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The Greek Golden Visa Law (permanent residency by real estate investment e.g. via acquisition of property in Greece) has been amended.
The minimum investment threshold on purchases of property to the end of receiving a Greek permanent residency permit (renewable every five years) has changed in several areas of Greece.
More specifically, the minimum investment threshold has increased on several areas, whereas the number of properties to be acquired has been limited to one in these areas.
The core changes to the above can be summarised as follows:
1. Purchases of real estate in the central, north and south section of Athens as well as in Thessaloniki, Mykonos and Santorini are subject to the amendments in the law namely: a. Investment threshold is established at 500,000 EUR and b. Investment should be in one property only.
2. Purchases of real estate in the rest of Athens’ eastern and western suburbs as well as the remainder of Greece, will be falling under the thresholds of 250,000 EUR, whereas the threshold amount (250,000 EUR) could be met by purchasing one or more properties i.e. there are no restrictions as in the areas described under 1. above.
Taking advantage of the current legal regime
It is also specified that, had investors required to take advantage of the current legal regime, where thresholds are at 250,000 EUR all over Greece (including Mykonos, Santorini, Athens centre etc.) with no limitations to one property, they should transfer 10% of the transactional value to the sellers by the 30th of April 2023 (through a private or notarial agreement) whereas the final conveyancing agreement and respective bank transfers of the remainder of the agreed sum, should take place by (no later than) the 31st of December 2023.
So for example, an investment in two properties in the centre of Athens valued at 150,000 EUR each, will still be possible as long as a. a deposit of 10% is paid to the sellers by April, 30th 2023 (extended until July 31st, 2023) and b. the final conveyancing agreement is signed by the 31st of December 2023.
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About the Author |
Ioannis Valmas LLB, LLM, (MSc) is Managing Partner at Valmas Associates and a Greek trial attorney and legal advisor that has represented – almost exclusively – since 2008, overseas clients (from government bodies to private individuals) for their administrative, business and personal legal matters in Greece gaining a stellar reputation abroad. He has lived abroad for almost a decade and earned several degrees from UK Universities. He has attended seminars at US Universities (Harvard and Stanford Law Schools). He has been a member of the Athens Bar Association for over a decade. He is appointed before the Court of Appeals and licensed to practice law throughout the territory of the Hellenic Republic, Greece. His writings on Greek Real Estate Law, Aviation Law and Shipping have been widely published in recent years by publishers in Greece and abroad.