Greece: coming from May "three-phase" Golden visa

The government is putting the finishing touches on the amendment to the Golden Visa law, setting investment limits depending on the location of the investment objects.

The relevant ministries are considering various scenarios for new limitswhich will reach amounts up to 800,000 euros and are considered activated since May. The information indicates that there will be three “speeds/phases” for the Golden Visa and that tourist areas will receive special treatment.

Three-phase Golden Visa
The scenarios provide for the establishment of new limits depending on the geographical location of the object.

In particular, it is planned that:

• In areas that are a magnet for foreign investors, such as the northern and southern sectors of Attica, especially the eastern part of the Athens Riviera, central Thessaloniki, Mykonos, Santorini, the Golden Visa threshold will be increased to 800,000 euros (from 500,000 euros today).
• Today the limit is 500,000 euros concerns the territories of the Northern Sector, namely: Penteli, Kifisia, Metamorfosi, Chalandri, Agia Paraskevi, Vrilissia, Nea Ionia, Heraklion, Holargos, Papagos, Pefki, Likovrisi and Maroussi. In the southern sector, respectively, are the municipalities of Agios Dimitrios, Alimos, Glyfada, Elliniko-Argyroupoli, Kallithea, Moschato-Tavros, Nea Smyrni and Paleo Faliro, and in the central sector are the municipalities of Athens, Philadelphia-Chalcedon, Galatsi, Zografou, Kaysariani, Byron, Ilioupoli, Daphnis-Imittou. The €500,000 limit also includes the municipality of Thessaloniki and the islands of Mykonos and Santorini.
• In the remaining “average” areas, the threshold from 250,000 euros, which is today, will rise to 400,000 euros or 500,000 euros.
• In regions where there is no significant demand for real estate investment, the limit will remain at €250,000.

Final decisions are expected next week.

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