Greece Permanent Residency - 2023 Update

Greece Golden Visa Changes 2024

Recent Enhancements to the Greek Golden Visa Program

Launch of a Dual-Zone System

The Greek Minister of Finance recently announced pivotal updates to the Golden Visa Program, notably the implementation of a dual-zone system for real estate investments that came into effect on March 31, 2024.

Impact on Investors

With the new legislation now in force, investors face revised investment conditions categorized into two tiers based on geographic zones. These changes reshape the minimum investment prerequisites for applicants:

Tier 1 (€800,000 Investment): Focuses on real estate investments in prime locations including Attica, Thessaloniki, Mykonos, Santorini, and islands with populations over 3,100. This tier is designed to maintain high-value investment in Greece’s most coveted regions.
Tier 2 (€400,000 Investment): Covers Greece’s broader regions, setting a more accessible entry point at €400,000. This initiative aims to foster investments across a diverse range of areas, potentially broadening the program’s economic impact.

Investments in both tiers require the acquisition of a single property of at least 120 square meters.

Implications for Existing Applicants

Applicants who had already submitted their applications for the Greek Golden Visa prior to the recent updates are not affected. Their cases are processed according to the terms available at the time of application, ensuring the validity of their initial investments.

Future Opportunities and Special Initiatives

As of now, new investors can still engage with the Golden Visa Program under the previously established minimum investment threshold of €250,000. To lock in this rate, a 10% deposit must be placed by August 31, 2024, with the full investment completed by December 31, 2024.

These developments highlight the Greek government’s proactive approach to adapt the Golden Visa Program in response to the evolving dynamics of the real estate market.

Mobility and Freedom

When you invest in property and apply for Permanent Residency you and your family have the right to live freely in Greece, or you can continue use the permit whenever you need it and continue to live where you choose.

Greece is a superb base for traveling throughout Europe and the rest of the world with excellent flight connections. As a PR holder, you are able to enjoy the same health and education rights as Greek nationals in addition living in Greece gives you a high quality of life, an outdoor social sphere and access to international private schools and universities.

Greece Permanent Residency also gives you access to the EU. An an EU citizen you are free to live, work, travel, receive healthcare or pursue education anywhere within the EU member states. In fact, travel benefits extend way beyond Europe with Greek passport holders being able to travel visa-free to an extensive list of countries included in the Schengen zone.

An Attractive Lifestyle

In addition to the beautiful Mediterranean climate and many islands to visit, sports, culture and outdoor social life are part of what makes Greece a great place to live! Greek life is centered on family and friends, being social is part of the Greek culture and heritage. Whether it’s spending the morning at the coffee house or people gathering in village squares to listen to live music, life here is about connecting with people and enjoying time together.

Greece is also a very affordable place, especially when compared to North America and much of the rest of Europe. Prices for daily essentials (food, transport, etc.) are at least 20% cheaper.

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Greece Permanent Residency - 2024 Update