The government is considering raising the Golden Visa residence permit threshold to 500,000 euros in the center of Athens and its northern and southern suburbs.

Market sources say the doubling of the minimum amount of investment, currently €250,000, is expected to be imposed also in Thessaloniki, Mykonos and Santorini, while in Attica the eastern and western suburbs will be excluded, as well as Piraeus.

At the same time, with the new regime it will be quite possible that investors will be allowed to obtain a license through the purchase of up to two properties (e.g. worth €250,000 each), as long as they are located in the same location. Today, interested investors can secure a residence permit by purchasing real estate worth at least €250,000, without any restrictions. For example, two, three or even more properties of lower value can be acquired, as long as the total exceeds €250,000.

Regarding the time of implementation of the change in the program, sources speak a window of time until April 30, 2023 for the signing of preliminary contracts for real estate purchases, based on the current regime of €250,000. After that, some leeway will be provided until December 31, 2023 for the signing of the definitive purchase and sale contracts, while the percentage of the down payment should be at least 10% of the purchase value of the property.

The above is expected to be clarified through official information from the government within the next few days.