Foreign Investors to Note: Greece Golden Visa Changes 2023

Discover the 2023 changes to the Greece Golden Visa program, reshaping the landscape for foreign investors seeking Greek residency.

Visa-free regime with many countries attracts entrepreneurs. It is necessary to reside in the territory of the European Union in order to use this advantage. Since no new members are expected in the near future, it is worth studying the current ways of gaining access to the visa-free regime.

Foreigners have to spend a lot of time obtaining official documents. Wealthy entrepreneurs can simplify this procedure because exceptional conditions are prepared for them.

Greece Golden Visa is a vivid example of a program that is available to investors. Those who took part in the offer will be able to use a simplified way of travelling without permits.

Foreign Investors to Note: Greece Golden Visa Changes 2023

Greece Golden Visa Program for Foreign Investors

Immigration to another country allows for new horizons and more efficient operations. The Greek government’s proposal has this advantage: the investor must contribute capital to the economy and thus secure a residence permit.

Any entrepreneur from third countries (excluding EU members and Greece itself) can apply. It requires the preparation of a set of documents and the investment of capital in a convenient way. Until August 2023 the cost was from 250 thousand euros, but now the situation has changed.

Investment Changes in Some Regions

The government has been researching the effectiveness of the Greek Golden Visa program for several years. The result is that they noticed how some regions are more popular among foreigners. It was decided to improve the situation in less popular areas by changing the conditions.

Thus, from August 1, 2023 the minimum investment threshold has been increased. Getting a residence permit for 5 years can be for the purchase of real estate in the amount of 500 thousand euros. But this is not all the innovations:

  • the threshold of 250 thousand euros is retained for regions that are not part of the central and southern part of Greece;
  • diversify the portfolio is not allowed, and investments are made in a single payment for a single object.

The increase in cost did not affect the level of demand, against the background that Portugal temporarily closed its program.

Application Process

Entrepreneurs over the age of 18 can apply for and receive Greece residency through the Greece Golden Visa programme. They need to provide proof of legal earnings and prepare a package of papers.

It will be necessary to prove good character and absence of serious illnesses in order for the government to consider the application.

Verification of information is carried out with characteristic thoroughness. The selection of applications is aimed at attracting wealthy investors who do not pose a threat to permanent residents. But the government can refuse in cases where the information is not true.

The inclusion of a family in the application is permitted. The costs associated with the investment and fees are borne by the main applicant. The total value of the real estate property is increased according to the applicable regulations.

Helpful Tips for Investors

Foreign Investors to Note: Greece Golden Visa Changes 2023

The attractiveness of investment residency in Greece is due to the high standard of living and the advantages for entrepreneurs. To get the desired results, it is worth using the following recommendations:

  1. Compare Golden Visas programs. Investment residency in Greece is not the only way to become a permanent resident in European countries. Many states offer their programs to foreigners, which are more affordable or beneficial.
  2. Use the services of accredited agents. Specialists help you prepare your application and submit it to the consulate. They work with reliable lawyers and are ready to analyze several programs. This way you increase the probability of a positive decision.
  3. Evaluate the payback of the objects. Business plan, analysis of the market situation and the location of the real estate affect the period of return on investment. It is impossible to assess the profitability of the offer without studying the situation.

Having a second passport or residence permit allows you to scale your work and enter new markets. The official status means the absence of double taxation. According to Immigrant Invest specialist Vladlena Baranova, the latter has the greatest impact on the popularity of programs.

Conclusion

Foreign Investors to Note: Greece Golden Visa Changes 2023

Countries create programs to attract investment. Wealthy immigrants take advantage of this and can choose their preferred country to live in.

Evaluating offers with the support of specialists is no longer a question and is not difficult.

To participate in the program and improve your life, it is enough to study the description of the offer.

Here you will find a list of requirements, deadlines for consideration of applications and other details that affect the final decision.

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