Greece’s Golden Visa program, designed to attract foreign investment through residency permits, is undergoing potential revisions that could reshape its landscape. Various scenarios for new investment thresholds are currently under review by relevant ministries, some of which may come into effect as early as May. Here’s what to expect regarding the future of Greece’s Golden Visa program:
Introduction of Three-Phase Golden Visa System
The proposed revisions include the establishment of a three-phase system for the Golden Visa program, with different investment thresholds based on the geographical location of the property. Here’s an overview of the planned phases:
1. High-Demand Areas: In areas highly sought after by foreign investors, such as the northern and southern sectors of Attica, especially the eastern part of the Athens Riviera, Thessaloniki city center, Mykonos, and Santorini, the investment threshold for the Golden Visa will be raised to €800,000 (from €500,000 currently).
Presently, the €500,000 threshold applies to specific territories in the northern sector, including Penteli, Kifissia, Metamorfosi, Chalandri, Agia Paraskevi, Vrilissia, Nea Ionia, Iraklio, Holargos, Papagos, Pefki, Likovrisi, and Maroussi. In the southern sector, it applies to municipalities like Agios Dimitrios, Alimos, Glyfada, Elliniko-Argyroupoli, Kalithea, Moschato-Tavros, Nea Smyrni, and Paleo Faliro. In the central sector, it includes municipalities such as Athens, Filadelfeia-Chalkidona, Galatsi, Zografou, Kaisariani, Vyrona, Ilioupoli, Dafni-Ymittos. The €500,000 threshold also encompasses the municipality of Thessaloniki and the islands of Mykonos and Santorini.
2. Medium-Demand Areas: In regions with moderate demand for property investments, the investment threshold, currently set at €250,000, will be increased to either €400,000 or €500,000.
3. Low-Demand Areas: For areas where there is minimal demand for property investment, the investment threshold will remain at €250,000.
Final decisions on these proposed revisions are expected to be announced next week, providing clarity on the future structure of Greece’s Golden Visa program.
These potential changes signify Greece’s commitment to refining its Golden Visa program to better align with investor interests and market dynamics, while also addressing concerns related to transparency and investment integrity. As the program evolves, prospective investors should stay informed about the latest developments to make informed decisions regarding residency and investment opportunities in Greece.