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Greece announces new requirements for Golden Visas
On 1 April, Greece published Law 5038/2023, which updated the rules governing the issuance of Golden Visas based on the purchase of property located in specific areas of the country. Impacted individuals who file Golden Visa applications before 31 December 2023 now have until 31 July 2023 to pay off 10% of the property’s total value in order to benefit from older, more lenient eligibility criteria. Greece launched its Golden Visa program in 2014 for non-EU nationals seeking to acquire resident status in the country based on qualifying real estate purchases or investments in the hospitality sector. Golden Visas are valid for up to five years initially and may be renewed, provided the visa holder continues to meet the visa eligibility criteria.
A Tax Alert prepared by EY's People Advisory Services group, and attached below, provides additional details.