The Greek government announced that it will extend the transitional period for a residency by investment program from April 30th to July 31st, 2023. It means those planning to obtain the Greek residence permit through real estate investment still have four months to purchase a property in popular regions for a minimum of €250,000 instead of €500,000. This decision was made in order to provide applicants with additional time to complete their applications and to ensure that there is no disruption in the processing of their residency permits.
In 2022, the Greek Parliament approved the country’s plans to increase the minimum investment required to €500,000 in some areas of the country, such as Athens and Thessaloniki. You can find the complete list of regions that are affected by those changes here. Investors buying in the areas affected and who have already paid a 10% of the property value as a deposit before July, 31st will be able to conclude their property contracts up to December, 31st, 2023, and still apply under the old rules.
Investors who have already paid their deposit will have the option to replace the initial property with another one and still apply under the €250,000 threshold, provided they conclude the transaction before the end of the transition period.
Considering the time needed to make a purchase and prepare the application, investors should make up their minds about the purchase within the next two months to benefit from the €250,000 scheme. Although it is already challenging to find good investment opportunities below €500,000 in many popular Athens districts, there are still some areas where it is possible. Our guides on the Greek real estate market will help you understand where to look and what to expect in terms of expenses and income.
Here are some recent ones that you may want to check:
- A comprehensive guide on the investment property in Athens: all you need to know before making a purchase
- Top-5 districts in Athens to invest in
- What you need to know to get a Greek Golden Visa and make money with Airbnb
- The Greek Residency by Investment Program: how it works and its benefits
Headlines are clickable!
Investing in real estate in Greece: get a residence permit and make income renting it out
