Greece Extends €250,000 “Golden Visa” Program by 3 Months

The “Golden Visa” program in Greece has been extended for an additional three months, allowing individuals who are not citizens of the European Union to acquire residency by purchasing a  property for €250,000.

After this period, the minimum cost required to participate in the coveted program will increase to €500,000.

In recent years, a surge of people from outside of the European Union have sought a Golden Visa in Greece. However, there have been concerns that the large number of foreign investors buying property in the country has made it more difficult for Greeks to find homes at affordable prices.

Golden Visa extension in Greece

The Golden Visa program, also known as the Residency by Investment Program, allows internationals to acquire residency in the European countries that run such programs, provided they invest in these countries and meet specific conditions.

The program is especially popular in Greece, which prompted the government to announce that it would raise the minimum price required to participate in December last year.

Individuals who are not citizens of the European Union will be given an additional three months to finalize agreements to purchase properties at the current lower price limit of €250,000.

This will allow them to obtain a desirable residence permit, known as the “Golden Visa,” as well as to choose a property in their preferred location before the minimum price requirement increases to €500,000.

The Greek government made the announcement just a few days ago. According to the announcement, the new deadline for signing a preliminary agreement or final sale contract at the current price has been extended from the previous deadline of April 30, 2023, to July 31, 2023.

This means that individuals who are interested in purchasing a property in Greece can take advantage of the current pricing for an additional three months before the minimum price requirement doubles.

High demand

According to a survey from last year provided by the property brokers Tranio, Greece is the most popular destination in Europe for a Golden Visa.

The survey revealed that the demand for the Greek Golden Visa program has increased by a total of 290 percent, despite the increase in the minimum investment requirement from €250,000 to €500,000.

Portugal, Latvia, Spain, and Montenegro follow in demand for the Golden Visa.

It was noted in another study conducted the year before that demand for Greek Golden Visas was especially high amongst Chinese investors. In fact, the survey found that Chinese investors accounted for an amazing 68 percent of all Greek Golden Visas issued from the beginning of the program.

Apartments in the center of Athens, quality constructions along the Athens Riviera, and luxurious country houses in popular tourist areas are the main areas chosen by foreign investors.

Although foreign investment has been welcomed by the Greek government, there are also concerns that Greeks who cannot afford high property prices are being driven out of their own neighborhoods. This was one of the reasons that the minimum price required to enter the Golden Visa program was raised.