The new higher cost for a Greek Golden Visa kicked in on September 1, but an article at OT.gr reveals that there are still ways for third-country nationals to get their hands on residency permits for €250,000.
Greece’s New Golden Visa Scheme
The Greece Golden Visa Program is a residence-by-investment program launched in 2013 that enables non-EU nationals and their family members to obtain permanent residence permits in Greece. The residence permits may be renewed every five years.
As of September 1, the minimum investment for securing a residence permit has increased to €800,000 across the entirety of Attica, Thessaloniki, and islands with a minimum permanent population of 3,100 residents. An article at OT clarifies that Evia, which is just north of the Attica region, is also considered an island and therefore falls into the €800,000 visa cost category.
In the rest of the country, the threshold has increased from €250,000 to €400,000. The investment must concern a single property (not multiple properties of lesser value) with a minimum area of 120 square meters.
The Loopholes
There are two significant exceptions to the new higher thresholds, which concern properties that are considered listed buildings or where the designated use of the building will be changed.
In the following cases, the minimum investment amount remains at €250,000:
- Property where a change of use to residential is permitted.
- Property that is an industrial building or part of an industrial building, provided it has not operated as such in the last five years.
- Listed building or part of a listed building to be restored or reconstructed, provided the restoration or reconstruction is completed.
This exception applies throughout Greek territory.
In the above-mentioned cases, there are no minimum square footage requirements for the properties to be sold.
