The funding threshold for Greece Golden Visa is planned to be raised to 800 thousand euros for the purchase of residential or commercial type properties in certain regions of the country. According to official sources, the innovations will come into force from May 1, 2024.
Most owners of impressive assets strive to find a location where they can conduct successful business activities while also enjoying favorable social conditions for themselves and their families. Greece is one such destination that openly welcomes foreigners who have made a well-considered decision to relocate. The official state program, the Golden Visa, is designed for individuals with substantial capital who can support themselves while residing in the country for five years or more. For those considering this move, it’s advisable to seek professional relocation assistance to ensure a smooth transition, from legal requirements to settling into everyday life.
The price of legal residence in the Balkan Peninsula cost investors from 400 thousand euros until recently, but in February 2024, the Greek Prime Minister announced an increase in the cost of participation in the project.
Greece Golden Visa Program Overview
The Greek immigration program for foreigners has been in effect for 9 years. Thousands of people make transactions every year by purchasing apartments, townhouses or offices to enjoy comfortable living conditions and the beginning of a new stage in life. You can get an official document under the Greece golden visa program in the following ways:
- Investing in real estate. This may be the acquisition through drawing up a deed of purchase/sale of an apartment, house, land plot, timeshare or lease of an object for a period of 10 years.
- Purchase of securities. The depositor can buy bonds and other assets at his discretion and dispose of them throughout his stay in the country.
- Opening an account for a set amount by the regulatory authorities.
You can invest in under construction, new construction, secondary residential or commercial real estate. Subsequently, the applicant will be able to use all the advantages provided by the Greek project.
Details of the Investment Increase to € 800,000
Due to the high demand for participation in the Greek global CBI project, the government has approved the decision to increase the investment amount to €800,000. By doing so, the economy of the country will improve significantly and minimize the mass mobility of citizens from other countries. It is the easiest way to obtain residency in a European state. The system provides for the division into regions where the innovations will be valid. Since the total Greece golden visa investment threshold is increased, the cost of each option of obtaining a certificate increases accordingly. They are divided into several groups: level A and level B, where each has conditions and is divided into specific regions of the state.
Depending on the Greece residence permit types, it is assumed that the cost instead of half a million euros will be raised to 800 thousand euros for the regions of Attica, Mykonos, Santorini, Thessaloniki and other islands, where the population exceeds 3100 people. As for other regions of the Greek state, the mandatory investment amount here is 400 thousand euros instead of 250 thousand euros. Areas C remain unchanged.
Reasons Behind the Increase in Investment Requirements
Greek Prime Minister Mitsotakis announced in his speech the intention to Greece golden visa increase to €800,000 not because of the impact of the rise of the dollar on the real estate market. However, future certificate holders can remain calm, because the price remains the same in regions where the concentration of foreign investors is minimal. Of course, these localities are less in demand, but are considered as excellent alternatives.
This way, it will be possible to balance the real estate market and reduce the mass issuance of visas for foreign citizens. The main reason for the changes in the project is to stimulate more impressive investment of assets from foreign capital holders and to control the demand for real estate and other objects.
Impact of the Increased Investment on Applicants
Vladlena Baranova, a profile expert at Immigrant Invest, notes that such statements from the country’s representatives do not scare investors, but, on the contrary, motivate them to create a “backup” option for profitable business in the international arena. Local municipalities are still receiving a large volume of applications from candidates for the long-awaited document. Some experts note that this is due to the termination of the program in Portugal.
Bottom Line
The company Immigrant Invest has been working on the immigration market for a long time and offers an individual approach to each depositor in the online mode. You can get a consultation on choosing the best program in the European Union, taking into account the individual needs of the client and his investment opportunities. Leave an application on the official website and be aware of all changes on the Golden Visa program.
