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Shortened transition period for investors in the Golden Visa program

Shortened transition period for investors in the Golden Visa program

The Greek Parliament has approved amendments to the popular “Golden Visa” program, including an increase in the entry threshold and a shortened grace period until August 30, 2024, for those wishing to participate under the old conditions. The initial transition period was until the end of September.

The Greek Parliament has adopted a number of important changes to the popular Golden Visa investment program, significantly raising thresholds for potential investors and establishing new restrictions on real estate acquisitions. Key updates include increasing the minimum investment threshold and introducing new requirements for the size and type of real estate to be acquired.

Specifically, participation in the program now requires the purchase of real estate with an area of no less than 120 square meters. Minimum investments in real estate in prestigious areas such as Attica, the islands of Mykonos and Santorini, Thessaloniki, and on Greek islands with a population of more than 3,000 people have been increased to €800,000. At the same time, the entry threshold for other areas of Greece is set at €400,000. However, the condition for investments of €250,000 remains for cases where the real estate is subject to reconstruction or conversion from industrial to residential use.

It is important to note that the new rules also prohibit the short-term rental of properties acquired under the Golden Visa program. This change is aimed at encouraging more long-term investments in Greek real estate and supporting the long-term rental market.

However, the most significant change is the reduction of the grace period for program participants wishing to take advantage of the old conditions.

It was previously announced that the transition period would last until the end of September 2024, but it has now been cut to August 30, 2024. This means that potential investors looking to take advantage of the program’s benefits under more lenient conditions will need to hurry with their investments.

These changes reflect the Greek government’s aim to strengthen the country’s economy through attracting high-quality and long-term investments. They are also aimed at combating market speculation and supporting the stability of the housing market, especially in regions popular among tourists!

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