The Greek Government has recently made an announcement regarding the highly anticipated changes to the Greek Golden Visa program. As per the statement made by the Prime Minister, the visa program will undergo a price hike. This news has been a topic of speculation for several months, and the investors and individuals who were planning to apply for the program were eagerly awaiting the announcement.
The government has now confirmed that the price hike will indeed take place, and new regulation L. 5007/2022 Articles 91 and 92 have been introduced to outline the changes. These regulations specify the areas that will be affected by the price hike.
Under Article 91 of the new regulations, the minimum qualifying real estate investment required for the visa program has been increased from €250,000 to €500,000 for:
- North, Central, and South Sectors of Athens
- Municipality of Vari – Voula – Vouliagmeni (Region of Attica)
- Municipality of Thessaloniki (Region of Central Macedonia)
- Regional Units of Mykonos and Santorini (Region of South Aegean)
However, any property in a region other than those mentioned above will maintain the €250.000 price point moving forward. Leaving a 90% of Greek municipalities in an advantagious possition for future Golden Visa Investors.
Greece Golden Visa – Real Estate Investment Requirement by Municipality
Investing in Chalkidiki
Chalkidiki thus presents a great alternative for investors who are interested in the Macedonian region up north, with lower minimum thresholds to qualify for the Golden Visa program and higher yields compared to Thessaloniki. In fact, Chalkidiki currently holds the highest yields in Greece (you can read more in our article here). Furthermore, the rise of the Golden Visa in Thessaloniki is bound to direct investors to Chalkidiki as the closest municipality.
Overall, the Golden Visa applications in Greece are on the rise, signifying the global interest the country has amassed in recent years. The current changes are unlikely to deter investors, while municipalities like Chalkidiki are expected to be on the rise for future investments. Solid Development is ready to accommodate such investments with our latest projects Luxury Villas and Artion Residence in Nikiti, Chalkidiki.