The Greek Parliament has recently passed significant amendments to the Greece Golden Visa program, which grants residency to non-EU nationals investing in real estate. These changes, effective from April 2024, include new investment thresholds and zoning classifications designed to enhance the program’s appeal and efficiency.
The revised investment criteria introduce two distinct zones:
- Zone A includes high-demand areas such as Athens, Thessaloniki, Mykonos, Santorini, and other populous islands, where investors are now required to invest a minimum of EUR 800,000 in properties covering at least 120 square meters.
- Zone B encompasses less populous regions, with a reduced investment threshold of EUR 400,000 for similar property specifications.
Additionally, the program offers incentives for those investing in the restoration of listed buildings or converting commercial properties to residential use, setting a lower minimum investment of EUR 250,000, subject to the same area requirements. To qualify, investors must complete these renovations or conversions before applying for the visa.
The procedural aspects and residency benefits of the Golden Visa program remain unchanged to maintain consistency for investors. Those who have already applied or received approval before the new regulations will not be affected by these changes, ensuring protection for their existing investments.
The new regulations also introduce usage restrictions for properties acquired through the Golden Visa program. Investors are prohibited from offering these properties for short-term rentals and using them as registered offices for companies. Violations of these restrictions could lead to the revocation of residency permits and potential fines.
To facilitate the transition to the new system, the Greek government has allowed a grace period. Investors who place a 10% deposit on their intended investment by September 30, 2024, and complete the purchase by the end of the year, can still benefit from the old investment thresholds. Additionally, applicants have until April 2025 to complete the purchase of a second property under the existing conditions, provided the initial investment is not finalized by the end of 2024.
These updates to the Greece Golden Visa program reflect the government’s commitment to adapting to market demands while fostering responsible investment that benefits the nation’s economic and cultural landscape. Investors interested in the Greek real estate market should consult with specialists to fully understand how these changes may affect their investment plans and residency status.
