Greece’s Golden Visa program has been in transition since September 1, when fresh reforms approved a few months ago went into effect. In Attica, Thessaloniki, and big islands (with more than 3,100 permanent residents), the minimum amount of investment required to get a five-year residence visa for non-European Union citizens has been raised to 800,000 euros.
Until Saturday, the barrier was €250,000, but in the center of Athens and the northern and southern suburbs (as well as the municipalities of Thessaloniki, Mykonos, and Santorini), it was €500,000, following last year’s adjustments.
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According to figures from the Ministry of Immigration and Asylum, many investors wanted to register properties with the former regime, which could be done until August 31 as long as a private agreement or preliminary agreement for the purchase of a property was signed, with a payment of 10% of the value of the property to be acquired.
4,734 applications for residence permits were submitted from January to July. According to market executives, the majority of these applications are for houses valued at €250,000.
According to Alexandros Risvas of Risvas & Associates law firm, “the majority of our customers preferred cheap properties, mainly in areas such as Piraeus and the western suburbs – e.g. Peristeri, Aigaleo, etc.” to Kathimerini. This suggests that at least €1.2 billion came in from overseas in the year ending in July, primarily to purchase real estate to obtain a residency visa.
Last year, 8,488 applications were received as a result of the program’s adjustments (from €250,000 to €500,000), and this year’s amendments maintained the increased investor activity. As a result, the evaluation of over 10,000 applications (9,804) for a Golden Visa is still pending. Furthermore, only 481 of the 4,734 applications submitted this year have been granted, while 3,290 from last year remain waiting.
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