Golden Visa property transactions on fire! Purchasers rush to seize the Golden Visa limit increase

Record Number of Property Sales for Golden Visa Acquisition

The rush for property purchases to obtain the Golden Visa has reached fever pitch, with the government inundated with requests from investors eager to close deals with advance payments to beat the stricter terms and increased amounts coming into effect from September 1, 2024.

According to data, the number of applications for the Golden Visa in the first two months of 2024 has already reached 1,299, continuing to surge, indicating that the program will set a new record this year with investment levels surpassing the €3 billion mark.

Last year, foreign capital inflows exceeded €2.54 billion, up from €1.3 billion in 2022, with submitted applications reaching 8,516 and final approvals for the program totaling 1,802. Greece’s Golden Visa remains the most coveted globally, as from 2021 to 2023, the program attracted a total of €4.3 billion from 7,387 foreign investments.

At present, thousands of investors from China, Turkey, Lebanon, Iran, the United Kingdom, Egypt, the United States, Israel, Russia, and even Ukraine are engaged in a race through real estate companies and related funds to acquire various properties across Greece at current values, which are expected to decrease by the end of August.

In this context, they are signing preliminary agreements or providing deposits to ensure eligibility for the “golden passport” for our country. Following the fever in the real estate market, the Ministry of National Economy has shortened by one month the deadline of the transitional period, with the new increased amounts for acquiring the “Golden Visa” set to come into force on October 1.

Apart from Attica and the islands of the Aegean, which are the most popular choices for investors, other regions attracting interest include the Peloponnese, Crete, Lefkada, Zakynthos and Corfu.

However, the landscape for the Golden Visa changes from September 1, with new rules being introduced. Specifically:

1. Third-country citizens who pay the price or make a 10% down payment, sign a preliminary agreement or private purchase agreement, proving the relevant credits until August 31, 2024, can complete their investment until December 31, 2024, under the conditions that were in place until now.

2. In these cases, if the property purchase is not completed, the buyer can complete their investment in another property, always under the conditions that were in place until now, but not after April 30, 2025.

With the new regime being voted on in parliament, the following conditions will apply for granting a 5-year residence permit to third-country citizens:

From 1st September 2024 : In the Attica Region, the Regional Units of Thessaloniki, Mykonos, and Santorini, and on islands with a population of over 3,100 residents, the value of the property that the interested party must hold increases to €800,000.  In any case, the investment must be made in one property (not in multiple properties of lesser value) with a minimum area of 120 sq.m. The purchase of a percentage of undivided ownership of a property is allowed, with the minimum value being €800,000.

The race for the Golden Visa continues unabated, with investors eagerly positioning themselves to take advantage of the current terms before the new regulations take effect. As Greece remains a highly attractive destination for investment, the Golden Visa program is expected to maintain its allure for international investors seeking residency in the European Union.