Greek Golden Visa protocol changing
Investors are currently required to spend 250,000 euros on a property to secure a Golden Visa, but that amount is set to be doubled from January 1st, 2023. The Hellenic ministries of Migration Policy (responsible for issuing permits) and Tourism are working on the draft ministerial decision to change the existing regime.
But what about those transactions under way – i.e. those of foreign investors who have submitted the required application, the processing of which is at an advanced stage but which may not be completed by year-end? Sources say that the provisional plan for this transitional period provides that investors will be able to join the existing regime even when it is replaced with the new framework, as long as they pay 25% of the €250,000 – i.e. €62,500 – as an advance payment before the end of December.
If the transaction is completed with the drawing up of a purchase and sale contract by the end of the first half of 2023, then investors will still deemed as belonging to the existing protocol.
The Greece Golden Visa Program is considered one of the most affordable residence by investment programs that provide access to Europe. Successful applicants and their families are able to benefit from visa-free access to Europe’s Schengen Area within 2 months of applying.
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 5 years.
Key advantages of the Greece Golden Visa Program
- Visa-free travel within Europe’s Schengen Area
- No requirement to reside in Greece
- Residence permits can be acquired within 30–60 days
- Unlimited expiry date of residence permit
- Opportunity to rent out the investment property
- Residence applicable to the whole family (married spouse, children under 21 years old, and parents of the main applicant and spouse)
- Eligibility to apply for citizenship after seven years of residence
- Ability to hold shares and receive income from the dividends of a company registered in Greece (but not to be employed in Greece)