Last year, Greece passed its new Immigration Code, which contained a number of changes to the minimum investment thresholds for most qualifying categories, except those related to real estate investment. In December, legislators voted to delay the implementation of the new thresholds until March 31st this year. Fewer than two weeks from now, the new thresholds will take effect.
While the Mitsotakis administration has signaled that we’ll soon see the minimum investment thresholds rise for Greek Golden Visa real estate as well, the new rules set to take effect at the end of this month are limited to the program’s non-real estate options:
- EUR 500,000 capital contribution to a company that has its registered office or establishment in Greece for the acquisition of shares for the increase of its share capital, or of bonds during the issuance of a bond loan, which are admitted for trading on regulated markets or multilateral trading facilities operating in Greece – Up from EUR 400,000
- EUR 500,000 capital contribution to a Public Limited Real Estate Investment Company (REIC), intended to invest exclusively in Greece for the acquisition of shares for the increase of its share capital – Up from EUR 400,000
- EUR 500,000 capital contribution to a Closed-end Investment Company or to a Closed-end Mutual Fund – Up from EUR 400,000
- EUR 500,000 purchase of Greek government bonds with a remaining maturity, at the time of purchase, of at least three years, through a credit institution established in Greece- Up from EUR 400,000
- EUR 500,000 fixed-term deposit with a Greek credit institution – Up from EUR 400,000
- EUR 800,000 purchase of shares, corporate bonds, or bonds of the Greek government, which are imported for trading or are traded on regulated markets or multilateral trading facilities operating in Greece – No threshold change
- EUR 350,000 purchase of shares in a mutual fund, which is established in Greece or in another country and is intended to invest exclusively in shares, corporate bonds, or Greek government bonds, which are admitted to trading or constitute an object of trade on regulated markets or multilateral trading facilities that operate in Greece – Down from EUR 400,000
- EUR 350,000 purchase of shares or stocks in an Alternative Investment Fund (AIF) established in Greece or in another Member State of the European Union and which has the objective of investing exclusively in Greece – Down from EUR 400,000
The only investment option for which the new rules will have any practical effect in the near-term, says Greek Golden Visa specialist lawyer Alexander Varnavas, is the EUR 500,000 term deposit. “The other options are either not popular or not even operation because no approved investment options for those categories exist,” he explains.
Of course, this may change now that the mutual fund and AIF option thresholds are reduced to just EUR 350,000, making them more competitive. Doubly so if the minimum investment threshold for real estate rises to EUR 500,000 and EUR 800,000, which looks increasingly likely.
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