Greece Extend Golden Visa Deadline to Febuary to Secure €750 million investmet pipline
- 1 January, 25
Greece has decided to extend the deadline for completing property purchase contracts under its Golden Visa program from December 31, 2024, to February 28, 2025. This extension aims to ensure the finalization of approximately 3,000 pending real estate transactions, which collectively represent an investment pipeline valued at around €750 million.
The Golden Visa program is a popular scheme that grants residency permits to non-European Union investors who purchase property in Greece. In April 2023, Greece raised the minimum investment threshold for certain areas from €250,000 to €500,000, primarily to counter excessive demand in regions like Athens and Thessaloniki. However, investors who had already paid a 10% deposit before August 31, 2024, were allowed to proceed under the old thresholds. The new deadline extension allows these investors more time to complete their transactions, despite ongoing administrative delays.
The Greek Parliament approved this extension to address growing concerns about procedural backlogs that risked derailing numerous deals. Investors have faced significant delays due to bottlenecks in the legal, financial, and administrative processes required to finalize property transactions. The government sought to prevent these setbacks from leading to contract cancellations or potential legal disputes, which could undermine investor confidence in the program.
This move underscores Greece’s commitment to preserving its Golden Visa program as a vital tool for attracting foreign investment. The program has played a critical role in boosting Greece’s real estate sector and economy. By extending the deadline, Greece is not only safeguarding existing investments but also reinforcing its reputation as a reliable destination for international investors.
This decision comes as part of broader efforts to maintain the program’s success and ensure it continues to attract high levels of foreign capital, even as market conditions and policy frameworks evolve.
Cre:imidaily