The Greek government has announced that the minimum amount of investment in real estate in popular regions to obtain residence permits will increase from July 31, 2023 instead of April 30, as previously planned. This means that until the end of July, investors can apply under the old scheme, investing a minimum of €250,000 in real estate in Athens and Thessaloniki, rather than €500,000. Raising the minimum investment threshold will also affect other regions, the full list can be found here.
The decision to extend the transition period was made in order to give investors who are already entering into a deal additional time to prepare documents and avoid disruptions in the processing of applications for residence permits. This is good news for those who are currently in the process of preparing documents to obtain an investment residence permit in Greece. Those who have not yet managed to choose a property to purchase now have the opportunity to purchase real estate and submit an application under the old scheme with a lower minimum investment threshold.
Investors purchasing property in affected municipalities who have already paid 10% of the property value as a deposit by July 31 will be able to conclude their contracts until December 31, 2023 and apply under the scheme, which requires a minimum €250,000 investment.
Investors who have already paid their deposit will have the option to exchange the original property for another and still apply with an investment of €250,000 or more, provided they complete 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
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Investing in real estate in Greece: get a residence permit and make income renting it out
