It has been months since the announcement from Greek Minister Kyriakos Mitsotakis about raising the minimum investment amount for the golden visa's property investment option (from €250,000 to 500,000). However, according to the Ministry of Development, the increased minimum would only apply to certain municipalities. Meanwhile, there is going to be a transition period.
The new rules of €500,000 minimum investment requirement are to be implemented in 36 municipalities, of which 26 are in the Greater Athens region (including Agia Paraskevi, Agios Dimitriois, Alimos and Athens), 6 in Greater Thessaloniki, and two island municipalities: Santorini and Mykonos. In these affected areas, the investors are only allowed to purchase one property for their Golden Visa investment. An exception in these cases would be buying two properties of €250,000 each in the same building.
The transition period will begin on 1st May 2023 and will last until the end of the year. It means that investors buying in the affected area, who have already paid 10% of the property value as a deposit by April 31st 2023, meanwhile being able to finish up their property contracts by December 31st 2023, can still apply under the €250,000 scheme.
Ask our consultant for a full list of municipalities where the minimum investment requirement for Golden Visa will be rising, and any other questions you may have.