A new law has sparked a rush for Golden Visas in Greece.  Following PM Mitsotakis' announcement at the Thessaloniki International Fair in September that the cost of acquiring a Golden Visa would rise from 250,000 to 500,000 euros, foreign buyers are snapping up real estate to obtain residency permits before the limit rises on Sunday 1st January 2023.  Golden Visas offer greater privileges linked to real estate investments and the main reason for foreign interest in Greek real estate.  It allows foreigners outside the EU, particularly from China, Turkey, Iraq, Egypt, and now the UK, to travel to Europe without the hassle and restrictions of a regular visa, being worthwhile as an investment, which is why many investors are rushing to obtain this privilage before the end of this year. 

However, following an amendment tabled in Parliament by the Development & Investment Ministry, the new Golden Visa increase to 500,000 euros will apply only to certain parts of Greece.  The new minimum value at the time of purchase will only apply to the North, Central and South sectors of Athens in the Attica Region, the islands of Mykonos and Santorini and the Municipality of Thessaloniki. The amendment clarifies that the investment must concern purchasing a single property, in cases of joint property ownership, the minimum value of the ownership share must be 500,000 euros and again concern a single property.  It also applies to the total agreed price of contracts for the lease of hotel accommodation or furnished tourist residences in these selected areas.

For the remainder of the country, the previous minimum value of 250,000 euros will continue to grant eligibility for an investor permanent residence permit or Golden Visa.  This minimum investment limit continues to be one of the lowest rates within Europe.

UPDATE:  The Greek Government made an announcement on Tuesday 25th April that individuals who are not citizens of the European Union will be given an additional 3 months to finalise agreements to purchase properties at the current lower price limit of €250,000.  The new deadline for signing a preliminary agreement or final sale contract at the current price has been extended from the previous deadline of 30th April to 31st July 2023.