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How can I buy multiple properties for a Golden Visa in Greece?

When more than one property is purchased to meet the 250k euro threshold for the Golden Visa, do they have to be purchased at the same time? On the same contract? Or can I buy one property and then perhaps a year later purchase a second property, which then brings my total investment up to / exceeding the 250k requirement and file for Golden Visa at that time? Also, if I were to find a home for only 240k for example, and the contract then stipulates that I will pay 250k but the seller would pay all real estate agent fees, attorney fees, transfer tax, etc., would that qualify? In other words, I'm paying 250k but it is understood that the seller is paying certain costs for me. Not all of the money is strictly for the house (although it could be argued that it is still the cost for the house, much like buying a furnished house). Are these feasible scenarios?

Answers
  • Mary Tsiganou
    Synergia Technical and Consulting SA
    May 01, 2023

    According to the existing legislation in force, a foreign investor can invest in more than one property at the same time or in different times and he is able to apply for Greek Golden Visa Program as soon as the cumulative values of the separate contracts face the min. threshold of 250.000 euros in total. Furthermore, in the shortlisted areas of Greek territory, where the min. amount is to be increased to 500.000 euros after 31st July 2023, the option to participate with more than one property is not applicable any more. The latest timeline to invest in these areas under the existing framework is till 31th December 2023 and only if till 31th of July 2023 you had paid 10% of a property contract as engagement fee. For the rest areas of the Country, the right to participate with one or more properties remains valid. As per the second question, the 250.000 min amount is related ONLY to property's acquisition value and not to related expenses (taxes, notarial or cadastral fees etc) or cost of furniture.

  • Dafni Siopi
    Dafni Siopi & Associates Law Firm
    March 24, 2023

    In the areas of Greece where the limit remains at 250,000 Euros, the applicant can purchase as many properties as he/she wants. You are not obliged to purchase all the properties simultaneously. You can purchase whenever you want, but you will be able to apply for the Golden Visa residence card only after the limit is reached. On the contrary, in the areas of Greece where the limit will rise up to 500,000 Euros starting May 1, 2023 (Central Athens Regional Unit, South Athens Regional Unit, North Athens Regional Unit, Municipality of Thessaloniki, Island of Mykonos and Island of Santorini), the applicant is able to purchase only one property with the aforementioned amount. Regarding the second part of the question, please note the following: The applicant has to prove with documents that he/she has paid the minimum amount of 250,000 to the seller for the purposes of the purchase of the property. This amount is only for the purchase of the property and other expenses are not included. Also, tax expenses, notary expenses, etc. are paid by the buyer (not the seller) and are not included in the amount of 250,000.

  • Dimitris Foutsis
    Foutsis & Partners Law Firm
    March 23, 2023

    You may buy different properties in a different time and with different contracts. The price should be 250k. Fees and expenses should not be included. From 01.05, the threshold goes to 500k in some areas. In these areas, you are allowed to buy only one property for this amount.

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