Your Guide to Greece passvisa
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The Greece passvisa program includes an update beginning March 31, 2024. The change will break real estate investments into levels. The minimum investment increases to 800,000 EUR for Attica, Thessaloniki, Mykonos, Santorini, and islands with a population of more than 3,100. The wider territories of Greece are expected to give a more accessible entrance point worth 400,000 EUR. The parliament’s decision is pending the official release of the update. Learn about the latest changes to the Greece passvisa here.
On 10 September 2022, Kyriakos Mitsotakis, Prime Minister of Greece, announced that the minimum investment amount for property acquisition under the Greece passvisa program will be raised to €500,000 in specified regions. In his speech, Mitsotakis emphasized that this change is to provide real estate affordability for Greeks.
Greece passvisa property acquisition investment amount will still remain €250,000 in certain areas and it is one of the lowest amounts among Europe’s popular residency by investment schemes. However, it jumped to €500,000 in the municipalities of Athens, Thessaloniki, Mykonos and Santorini after July 31st, 2023.
As of July 31, 2023, a new threshold of €500,000 is applicable for obtaining the Greece passvisa by investing in Greek real estate. While the said threshold update is implemented in the Greater Area of Athens, the Municipality of Thessaloniki, and the islands of Mykonos and Santorini; the €250,000 threshold stays constant for the remaining regions.
Key Takeaways
- The investment amount for the Greece passvisa property acquisition route is increased to €500,000 from €250,000 as of July 31st, 2023 in selective areas.
- With this change, the Greek government aims to make Greece’s real estate market more affordable for the locals.
- The said new arrangement will be applicable in the Greater Area of Athens, the Municipality of Thessaloniki, Mykonos, and Santorini.
- The minimum investment amount stays at €250,000 in the rest of the areas in Greece.
What Should Investors Expect from Greece passvisa Changes?
While the 2023 changes on Greece passvisa aim to make property acquisition more affordable for the locals, it incentivized foreign investors to speed up their application to benefit from the current €250,000 threshold before the changes kick in.
Within regions where the new regulations apply, investors are required to make the €500,000 investment in only ONE (1) property alone. In other areas where the update is not in effect, on the other hand, the investment can be made in more than one property, with a total of at least €250,000.
In case an investor is buying in the selected areas and has already paid a deposit that corresponds to 10% of the total value of the property before July 31st, 2023, they are entitled to benefit from the €250,000 scheme, on the condition that the relevant contract is concluded before December 31st, 2023.
If the deal for the selected property breaks down, the investor holds the right to restore it with a different property under the €250,000 scheme. That is, on the condition that the transaction is to be finalized by December 31st, 2023.
As opposed to the previous arrangement that necessitated the Power of Attorney for the passvisa application to be retrieved from the consulate, investors can now sign the POA before a foreign Notary of their choice in their home country, provided that the POA carries an Apostille Stamp; or is authorized by the entitled Greek Consulate.
How Can Get passvisa Help You
Get passvisa is a full-service investment immigration agency and investment advisory firm. We provide end-to-end solutions on residence and citizenship by investment programs in many countries.
We have a local office in Athens, Greece, and have legal professionals and chartered real estate professionals in the team.
We assist clients from all around the world, interested in buying property in Greece and obtaining Greece passvisas.
Contact us and talk to one of our experienced team members to help you with any and all your questions before Greece passvisa changes.
