diff --git a/api/v2beta1/helmrelease_types.go b/api/v2beta1/helmrelease_types.go
index 5887447..f5922a2 100644
--- a/api/v2beta1/helmrelease_types.go
+++ b/api/v2beta1/helmrelease_types.go
@@ -190,6 +190,7 @@ type HelmChartTemplateSpec struct {
 
 	// Version semver expression, ignored for charts from v1beta1.GitRepository and
 	// v1beta1.Bucket sources. Defaults to latest when omitted.
+	// +kubebuilder:default:=*
 	// +optional
 	Version string `json:"version,omitempty"`
 
diff --git a/config/crd/bases/helm.toolkit.fluxcd.io_helmreleases.yaml b/config/crd/bases/helm.toolkit.fluxcd.io_helmreleases.yaml
index a5d52a1..c783c98 100644
--- a/config/crd/bases/helm.toolkit.fluxcd.io_helmreleases.yaml
+++ b/config/crd/bases/helm.toolkit.fluxcd.io_helmreleases.yaml
@@ -97,6 +97,7 @@ spec:
                           Ignored when omitted.
                         type: string
                       version:
+                        default: '*'
                         description: Version semver expression, ignored for charts
                           from v1beta1.GitRepository and v1beta1.Bucket sources. Defaults
                           to latest when omitted.
diff --git a/controllers/helmrelease_controller.go b/controllers/helmrelease_controller.go
index fdfa53e..966df67 100644
--- a/controllers/helmrelease_controller.go
+++ b/controllers/helmrelease_controller.go
@@ -826,7 +826,9 @@ func helmChartRequiresUpdate(hr v2.HelmRelease, chart sourcev1.HelmChart) bool {
 	switch {
 	case template.Spec.Chart != chart.Spec.Chart:
 		return true
-	case template.Spec.Version != chart.Spec.Version:
+	// TODO(hidde): remove emptiness checks on next MINOR version
+	case template.Spec.Version == "" && chart.Spec.Version != "*",
+		template.Spec.Version != "" && template.Spec.Version != chart.Spec.Version:
 		return true
 	case template.Spec.SourceRef.Name != chart.Spec.SourceRef.Name:
 		return true
diff --git a/docs/spec/v2beta1/helmreleases.md b/docs/spec/v2beta1/helmreleases.md
index 150b9c9..c763fec 100644
--- a/docs/spec/v2beta1/helmreleases.md
+++ b/docs/spec/v2beta1/helmreleases.md
@@ -123,6 +123,7 @@ type HelmChartTemplateSpec struct {
 
 	// Version semver expression, ignored for charts from v1beta1.GitRepository and
 	// v1beta1.Bucket sources. Defaults to latest when omitted.
+	// +kubebuilder:default:=*
 	// +optional
 	Version string `json:"version,omitempty"`