REAL ESTATE MARKET: GOLDEN VISA “APPROVAL” ON ROUTE
DOUBLING the amount for obtaining a “golden visa”, through the purchase of real estate in specific areas of the country, the government will soon proceed, implementing the relevant announcement of Prime Minister Kyriakos Mitsotakis from the TIF forum last September.
Specifically, according to information, in the next few days it will be announced that the minimum amount in real estate investment to obtain a five-year residence permit for citizens of non-Schengen countries will rise to 500,000 euros from the current 250,000. The doubling of the amount concerns the municipality of Athens, the northern and southern suburbs of Athens, Thessaloniki, Santorini and Mykonos. On the contrary, the limit for buying real estate in the eastern and western suburbs of Athens, as well as in the rest of Greece, will remain at the same levels as today, i.e. in the Euro Margin.
Attempt to “freeze”
The increase of the limit for the specific areas constitutes an attempt to “freeze”, within the scope of the feasible, numerous sales to foreign investors and especially in the center of Athens, where there is a great lack of houses for rent, causing a social problem. At the same time, with the new regime it is quite possible to allow obtaining a license through the purchase of up to two properties (e.g., worth 250,000 euros each), as long as they are located on the same property. Today, interested investors can secure a residence permit by purchasing real estate worth at least up to EUR, without any limitation. For example, two, three or even more properties of lower value can be acquired, as long as their sum exceeds up to Euros.
Regarding the time of implementation of the change in the program, the same information speaks of providing a window of time until April 30, 2023 for the signing of pre-contracts for the purchase of real estate, based on the current regime of up to euros. Afterwards, margin will be provided until 31/12/2023 for the definitive purchase and sale contracts, while the percentage of the advance payment should be at least 10% of the purchase value of the property. However, if for any reason the completion of the purchase is not possible, then the interested investor will be able to sign a preliminary agreement for the purchase of another property, even after April 30, as long as he completes the purchase and sale by the end of 2023.