The new conditions set for the Golden Visa were described on Thursday by the leadership of the Ministry of Finance.
As the Minister of Finance Kostis Hatzidakis announced, from March 31st, the threshold for obtaining a Golden Visa for citizens of third countries is changing. If there are preliminary agreements, there is provision for a transition period.
In particular, the threshold for obtaining a Golden Visa is increased to 800,000 euros in the following areas:
- Region of Attica
- Regional Unit of Thessaloniki
- Mykonos Regional Unit
- Santorini Regional Unit and
- Islands with more than 3,100 permanent inhabitants
In the rest of the areas, the value that the investor will have to pay for the acquisition of real estate amounts to 400,000 euros and 250,000 euros for preserved property.
At the same time, a ban on short-term rentals (Airbnb) is foreseen, while a minimum limit of 120 square meters per property is established. For listed properties, the renewal of the license in five years requires restoration of the property.
Mr. Hatzidakis mentioned that the Golden Visa may not be the main reason for the increase in real estate prices, but it also has its importance in shaping prices.
From March 31, the following will apply:
- In Attica, Thessaloniki, Santorini, Mykonos and on islands with more than 3,100 inhabitants, the limit increases to 800,000 euros, from 500,000 euros.
- In the rest of the regions, the limit increases from 250,000 euros to 400,000 euros.
- For conservation properties and industrial properties that are converted into residences, the limit remains at 250,000 euros.
- In addition, it is now mandatory to receive the Golden Visa, the property must have an area of at least 120 sq.m.
- As long as the real estate remains with the investor, the Golden Visa can be renewed even after five years.
- Additionally, the properties are not allowed to be made available for airbnb.
- In the event that someone does not comply with the legislation, a fine of 50,000 euros and revocation of the license is foreseen.
Citizens who will pay the price or make a 10% advance payment by the end of September, will be able to complete the purchase by the end of the year under the conditions that applied before.
The most important changes in the tax code concern the following:
- Citizens’ communication with the tax authorities will be done exclusively digitally
myAADEapp, the new application for direct and easy access to digital services from the mobile
Digitization of the AADE archive - Interoperability of the tax awareness engagement. Now the taxpayer will be able to get the tax information immediately when he has paid his obligations.
- Framework for tax audits: Clarification of the concepts of partial, full audit, on-site and remote. It is now a rule that the audit lasts 1 year and can be extended for 6 months, in exceptional cases for another 6 months.
- Automatic prefilling of tax returns for pensioners and employees. If the declaration is not submitted by the taxpayers, it will be done automatically by the system.
- The leeway for taxpayers to provide requested information is increased to 10 days from the previous 5.
As Mr. Pitsilis stated, this is a citizen-centric and digital-centric piece of legislation that offers flexible and secure transactions and strengthens the strengthening of citizens’ relationship of trust with the tax authorities.
With information from skai and iefimerida
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