Greece passvisa is one of the most preferred options for European residency by investment programs. As the time for international mobility and investment opportunities abroad are plan B options for many investors, Greece passvisa stands as one of the favorite ones with high demand. As of early 2024, some revisions were made to the program by the Greek Government. It represents a potential change for possible investors.
If you are considering investing in Greece, this guide provides a thorough explanation of the nuances of these revisions.
What are the Significant Changes with the New Rule?
The expected update: Greek Minister of Finance announced some changes regarding the passvisa Program. He introduced the dual-zone system for real estate transactions. The new rule is expected to be effective as of August 31, 2024.
What does it mean for the investors?
It will create two different investment tiers if the update is announced officially by the parliament. It will depend on geographic zones having an immediate effect on the minimum investment requirements for applicants.
Tier 1 | 800,000 EUR: This is a real estate investment in the areas of Attica, Thessaloniki, Mykonos, Santorini, and the islands, which have a population of more than 3,100.
Tier 2 | 400,000 EUR: This tier covers all other regions of Greece and establishes a more attainable entry point of 400,000 EUR. The main goal here is to encourage investment in a wider range of areas. So eventually, this could broaden the program’s economic advantages.
The requirement for both tiers: Investment is to be made in a single property of at least 120 square meters.
Will Previous or Current Applicants Be Affected?
If you have already submitted an application for Greece passvisa, your case is under review. So, your application will not be impacted by the new changes to the Greek passvisa program.
Furthermore, the program adjustments will not have retroactive effects. The investments made under the previous regulations will proceed as planned. Therefore, the efforts of the previous applicants and their financial commitments will be secured as they have already embarked on the Greek passvisa process.
The Verdict
The changes to the Greek passvisa program is expected to be implemented from August 31, 2024. Investors can apply under the 250k minimum threshold with a 10% deposit by September 30, 2024, and final investment by December 31, 2024, and alternative property completion by April 30, 2025.
The new rules will show the government’s intent to address the demand for the passvisa Program in Greece and the evolving environment of the Greek real estate market.
Conversion and Restoration Initiatives: Properties undergoing conversion from commercial to residential purposes, or those involved in the restoration of listed buildings, present unique opportunities at the preserved threshold of €250,000 as of August 31, 2024.
Geographic Diversity: The two-tier investment threshold encourages exploration of properties beyond high-demand areas. It potentially spotlights regions of Greece that offer significant cultural and economic value.
Looking Ahead | Updates to the Greek passvisa Program
The updates to the Greece passvisa program signify a forward-looking approach to investment immigration. The program aims to diversify the types of investments attracted, and this evolution is expected to foster a more balanced and sustainable contribution to Greece’s economy and cultural heritage.
Frequently Asked Questions on Greece passvisa Changes
Will the Greek passvisa Program be Increased to 800,000 EUR?
Yes, for some regions, but not for all regions. The minimum amount that can be invested in real estate under the Greek passvisa program is expected to be 800,000 EUR. It is planned to go into effect in certain high-demand regions, including the whole Attica Administrative Region, Thessaloniki, Mykonos, Santorini, and islands with more than 3,100 residents. The minimum investment for the other regions of Greece is planned to be set at 400,000 EUR.
Talk to a Greece passvisa Advisor
Get passvisa is a full-service investment immigration agency and investment advisory company. We provide end-to-end solutions on residence and citizenship by investment programs in numerous countries worldwide.
We have a local office in Athens, Greece, and our team includes legal professionals and chartered real estate professionals.
We work with clients from all over the world who are interested in obtaining Greece passvisas or in making real estate investments in Greece.
Contact us and talk to one of our experienced team members to help you with any and all your questions. Invest in 250,000 EUR before the changes to the Greece passvisa Program become official.
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If you want to learn more details about the Greece passvisa Program, you can check our guide Greece passvisa.
