A two-zone system is being promoted by the government regarding real estate investments to obtain a “Golden Visa“, doubling the limits in certain areas and maintaining the current limits of €250,000 in others.

After a  “silence” of  more than three months, since Prime Minister Kyriakos Mitsotakis announced the doubling of the limit from 250,000 to 500,000 euros, the relevant legislation is expected to be tabled in Parliament in the coming days.

Based on the words of the Deputy Minister of Development and Investments, Nikos Papathanasis, in yesterday’s conversation with journalists, the limit of 500,000 euros for securing a residence permit through the “Golden Visa” program will be included in the center of Athens, in the northern and southern suburbs of Attica , in Thessaloniki, Halkidiki, Mykonos and Santorini.

In fact, the eastern and western suburbs will be excluded from Attica, as well as Piraeus where the current limits will apply.

For the other areas throughout the country, the limit for real estate investments will remain at 250,000 euros as it is today. The aim is to highlight other areas of the country and direct investment funds from abroad there.

It is noted that currently interested investors can secure a residence permit by purchasing real estate worth at least 250,000 euros, without any limitation. That is, two, three or even more properties of lower value can be acquired, as long as their sum exceeds 250,000 euros.

Adjustment period

The Deputy Minister of Development did not clarify whether the exceptional inclusion in the old “Golden Visa” regime will apply to third-country nationals who have given – or will give – a “deposit” for the purchase of real estate and have not had time to sign definitive contracts . However, he emphasized that there will be a period of adjustment to the new provision.

Investments of 2.3 billion euros

According to the latest data from the Ministry of Immigration and Asylum, 103 new golden visas were granted in the July-August period, bringing the total number of permits to 9,178, while an additional 1,321 were renewed.

Also, until the end of October, the issuance of 2,009 new licenses to investors from third countries was pending, with most of them concerning Chinese applications (1,615 licenses).

The amount of capital invested from 2014 to August this year reaches 2.3 billion euros.

The vast majority of third-country nationals who have secured a “golden visa” still come from China (5,945 applications or 64.7%), followed by 585 Turkish nationals and 418 Russians.

Headlines