Greeks Now Selling Citizenship for 500k Euros in Big Cities & Suburbs with a High-Class Reputation
On September 12th, Greek Prime Minister Mitsotakis announced that he plans to double the required minimum investment for the country’s golden visa under the program’s real estate option. In a policy speech, PM offered few details about this change.
Industry stakeholders with direct access are providing more details this week about the proposed changes:
First, the minimum real estate investment would increase from EUR 250,000 to EUR 500,000 in Athens and Thessaloniki, as well as “a few upscale suburbs close to Athens”.
Second, these changes wouldn’t occur until January 1st 2023 at the earliest.This would mean that the new rules wouldn’t go into effect until March or April. The most recent information from the Ministry of Migration suggests that it’s more likely to happen a few months into the year, not January.
Third, and crucially, investors who pay their property investment deposits before the effective date will secure the right to submit applications under the old threshold. So far, there is nothing official. However, the latest rumors from the Ministry of Migration indicate an adjustment period is planned. We assume a duration of six months, starting from January 2023. Moreover, the same rumors indicate the minimum investment increase will apply only for specific areas and suburbs in and around Athens, as well as some islands, and not for all of Athens nor Greece generally.
Although nothing is definite yet, Prime Minister Mitsotakis plans to increase prices in order to make real estate more affordable for Greek families. He announced the changes during a speech earlier this month in Thessaloniki and said that the improvements were meant to help improve affordability of real estate for Greek families.
Many non-EU property investors who utilized the golden visa program bought properties in areas of Athens known for affordable housing, renovated them, and then sold them for double the price. The announcement came as a surprise to both the real estate and investment migration markets.
But still there is lots of opportunities until law implementation is started so contact now one of Liberto Global’s expert advisors to take advantage of Greece Golden Visa.