HomeGreeceGreece will increase the cost of the “Golden Visa” to 500,000 euros...

Greece will increase the cost of the “Golden Visa” to 500,000 euros in 2023

Заможним іноземцям, які планують отримати дозвіл на проживання в Греції за програмою «Золота віза», доведеться «розщедритися», тобто вкласти більше грошей у грецьку нерухомість. Таке рішення ухвалила влада країни.

According to an amendment presented in the Greek Parliament last week, in some parts of the Hellenic Republic, the minimum property value required for the issuance of a Golden Visa will be 500,000 euros.

According to local media reports, the new changes will be applied to the northern part of Greece, as well as to the Central and Southern sectors of Athens, the islands of Mykonos and Santorini, as well as the municipality of Thessaloniki.

The Residence by Investment Scheme, also known as the Golden Visa, allows foreigners to acquire a residence permit in Greece, provided they invest a certain amount of money and meet certain criteria.

Earlier this year, Greek Prime Minister Kyriakos Mitsotakis announced plans to increase the minimum investment required to issue Golden Visas to €500,000 from the current €250,000.

The Prime Minister added that new amendments will be made to increase the affordability of real estate for Greek citizens. Investors are buying up property in Greece, especially in Athens, pushing Greeks out of their traditional neighborhoods, and then raising rents, he said.

At the same time, for the rest of the country, the minimum amount of 250,000 euros for obtaining a permanent residence permit will remain.

Third-country nationals holding a permanent residence permit for investors have the right to extend it for the same period if they continue to own real estate. Another advantage of the Greek option is that there is no minimum mandatory period of stay in the country.

In addition, third-country nationals who own real estate in Greece are allowed to rent it out.

The Greek Golden Visa program is one of the most popular in Europe. However, it is often criticized for money laundering and a window for corruption.

The European Commission has repeatedly called on EU countries that use such schemes to end them as soon as possible.

It was previously reported that a third of real estate transactions in Greece in recent years is the result of purchases made to obtain Golden Visas.

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