What regions and municipalities will you need to invest €500,000  ?

Prime Minister Kyriakos Mitsotakis explains that the municipalities affected by the recent changes are those where investors have been taking up properties and consequently driving Greeks out of their neighborhoods due to rising rents.

Athens region municipalities:

Agia Paraskevi

Agios Dimitrios

Alimos

Athens

Chalandri

Dafni-Imittos

Elliniko-Argyroupoli

Filadelfia-Chalkidona

Filothei-Psychiko

Galatsi

Glyfada

Ilioupoli

Irakleio

Kaisariani

Kallithea

Kifisia

Lykovrysi-Pefki

Marousi

Metamorfosi

Moschato-Tavros

Nea Ionia

Nea Smyrni

Palaio Faliro

Papagou-Cholargos

Penteli

Vrilissia

Vyronas

Zografou

Thessaloniki region municipalities:

Ampelokipoi Menemeni

Kalamaria

Kordelio-Evosmos

Neapoli-Sykies

Pavlos Melas

Thessaloniki

Mykonos

Santorini

New rules also apply to the total agreed price of contracts for the lease of hotel accommodation or furnished tourist residences in these areas, which you must pay in full before applying for a permanent residence permit.

The amendment clarifies that the above investment only concerns purchasing a single property. In cases of joint property ownership, the minimum value of the ownership share must be €500,000 and must again affect a single property.

How will the transition period be organized for investors? 

The transition period will begin on May 1st, 2023, and last until the end of the year. 

According to Alexander Varnavas of Varnavas Law (reference: Ministry of Development), investors who purchase real estate in the areas listed above and have already paid 10% of the property value as a deposit by April 31st, 2023 will be able to conclude their contracts until December 31st, 2023, and apply under the scheme that requires the €250,000 investment. 

Investors who have already paid their deposit will have the option to replace the initial property with another one and still apply under the €250,000 threshold, provided they conclude the transaction before the end of the transition period.

If the government makes other formal recommendations for the transition period, we will update this information.

There is still time

These changes once again remind us that governments create Golden Visa programs to suit their country’s financial needs and that the changes they often make are because they are politically expedient. 

Even with the announced changes, Athens remains the most prominent Greek region for investors. Many investors working with Migronis are already spending more than the €250,000 minimum to invest in more upmarket parts of Athens or the islands. Most Golden Visa holders invest in real estate in the Athens region as it is the most reliable option for higher yields and continuous income flow from the property due to the all-year-round tourist trade. 

However, if you are not yet ready to invest a minimum of €500,000 in a property purchase, remember that Greece still offers the lowest-cost real estate investment route to a European permanent residency permit for the next few months. If this has long been on your radar, now is a good time to get involved.

Also Read: Portugal Golden Visa from 2023 onwards, will it end ? A bright but uncertain future.

How Does Nova Quinta Help?

An experienced investment migration firm can assist people interested in legally obtaining a second residency or passport in several ways. Firstly, they can help identify the best residency or citizenship by investment program for an individual and their family, based on their exact situation. When evaluating countries, there is more to be considered than just the program’s investment criteria. Can eligible real estate be resold under the program? How long does the investor need to maintain ownership of the property? Do approved real estate projects in the country offer freehold units for sale, or just shares in the development? Is financing permitted and available? Does the jurisdiction allow you to include adult children, siblings, or parents in your citizenship application? How many economic passports has the country issued in the last decade? Are processing fees discounted for applicants making a donation instead of buying real estate? Does the nation’s passport provide visa-free access to the countries you primarily wish to travel to? Are there any restrictions that could prevent you from applying to the program, such as the exclusion of citizens of certain countries, health or criminal history?

Once you have decided on the ideal program, an investment migration firm can represent you throughout the entire procurement process. Many investors retain a firm located outside of the jurisdiction in which they will be investing to ensure they are best protected throughout the process and most preferably a firm in their current country of citizenship. We can perform due diligence, complete necessary applications forms, and ensure you have all the correct supporting documentation required by the program. We can also negotiate with property developers, handle official government communication on your behalf, review necessary financial agreements before you sign them, and represent your best interests while working alongside a local agent in that country.

Wondering how we can help you obtain a second residency or citizenship through investment? Contact us today for a confidential consultation.