Islamabad, Sep 20: The Greece Golden Visa program has undergone key changes to address housing shortages and boost revenue. The program, which grants residency to non-EU citizens through investment, has now introduced tiered minimum investment thresholds depending on property location and type:
- €250,000 Minimum: For investing in specialized real estate, such as commercial properties converted to residential use or the restoration of registered buildings, regardless of size or location.
- €400,000 Minimum: For properties in rural areas or less populated cities and islands, with investments in a single property of at least 120 m².
- €800,000 Minimum: For properties in high-demand areas like Athens, Thessaloniki, and islands with over 3,100 inhabitants.
Greece Golden Visa Program Process:
- Select Property: Choose an investment that meets the minimum criteria.
- Legal Setup: Obtain a Greek non-resident tax number and open a Greek bank account.
- Acquire Property: Complete legal due diligence and finalize the property purchase.
- Submit Application: Gather and submit required documents, often with legal assistance.
- Visit Greece: Provide biometric data to authorities.
- Visa Approval: Once approved, receive your Golden Visa residence card.
- Renewal: Every five years, renew your visa.
- Citizenship: After seven years of residency and tax compliance, you may apply for Greek citizenship.
This visa also extends to first-degree relatives, allowing them to reside in Greece. However, properties purchased cannot be used as short-term rentals on platforms like Airbnb; they must serve as permanent residences. These changes aim to stimulate the housing market and increase government revenue
