Foreign investors are scrambling to meet the deadlines for the Greek state’s Golden Visa scheme, in light of the revised – upwards – minimum investments, causing a notable surge in applications. Golden Visa applications reached 2,644 in the first quarter of 2024, marking a 12% increase compared to 2023, which recorded 2,364 applications.
The Greek Golden Visa Program, launched in 2013, grants residence permits in exchange for as low as a 500,000-euro real estate investment (up from 250,000) in Greece.
The thresholds for the Greek Golden Visa were raised to 800,000 euros (from 500,000) in areas including much of the Athens-Piraeus region, Thessaloniki, Mykonos, Santorini and islands with a population of more than 3,100 residents. In other areas, the threshold was increased from 250,000 euros to 400,000 euros.
While the amendment in the Golden Visa issuance scheme has already passed in the country’s legislation, there is still a “window of opportunity” until September.
Permanent investor permits witnessed a 22% uptick in the first quarter of 2024 compared to the corresponding period last year, with a total of 1,460 Golden Visas being issued in the first quarter of this year, compared to 1,201 last year.
Grace Period
According to recent amendments, prospective buyers who pay a 10% deposit by the end of August can complete their purchase by the end of the year under the previous terms. If the property purchase is not completed, the buyer can finalize an investment in another property under the terms that were applicable until April 30, 2025.
