Following the amendments suggested by the Hellenic Government earlier in September and approved this week by the Ministry of Development and Investments, the minimum amount of investment has been doubled in the most popular and expensive areas of the Hellenic Republic.
The amended Legislation which has been introduced to the Parliament states that for the Northern, Central and Southern Domains of Athens within Attica, the Municipality of Thessaloniki, as well as the islands of Mykonos and Santorini, the minimum investment required into an immovable property at the time of its’ acquisition shall be equivalent to at least five hundred thousand (500.000) Euros, which must must be duly paid in full prior to the submission of the application for the permanent residency of the investor. In addition, the Legislator explicitly specifies that such investment must only concern one immovable property. In the event of an investment into an undivided co-ownership property, the minimum investment amount of the co-ownership rate must be of at least five hundred thousand (500.000 )Euros per investor and such investment must concern one real estate property.
For the rest of the national territory, the minimum value of the real estate property at the time of its’ acquisition, as well as the total value of the contractual rent of the leases of hotel accommodations or tourist residences, is set at two hundred and fifty thousand (250,000) Euros.
The newly voted Legislation, as amended, also frames a transitional period for investors who have already begun the procedures under the previous provisions which required an investment of two hundred and fifty thousand (250.000) Euros for the entire Hellenic territory, by allowing them to complete their investment in the newly affected regions until December 31st of 2023, subject to a downpayment of 10% of the purchase price until April 30th of 2023.
The present article is for informational purposes only and does not, under any circumstances, constitute legal advice. For further information on the subject, please contact our law firm and one of our attorneys shall be glad to assist you.
Advocate – Legal consultant
Arsen Theofanidis LLC