In September 2022, the Greek Prime Minister announced that the minimum investment amount for property acquisition for the Greece Golden Visa program would be increased from €250,000 to €500,000 in 2023, to help make real estate more affordable for Greeks. On December 21st, 2022, the Greek Ministry of Development submitted an amendment to parliament to raise the minimum investment amount to €500,000, which would only apply to certain areas of Greece.
Paragraph B of Article 20 of the law “4521/2014 (Α’ 80)” in the government’s Amendment of the Permanent Residence of Investor (Golden Visa) has been revised. The regions of Greece where the new minimum investment of €500,000 for Greek Golden Visa will be applicable are 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 specifies that the investment must involve the purchase of a single property, and in case of joint property ownership, the minimum value of the ownership share must be €500,000 and must be for a single property. If the purchase of a specific property is not completed for any reason, investors can change to another property(s) without losing their right to the €250,000 limit until the end of 2023.
The amendment also includes a transitional period for investors who have already initiated the procedures. As per this, they can complete their investment in one or more properties until December 31, 2023, with a minimum investment value of €250,000. However, they must pay an advance payment of 10% of the purchase price before April 30, 2023. Third-country nationals who have a permanent residence permit for investors can renew it for an equal period if they still own or possess the property, and their absence from the country doesn’t cause any problems.
Source: goldenvisa-greece.com