Greek Golden Visa Cost to Rise to €800,000

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The Greece Golden Visa, one of the cheapest EU Residency by Investment programmes, is about to become one of the most expensive. Presently available at €250,000, this will increase to a minimum of €800,000 (in certain areas) on Sunday, September 1, 2024. In this article, we will go into detail about the Greek Golden Visa cost escalation.

The Background to the Greek Golden Visa Cost Hike

If you’re a habitual reader of our articles or a regular follower of our social media accounts like Instagram, you will already be aware of the new Greece Golden Visa rules that came into force in March 2024. To reiterate, the following conditions now apply for Greek Residency by Investment applicants:

1. If you want to invest in real estate in Attica, Thessaloniki, Mykonos, Santorini, and any island with a population over 3,100, you must purchase a property worth at least €800,000 instead of the present upper limit of €500,000
2. If you plan to invest in property elsewhere, the new threshold is €400,000, up from the bargain €250,000 
3. You can only buy one single property rather then a portfolio of properties whose combined total reaches the minimum requirement
4. Alternatively, you can purchase a fractional share of a tourist complex that amounts to a minimum €400,000 and €800,000 depending on the area
5. Any property purchased must measure at least 120m2
6. Properties can be rented out only on a long-term lease
7. Residences cannot function as a company HQ or a branch of your business

How to Secure a Greek Golden Visa at the Current Pricing

The Greek government has made provisions for a transition period. So, qualifying real estate is still available at the old minimums of €250,000 and €500,000 if:

• You buy a property, pay a 10% advance, put your signature to a pre-contract or private purchase agreement by Friday August 30, 2024, and finalize your investment by Tuesday, December 31, 2024
• You fail to wrap up your real estate acquisition by the close of 2024, meaning you have until Wednesday, April 30, 2025 to complete the purchase of another eligible property (developers are not likely to return your deposit if you change your mind though so this is not really a practical solution)

Taking the Next Step to Becoming a Greek Resident

If you want to get more value from a Greek Golden Visa, you will want to secure one at a more affordable price. You should consult an investment migration specialist such as RIF Trust who can walk you through the application process. So, contact us now and we’ll show you how to obtain a Greek Golden Visa for less.