Greece Extends Deadline for Golden Visa Real Estate Contracts Until February 2025

Greece will extend the deadline for Golden Visa investors to complete their property contracts until February 28, 2025.  

The previous deadline was December 31, 2024.

Following the new changes, those subject to the extended period for completing their contracts will be subject to the current investment threshold of €250,000- €500,000.

Greece has decided to extend the deadline for Golden Visa investors in order to complete their property contracts.

Authorities in the Hellenic Republic have said that investors who have made a ten per cent deposit on a Greek property before August 31, 2024, will now be subject to an extended period of completing their contracts until February 28, 2025, Schengen.

The decision came as part of efforts to provide additional flexibility to the investors while ensuring that the eligible applicants for the Residency by Investment Program of Greece would be able to continue applying under the previous investment threshold of this program.

The new decision gives extra time after the previous deadline, which was December 31, 2024. It means that following the new decision, those subject to the extended period for completing their contracts will be subject to the current investment threshold of €250,000-€500,000.

In a bid to deal with the housing crisis, authorities in Greece, in September this year, applied new changes to their Golden Visa Program, among them increasing the minimum threshold required for Golden Visa Investments in some of the most famous parts of the country, including Santorini, Mykonos, and the Region of Attica.

12,577 Initial Golden Visa Applications in October 2024

The Golden Visa Program of Greece, which allows wealthy foreign nationals to acquire residency in this country in exchange for financial investments, continues to attract a large number of investors.

The figures from the Migration and Asylum Policy Ministry reveal that in October 2024, a total of 12,577 initial golden visa applications were submitted.

Based on these statistics, October 2024’s statistics account for a 12 per cent increase in the number of initial golden visa applications submitted compared to the figures from the same period in 2023, during which 11,229 applications were submitted.

According to the statistics of the Ministry, nationals from China, Türkiye, Lebanon, the United Kingdom and the United States accounted for the most significant number of initial golden visas submitted in October 2024, or more specifically:

Chinese nationals- 6,521
Turkish nationals- 1,115
Lebanese investors- 717
United Kingdom investors- 511
United States investors- 369

New Changes to the Golden Visa Program From 2025

Authorities in Greece have announced that starting from next year, the Residency by Investment Program will be subject to new changes.

The new changes aim to attract wealthy foreign investors towards more productive ventures instead of the real estate investment option, which is the most sought-after option of this program.

In addition, authorities in Greece unfolded plans related to the inclusion of the startup investment option in the Golden Visa Program.

Source: https://schengen.news/greece-extends-deadline-for-golden-visa-real-estate-contracts-until-february-2025/