With one of the lowest levels of investment needed to acquire a residency permit, the Greek golden visa has been one of the most popular European ‘golden visa’ schemes in the past couple of years.
Spend €250,000 or more on a property in Greece and such a visa will offer non-EU nationals the right to spend more than 90 days there – or move there for a year - as well as enjoy freedom of movement within the Schengen area.
But last month the Greek government announced that the €250,000 threshold will double to €500,000, making it the same as Spain’s golden visa and Portugal’s golden visa (although there are lower levels of investment on certain types of Portuguese property and in certain locations).
Behind the move is an effort to stop prices rising and properties become unaffordable for locals, at a time when values have been rising in many areas, especially those favoured by international buyers.
But whilst this is bad news for anyone planning to buy a Greek home for €300,000 or €400,000 in a year or two like this lovely villa in Naxos for €330,000; or this two-bedroom house in Crete for €270,000 there is a chance that if you act fast you might be able to still take advantage of the €250,000 level.
It is unclear at this stage when the price rise will take effect, but local sources in Greece expect it could be ‘early 2023’. The fact that things can happen slowly in both the Greek legal system and their conveyancing process could play into buyers’ hands, or equally work against them…
Alternatively, for those who have no wish to purchase a home, but to live and work in Greece for a few months, one alternative is to apply for a Greek digital nomad permit.