It has been on our lips for a while, but now it is officially true, Greece has raised the minimum spend requirement for a golden visa in certain areas. If this visa is now out of reach for you, we offer alternatives.
Originally, the golden visa minimum spend requirement raise was due to happen in May. But to accommodate a high number of eager applicants, the date was pushed back to August. There’s been no more pushback.
As of August 1st, you must purchase a property worth at least €500,000 (it was previously €250,000) in a select areas. In addition, the rules have changed in that you can now only purchase one property worth €500,000, as opposed to multiple homes with a combined value of €500,000.
The areas where the minimum amount has increased include: the North part of the Hellenic Republic, the Central and South Sectors of Athens in the Attica Region. As well as the highly desirable destinations of Mykonos, Santorini, and the Municipality of Thessaloniki.
Areas outside of these areas will retain the €250,000 set amount.
Accordingly, the Prime Minister Kyriakos Mitsotakis said that the minimum investment requirement had been increased in an effort to increase the affordability of real estate for Greek people.
What makes a golden visa so attractive?
The golden visa scheme is best suited to third-country nationals who feel restricted by the 90-day rule. Post Brexit, even if you own a property in Greece, you can only stay there for 90 days out of every 180…unless you have a visa. The golden visa specifically has the following advantages:
- Visa-free travel throughout the Schengen Area. So, you can go on holidays to Italy, France and your other favourite Schengen countries, without it limiting your time in Greece.
- Take your immediate family with you. Embark on your Greece chapter with your spouse and dependents.
- No minimum stay requirement.
- Access to Greece’s healthcare and education system.
- The option to rent out your property. Want to rent out your Greek home to your friends, family, holidaymakers? You can. Enjoy the profit. Read our guide to renting out a holiday property in Greece.
- After seven years of residence, you can apply for citizenship. If you come to totally adore Greece, you can officially become a citizen.
Plus, you must be over eighteen to apply and not have any criminal history.
While most lean towards the property investment for a golden visa, there are also options to make an investment of €400,000 into a Greek company or government bonds.
Alternatives to the golden visa
If it was your plan to purchase a €250,000 property and apply for a golden visa in one of the areas that has now seen the minimum spend requirement rise, here are some solutions. Firstly, you could redirect your property plans. The amount increase has not been implemented all over Greece. You could grasp this as an opportunity to fall in love with other areas, such as Paros, Crete or Halkidiki.
Alternatively, you could look into Greece’s other visa options.
- Digital nomad visa. This visa allows you to work remotely for a foreign-based company while living in Greece for up to twelve months. If you spend less than six months in Greece, you will not have to pay taxes. Read up on the digital nomad visa here.
- Working visa. For this you will either need an employer transfer or a new role in Greece.
- Retirement. If you are planning to retire to Greece, then you will need to prove that you can be financially self-sufficient in the country. The minimum income you will need per month is €2,000, which increases by 20% if you bring a spouse.
Finally, whether your budget is €50,000 or a million, head to our property portal for some excellent choice.