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GREECE'S GOLDEN VISA: new conditions

The content of the article:

  • Changes in the residence permit program
  • Investment expenses
  • Attractive areas for investment 
  • Forecasts for 2024


"There is a spirit everywhere in Greece that recalls the past and inspires the future" — this is how the famous Leonardo da Vinci described this country. It is still mysterious and unattainable: on the one hand, the growing economy, thanks to which the country is at the level of highly developed countries, and on the other, ruins, temples, ancient structures — all that takes us back to the distant past. Greece has always been open to tourists, and since 2014, the country has launched a program for obtaining a residence permit. Compared to some EU countries, the minimum investment threshold was comparatively lower. So, buying a residential or commercial property in the amount of 250,000euros, you could immediately get a residence permit. Moreover, the property could be rented out and sold after 5 years. There was no need to permanently reside in the country. And it was also not necessary for investors to take the language or the history of the state under this program.


The advantages of the Greek golden visa were:


  • A Greek residence permit gives the right to visit the Schengen countries without a visa and stay there for up to 90 days
  • With a residence permit, you can come to the country at any time, while moving or not is your right, not an obligation.
  • The opportunity to use the preferential tax system of the country. Investors, like residents, pay a fixed tax on global income.
  • Greece allows its citizens to have dual citizenship.
  • A residence permit in Greece provides an opportunity to reach the European level of education and medicine. And residents can receive high-quality medical care in other EU countries as well. 


Unfortunately, this procedure has been suspended for Russian citizens today: it is now impossible to obtain a residence permit through investments. Be vigilant if you are offered to buy a property according to the old rules. VelesClub Int is honest in this matter and will provide you with open information. Despite the fact that the golden visa program is currently not valid, it is quite profitable to become a real estate owner here. Having bought a house in Greece, you can receive passive income from renting it out or have the opportunity to come here during the vacation period on vacation. If necessary, you can always sell it.  
In order not to get lost in the world of investments, let's look at attractive areas for buying real estate in Greece and areas where the investment limit has been raised to 500,000 euros. This information will help you navigate the real estate market. 

According to Law 4251/2014 (Article 20 C), the increased amount was set for the following regions of Greece:

  • The Northern, Central and Southern districts of Athens;
  • In Attica— the municipality of Vari Vula Vulyagmeni;
  • Several districts of the city of Thessaloniki;
  • Real estate on the islands of Santorini and Mykonos.

All other districts remain with the same investment amount — 250,000 euros.

One of the most popular places to buy real estate is the Attica Peninsula. This is a historical place of the country, which is washed on three sides by the bays of the Aegean Sea: Euboean, Petalian, Saronic. The climate is also noteworthy here, which, despite the presence of the sea, is quite dry and suitable for those who do not tolerate extreme heat. The center of Attica is Athens, the capital of Greece. Despite the high real estate prices, Athens is beautiful in every way. There are a large number of local beaches (some are free), the largest airport in the country, well-developed infrastructure, and at the same time everything here seems to be imbued with the spirit of ancient Greece: Hadrian's Arch, the temple of Zeus and much more. Not far from Athens is the thermal lake Vulyagmeni, the water of which has great healing properties. Tourists like to come here at any time and therefore buying a property with subsequent rental will be a profitable investment. Real estate in Athens.

Macedonia is considered to be the largest region in terms of area. It is located in the north of the country and has a diverse landscape: from mountainous terrain to valleys and forests. There are plenty of architectural monuments here too.  The Halkidiki resort region is considered one of the most important places in Macedonia. This place is popular because of the clean beaches marked with the famous blue flag, and the beaches of the region are state-owned. Real estate prices in Halkidiki largely depend on the location of the object. On the coast, housing is usually much more expensive, although, admittedly, it's worth it. Living near the sea in a historical place is like plunging into a fairy tale. 

In addition to the beach area, Macedonia also has the cultural capital of the country — the city of Thessaloniki, where the largest Aristotle University is located. But the main attraction of Thessaloniki is the Upper Town, which has been declared a UNESCO World Heritage Site. Real estate prices, as in Halkidiki, depend on which part of the city the house or apartment will be located. Your choice should be based on the purposes for which you are planning this accommodation. Thus, the historical and colorful part of the city — Ladadika — is suitable for hiking, excursions, and Aristotle Square will be interesting to the younger generation.

At all times, the islands of Greece have not lost their popularity with investors: Crete, Rhodes, Corfu, Santorini. Many tourists constantly hear about these places, which, in turn, affects the desire to purchase real estate here for rental business. In Corfu, you can buy a house in the range of 200,000-300,000 euros. Apartments can be bought for a more affordable price, and rented out all year round, since the island is very popular for families with children. We have already written about Corfu as a great place for a family holiday.

Rhodes is notable for its abundance of beautiful beaches, most of which are also free. Ferries from Turkey run to Rhodes, which helps travelers move by sea. The island itself is the largest island of the Dodecanese archipelago. And despite the presence of shops, cafes, entertainment centers, agricultural land can also be found on the island: olive groves, vineyards, citrus orchards. The average price range for a single apartment in Rhodes is from 80,000 to 150,000 euros.

The island of Crete is one of the largest Greek islands, where the main attraction is the famous Knossos Palace, which also has a second name — the Labyrinth of the Minotaur. There are already three airports on the island: two international destinations and one local. Large medical centers and 3 universities have been opened. In general, the entire infrastructure of the island is not inferior to large cities. Real estate prices are also dynamic. So, for a townhouse, you can deposit both 150,000 and 300,000 euros. But for a premium villa you will have to pay about 500,000 euros, or even more. 

Santorini is an island of volcanic origin located in the southern Aegean Sea. Santorini is also popularly called the island of the newlyweds, and not by chance: the island resembles a paradise with beautiful sunsets and wonderful landscapes that are suitable for the most romantic place of declaration of love. The landscape of the island is amazing in its diversity: on the one hand — volcanic rocks, and on the other — crystal clear sea. But most of all tourists are attracted here by interesting architectural structures built right on the edge of a volcanic depression with views of the Aegean Sea. Real estate prices have always been high here and, taking into account the latest data, continue to grow. Therefore, buying a property on this island will be a profitable investment of your funds.

At the beginning of this year, information about new conditions for investors appeared in the media. According to these statements, from May 1, 2024, it is projected to increase the amount of minimum investments for obtaining a residence permit from 250,000 euros to 400,000 euros — in areas of the non-premium sector. And in popular areas (where the cost has already been increased to 500,000 euros), an increase to 800.00 euros is expected. Most likely, this will lead to instability in the Greek real estate market. If you had a desire to have a villa, townhouse or apartment on the land of Hellas, then do not miss the chance to do it now. Our staff will help you choose the right option based on your wishes and budget. I want a consultation.


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