Greece Extends Golden Visa Property Completion Deadline to February 2025: What It Means for Investors
In a significant move aimed at providing more time for Golden Visa applicants, Greece has announced an extension to the property completion deadline for its Golden Visa program. Originally set to end on December 31, 2024, the deadline for investors to finalize property purchases has now been pushed to February 28, 2025. This extension applies to those who have already placed a 10% deposit on a property before August 31, 2024, ensuring that they can still benefit from the previous investment thresholds of €250,000 to €500,000.
The Golden Visa program, which allows non-EU nationals to gain residency in Greece through property investment, has been a highly sought-after option for global investors, especially those looking for European residency. This latest extension aims to protect pending investments and avoid any potential legal complications for investors facing delays in completing their property purchases.
Key Changes and Context of Greece’s Golden Visa Program
In March 2023, Greece made significant modifications to its Golden Visa program. The minimum investment thresholds were raised to €800,000 for prime locations like Santorini, Mykonos, and the Attica region, while areas outside of these high-demand zones saw a new threshold of €400,000. However, a key exception remains—the €250,000 threshold still applies for commercial-to-residential property conversions, providing an attractive investment route for those looking to enter the Golden Visa program at a lower cost.
This recent extension ensures that investors who have already committed to properties with the lower threshold will not face additional challenges in completing their investments, thus protecting Greece’s real estate market from potential disruptions.
Why the Golden Visa Extension Matters
The extension until February 28, 2025, comes as part of Greece’s efforts to safeguard its Golden Visa program, which has attracted considerable international attention. Approximately 3,000 investment applications are still pending, with an estimated €750 million in investment capital at stake. By granting additional time for property completion, Greece aims to avoid cancellations or disputes that could arise due to construction delays or bureaucratic hurdles.
This extension will also allow time for authorities to address any ongoing backlogs in processing Golden Visa applications. In response to previous delays, Greece has streamlined the approval process, redistributing applications across regional authorities. This has significantly reduced the waiting time for applicants, from a previously cumbersome 18 months to a much more reasonable three months.
What’s Next for Greece’s Golden Visa Program?
Looking ahead, Greece is preparing to introduce a new startup investment category under the Golden Visa program in 2025. This will open up a new pathway for residency with a €250,000 investment in Greek startups. This innovative approach aims to attract entrepreneurs and investors looking for dynamic, forward-thinking ways to gain residency in the EU, further diversifying the applicant pool for Greece’s Golden Visa program.
Impact on Greece’s Real Estate Market
The real estate market in Greece is adjusting to the new investment thresholds introduced in March 2023. While the increase in the required investment amounts for high-demand areas such as Santorini and Mykonos may have reduced affordability for some investors, the €250,000 threshold for commercial-to-residential conversions still presents an accessible and viable option for many.
This aspect of the program ensures that there are still investment opportunities available in Greece, even for those who may be unable or unwilling to commit to the higher thresholds for prime locations. The combination of these factors has made the Golden Visa one of the most attractive residency-by-investment programs in Europe.
Conclusion: A Golden Opportunity for Investors
Greece’s decision to extend the Golden Visa property completion deadline is a strategic move designed to protect pending investments and maintain investor confidence in the program. With the extension in place, investors who have already made a commitment can proceed with their property purchases without the added pressure of looming deadlines. The reduction in application processing times and the introduction of a startup investment category in 2025 further bolster the appeal of Greece’s Golden Visa program as a secure and lucrative pathway to residency in Europe.
Whether you are looking to invest in real estate or explore new opportunities in Greece’s startup scene, the Golden Visa program continues to be one of the most attractive options for international investors seeking a foothold in Europe.
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