Golden Visa investment requirement increased

IMPACT — MEDIUM

The Greek government has increased the investment requirement for nationals of non-EU countries to obtain residency in Greece.

Key Points:

• Nationals of non-EU countries planning to invest in Athens (including the north, central and south suburbs of Athens), central Macedonia, Mykonos, Santorini and Thessaloniki must now invest at least €500,000 to be eligible for the Golden Visa.
• Investors in Athens (including the north, central and south suburbs of Athens), central Macedonia, Mykonos, Santorini and Thessaloniki can no longer combine property purchases to meet the €500,000 investment requirement.
• Previously, non-EU nationals were required to invest at least €250,000 in the aforementioned regions to obtain a Golden Visa.

BAL Analysis: Greek authorities increased the investment requirement for non-EU nationals to obtain a Golden Visa as there has been a recent uptick in foreign nationals purchasing property in the country, increasing property prices and taxes for Greek nationals.

This alert has been provided by the BAL Global Practice Group. For additional information, please contact berryapplemanleiden@bal.com.

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