Applications for Greece Golden Visa grew by 50% in 2022. What increased the interest?

Back in September of 2022, the government of Greece announced changes in the Golden Visa program: namely, the increase of the minimum property investment from €250,000 to €500,000. It was scheduled for January 2023 onwards. The changes would apply to the selected municipalities only, but this wasn’t clarified immediately. Thus, investors rushed to apply for the visa before the minimum expenses doubled.

As investors rushed to catch the soon‑to‑be‑expired requirements, the number of applications increased in the same month, growing almost four times compared to August.

Greece Golden Visa applications over the first 11 months of 2022

• January — 134

• February — 182

• March — 246

• April — 167

• May — 157

• June — 263

• July — 260

• August — 86

• September — 337

• October — 438

• November — 833

In November alone, the number reached 833 applications. For perspective, there were 1,626 Golden Visa applications in the entire year of 2021.

Since January 2023, the minimum Greece Golden Visa property investment value was increased to €500,000 — in selected areas:

1. Athens. North, Central, and South Sectors.

2. Attica. Vari‑Voula‑Vouliagmeni Municipality.

3. Macedonia. Thessaloniki Municipality.

4. Aegean. Mykonos and Santorini.

In other areas of Greece, Golden Visa investors still can buy property for €250,000.

The Golden Visa program of Greece grants residence permits to high‑net‑worth individuals. In five years they get permanent residence status, and in another two years are able to apply for European Union citizenship.

Real estate makes up the majority of investment options for a good reason. Properties in Greece keep growing in value and are liquid assets. Investors can rent them out before selling them for a profit in five years.

Spitogatos Property Index states that property prices in Greece continued to rise in 2022. Average selling prices for real estate increased by 7,2% year‑on‑year. The largest price hikes were recorded in North, Central, and South Athens, as well as Piraeus suburbs.

Examples of properties in Greece

Greece, Santorini

€388,000 — €905,000

Villa in a gated complex overlooking the sea and vineyards in Santorini

109 m² — 224 m²

3—5

2—4

Greece, Santorini

€505,000 — €550,000

Mediterranean style villa next to the sea in Santorini with guaranteed rent

84 m² — 94 m²

3

1

Greece, Kissamos

€830,000 — €1,550,000

Traditional style villas on the seafront in Crete, Greece

126 m² — 157 m²

3

3

Greece, Chania

€418,000 — €865,000

Classic style villas overlooking the bay in Crete

108 m² — 213 m²

3—5

3—5

Residence permit for the entire family. Investors can add their spouse or partner, as well as children to the application.

Visa-free entry to the Schengen Area. Residence permit holders can travel freely to any Schengen country every 180 days and spend 90 days there.

Tax optimisation. After becoming tax residents of Greece, investors pay a €100,000 flat tax rate on annual global income — as opposed to the 45% progressive rate.

“Plan B”. Permanent residents can enter Greece freely, even if the borders are closed.

EU citizenship. After seven years, investors and their families can get Greece citizenship, therefore becoming citizens of the European Union.

Immigrant Invest is a licensed agent for government programs in the EU and the Caribbean. If you want to become a resident of Greece and buy property in the country, please consult our investment program experts.