Dozens of districts in Attica will become more expensive for foreign investors from third countries who wish to obtain a residence permit through the Golden Visa program. According to the amendment submitted to Parliament, the minimum investment limit to secure the coveted license will be doubled from 250,000 to 500,000 euros in the central, northern and southern sector of Attica, in the Municipality of Thessaloniki, on Mykonos and Santorini. {KTG reported here)
This means that in areas such as Vyronas, Ilioupoli, Galatsi, Zografou, the Municipality of Philadelphia-Halkidona and, of course, the center of Athens, foreign investors will now be required to pay at least €500,000 to secure a permit, and only by buying a single property.
The same concerns northern Athens – i.e. areas such as Vrilissia, Halandri, Iraklio, Nea Ionia, Metamorfosi, Pefki, Marousi, Psychiko, Filothei, Agia Paraskevi and Melissia.
In the southern suburbs, the same threshold of €500,000 will apply for Agios Dimitrios, Kallithea, Nea Smyrni, Alimos, Elliniko and of course Glyfada.
However, nothing changes south of Glyfada – i.e. in Vouliagmeni, Varkiza, Voula, Saronida, Anavysos and Sounio, as the current threshold of €250,000, with the possibility of acquiring more than one property, will continue to apply.
Athens municipalities where Golden Visa price rises to 500,000 euros.
On the contrary, in cases where the investment limit will be doubled, investors should do so by purchasing only one property and not more, as has often been the case until now. This is an important differentiation, which signals the government’s attempt to limit the purchase of apartments by foreign investors, in areas of the country where new households could buy a residence. In this way, it is estimated that the availability of houses for sale will increase, which will basically be addressed to Greek citizens, notes daily kathimerini.
The transition period to the new regime is also of interest. Based on the amendment, those interested in obtaining a residence permit, based on the current regime of 250,000 euros nationwide, should proceed to conclude preliminary agreements for the purchase and sale of real estate by April 30, 2023. A period of time is then provided until the end of 2023, in order for these preliminary agreements to be converted into definitive contracts. However, if a problem arises with the sale of a property (for which a preliminary agreement has been concluded), then the interested investor can proceed to another purchase, without losing the right to the 250,000 euros. It is sufficient that the preliminary agreement (for the original property) has been concluded by April 30, 2023.
However, one case that does not seem to be described in the amendment concerns what will happen if one of the current investors wants to transfer their property located in an area where the minimum investment limit will be doubled in the future.
Although there is a paragraph in the amendment, where it is noted that anyone who sells a property loses their residence permit (which is transferred to the new owner automatically), there is no provision for what will happen in the event that this property is located e.g. downtown or southern suburbs? In this way, a legal loophole is created, on the basis of which some future investors could acquire properties at a lower price, in some of the areas where the limit will have been increased to 500,000 euros, kathimerini pointed out.
