Leptos Estates, a prominent property development firm in Greece and Cyprus, has announced that in September, the Greek government will enact new legislation within the Golden Visa Programme, affecting Permanent Residency (PR) and doubling the minimum investment requirements for global citizens seeking to acquire real estate in Greece.
Under the upcoming changes to the Golden Visa Programme, set to take effect on August 31, 2024, two tiers of minimum investment thresholds for real estate will be introduced. In Tier 1, encompassing prime locations such as Attica, Thessaloniki, Mykonos, Santorini, and the surrounding islands, the minimum investment is expected to rise to €800,000 from the current €500,000. Meanwhile, in Tier II, covering all other regions of Greece, the entry point will increase to €400,000 from the current €250,000.
Sanjay Sachdev, Group Marketing Director at Leptos Estates, emphasized the urgency for high net-worth individuals and investors to take advantage of the current terms to secure Permanent Residency in Greece, as prices are anticipated to escalate with the approaching deadline. He also highlighted the option for foreign homeowners to rent out their investment properties, thereby not requiring residency in Greece. Investors can anticipate receiving their residence permits within six months.
Sachdev further noted that investors can still apply under the existing €250,000 (Rs 22,449,500) minimum threshold if they submit a 10% deposit by August 31, 2024, and finalize the investment by December 31, 2024.
Moreover, the Residency opportunity extends to the entire family, including the main applicant’s spouse, children under 21 years old, and parents of both the main applicant and spouse, with eligibility to apply for citizenship.
