According to a publication by sofokleousin.gr, the next four months will be a period of investment fever for the real estate market. With the recent extension, thousands of property transactions in the most popular areas of the country, under the “Golden Visa” program, must be completed by April 30, 2024, to allow foreign investors to avoid the minimum investment threshold of €500,000, which has been in effect since August of the current year. This extension was granted as the immediately preceding extension until July 31 was insufficient for the completion of transactions involving properties valued up to €250,000.
Specifically, the PROVISION OF THE MINISTRY OF MIGRATION AND ASYLUM, published under Law 5079/2023 – Government Gazette 215/A/22-12-2023, titled “Organizational and procedural provisions for development, interventions to support fair developmental transition, and other urgent provisions,” stipulates the following:
“In Article 92 of Law 5007/2022 (Government Gazette 241), regarding the transitional provision for residence permits in paragraph B of Article 20 of Law 4251/2014 (Government Gazette 80), the following amendments are made: a) the first paragraph is amended regarding the deadline for completing the investment, b) the second paragraph is amended regarding the reference to one or more properties in the first paragraph and the deadline for completing the investment, and Article 92 is shaped as follows:
Article 92 Transitional provision for residence permits in paragraph B of Article 20 of Law 4251/2014 Third-country nationals may complete their investment in one or more properties in the areas of the first part of subparagraph 2 of paragraph B of Article 20 of Law 4251/2014 (Government Gazette 80) until April 30, 2024, with a minimum investment value of two hundred and fifty thousand (250,000) euros, provided that a ten percent (10%) prepayment is made on the purchase or lease price of hotel accommodations or tourist residences by July 31, 2023, as provided for in the first paragraph of subparagraph 5 of paragraph B of Article 20 of Law 4251/2014 until July 31, 2023, either by signing a notarial preliminary agreement, or by signing a private agreement with a clear date and relevant proof of the buyer’s bank credit for the remittance of the prepayment to the seller’s account until July 31, 2023.
If the purchase of the property or properties of the preceding paragraph is not completed, the third-country national may complete the investment in another property or properties, with a minimum investment value of two hundred and fifty thousand (250,000) euros and in any case no later than April 30, 2024.”
The regions covered by this provision are those considered most popular for foreign investors: central, northern, and southern areas of Attica, Mykonos, Santorini, and the Municipality of Thessaloniki. In these areas, the minimum threshold for the value of the residence that a foreign investor must purchase to obtain the “Golden Visa” is now €500,000. This threshold must be covered with a single property purchase, and purchases of multiple properties of lesser value are not allowed.
For more information, visit our website at https://www.mykonoslawyersfirm.com/residence-permits-mykonos-greece/, and our experienced legal team will answer any questions you may have.
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