainly in areas such as Piraeus and the western suburbs – e.g. Peristeri, Aigaleo etc.,”.,” says Alexandros Risvas of the Risvas & Associates law firm.

Last year 8,488 applications were submitted, due to the then changes to the program (from €250,000 to €500,000), and this year’s amendments have also led to increased investor activity.

Therefore, today almost 10,000 “golden visa” applications (9,804) are being processed. Moreover, out of 4,734 applications this year, only 481 have been approved, while 3,290 applications from last year are still pending.

Source: Ekathimerini

Photo by Arthur Yeti on Unsplash

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