The decision to change the regime of granting residence permits to third-country nationals subject to investment in the Greek property market will be finalized in the coming days and possibly this week.

Investors are currently required to spend 250,000 euros on a property to secure a Golden Visa, but that amount is set to be doubled from January 1. The ministries of Migration Policy (responsible for issuing permits) and Tourism are working on the draft ministerial decision to change the existing regime.

But what about those transactions under way – i.e. those of foreign investors who have submitted the required application, the processing of which is at an advanced stage but which may not be completed by year-end? Sources say that the provisional plan for this transitional period provides that investors will be able to join the existing regime even when it is replaced with the new framework, as long as they pay 25% of the €250,000 – i.e. €62,500 – as an advance payment before the end of December

If the transaction is completed with the drawing up of a purchase and sale contract by the end of the first half of 2023, then investors will still deemed as belonging to the existing regime.

This article was previously published at ekathimerini.com.