The Greek Parliament, aiming at the revitalization of the real estate market nationwide, ratified the Law 4635/2019 which among other important provisions on investing in Greece, includes significant amendments on the Golden Visa scheme.

More specifically, according to the amended article 20 B paragraph 2 of the Law 4251/2014, there is now a provision for differentiated price limits compared to the minimum threshold applying generally in Greece, currently at 250.000 euros, which is also expected to be increased for Attica region. In an effort to promote commercial and touristic development of other Greek regions which admittedly have shown slow progress in terms of financial stabilization compared to Athens and Thessaloniki, the focus is expected to be casted upon regions of Western and Northern Greece. For the productive deployment of this project, the price of Golden Visas in these areas is expected to be set at lower prices in order to allow for potential investors to turn their sights on other promising areas of the Greek provinces.

Moving forward, the amended article 20 B now provides for payments of the property purchase prices through POS terminals of banks operating in Greece. The purchase price of the property connected to the Golden Visa can now also be paid by family members of the investor (spouse, children, parents, parents-in-law, siblings and spouses of siblings).

To this day, Greece offers one of the most affordable golden visa schemes in Europe. Due to the attractiveness of the program, as the numbers suggest, we witness an ongoing effort of promoting the dynamic of the program, making it even more flexible and diverse in terms of options and property availability. The idea is for Greece to maintain its competitive position among other strong golden visa destinations and in that regard it is more to be expected.

Eurofast’s team has been closely following the development of the program and has previously covered certain clarifications in regards to it, as well as created a comprehensive leaflet outlining the program.

Eurofast is a regional business advisory organisation employing local advisers in over 23 cities in South East Europe & Middle East (SEEME). The Organisation is uniquely positioned as one stop shop for investors and companies looking for professional services in South East Europe & Middle East.

Maria Sarantopoulou
Chief Tax & Legal Advisor