Golden Visa: Athenian municipalities where the price doubles and loopholes in the law

Dozens of areas in Attica will become more expensive for foreign investors from third countries wishing to obtain a residence permit under the Golden Visa program.

According to the amendment submitted to Parliament, the minimum investment limit for obtaining the coveted license will be doubled from 250,000 to 500,000 euros in the central, northern and southern sectors of Attica, in the municipality of Thessaloniki, in the islands of Mykonos and Santorini.

This means that in areas such as Vyronas, Ilioupoli, Galatsi, Zografou, the municipality of Philadelphia-Chalcedon and of course the center of Athens, foreign investors will now have to pay at least 500,000 euros to obtain a permit, and only when purchasing a single property .

The same applies to the northern part of Athens – areas such as Vrilissia, Chalandri, Heraklion, Nea Ionia, Metamorfosi, Pefki, Maroussi, Psychiko, Philotei, Agia Paraskevi and Melissia.

In the southern suburbs, the same €500,000 threshold will apply to the areas of Agios Dimitrios, Kallithea, Nea Smyrni, Alimos, Elliniko and of course Glyfada. However, south of Glyfada, i.e. in the elite Vouliagmeni, Varkiza, Voula, as well as in the prestigious Saronida, Anavisos and Sounio nothing will changeas the current threshold of €250,000 will still apply, with the option to purchase multiple properties.

Athens municipalities where the cost of the Golden Visa rises to 500,000 euros:

On the contrary, in cases where the investment limit is doubled, investors must do so by acquiring only one property, and not a few, as has often happened so far. This is an important distinction that is indicative of the government’s attempt to limit the purchase of apartments by foreign investors in those areas of the country where new households could purchase housing. Thus, it is expected that there will be an increase in the availability of houses for sale, which will mainly be addressed to Greek citizens.

The transition period to the new regime is also of interest. According to the amendment, persons interested in obtaining a residence permit, based on the current regime of 250,000 euros throughout the country, must proceed to the conclusion of preliminary contracts for the sale of real estate until April 30, 2023. There is then a period of time until the end of 2023 for these preliminary agreements to be converted into final agreements. However, if there are problems during the sale of the property (for which a preliminary contract has been concluded), then the interested investor can move on to another purchase without losing the right to 250,000 euros. It is sufficient that the preliminary contract (for the original property) be concluded before April 30, 2023.

However, one case not covered in the amendment concerns what would happen if one of the current investors wanted to transfer their property located in an area where the minimum investment limit would be doubled in the future. Although the amendment contains a paragraph stating that anyone who sells property loses their residence permit (which automatically passes to the new owner), it does not provide what will happen if the property is located, for example, in the city center or in the southern suburbs. Thus, a legal loophole is created, on the basis of which some future investors can purchase property at a lower price in areas where the limit has not yet been increased to 500,000 euros.

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