by Stamatis Zisimou

 

 

Citizens of third countries will now have to spent more money for the acquisition of the Greek Golden Visa. The Greece Golden Visa Program is a residence by investment program launched in 2013 that enables non-EU nationals and their family members to obtain permanent residence permits in Greece. The residence permits may be renewed every five years.

 

The Greek Golden Visa Program has granted a five-year residence permit in exchange –until recently- for a 250,000 euros real estate investment in Greece. This amount has now been doubled with Greek Parliament decision.

 

If a non-EU national wants a Golden visa , buying a residence in Athens, Mykonos, Santorini and the Municipality of Thessaloniki will have to pay 500,000 euros , instead of 250,000. 

 

It is noted that since the start of the implementation of the program in 2014 until today, approximately 10,500 Golden Visas have been granted with almost 70% having been obtained by citizens of the People's Republic of China.

 

This increase was decided, because of a lack of available residences in these areas for those looking to rent houses, especially the students. This increase will act as an incentive for investment in other regions of the country, in which the threshold for obtaining a Golden Visa with the purchase of a property remains at 250,000 euros.

 

The new measure will be implemented from next May. By then, those who wish to obtain the five-year residence permit, should either have purchased the property they are interested in for 250,000 euros, or have made by April 30, an advance payment of 10% of the price of the property. In this case, they have until December 31, 2023 to complete the transaction.

 

It should be noted that the acquisition of a Golden Visa for 500,000 euros now concerns the purchase of only one property, while until today, the acquisition can be made by the acquisition of more than one property.

 

But, in addition to the purchase of real estate, the Golden Visa, for about a year, can also be acquired with other forms of investment such as:

 

a. With a capital contribution of at least 400,000 euros to a company that has its headquarters or establishment in Greece, excluding Portfolio Investment Companies and Real Estate Investment Companies, for the acquisition of shares in a share capital increase or bonds when issuing a bond loan.

 

b. Capital contribution, at least 400,000 euros, to a Real Estate Investment Company for the acquisition of shares to increase its share capital.

 

c. Capital contribution, amounting to at least 400,000 euros, to a Venture Capital Company for the acquisition of shares, or capital contribution to a Venture Capital Fund.

 

d. Purchase of Greek Government bonds, with an acquisition value of at least 400,000 euros and a remaining duration at the time of purchase, at least three (3) years, through a credit institution established in Greece.

 

e. Fixed-term deposit of at least 400,000 euros, in a local credit institution, of at least one year's duration, with a standing order to renew.

 

f. Purchase of shares, corporate bonds or Greek State bonds, with an acquisition value of at least 800,000 euros.

 

g. Purchase of units with an acquisition value of at least 400,000 euros in a mutual fund.