8/29/2024

The real estate market is anticipating significant changes with the introduction of new rules in the “Golden Visa” program.

The government has made amendments to the “Golden Visa” program, which was launched in 2014 and provided a five-year residence permit to non-EU citizens on the condition that they purchase real estate worth at least 250,000 euros.

Greece attracted around four billion euros in investments through the “Golden Visa” program between 2021 and 2023, granting foreign investors and their families a five-year residence permit, along with the ability to move freely within the European Union and the Schengen Zone.

Starting September 1st, the real estate market is set to experience significant changes with the introduction of new rules in the “Golden Visa” program as part of the government’s initiatives to strengthen housing policy. Specifically:
• In Attiki, the regional units of Thessaloniki, Mykonos, and Santorini, as well as on islands with populations over 3,100, the value of real estate that an applicant must purchase will increase to 800,000 euros.
• In other regions of the country, the property value is set at 400,000 euros. In any case, the investment must be made in a single property (not in multiple lower-value properties) with a minimum area of 120 square meters. Joint ownership of a property is allowed, with a minimum investment value of 800,000 or 400,000 euros, respectively.
• For buildings that currently serve other purposes but will be converted into residential properties, the minimum investment amount is set at 250,000 euros. The conversion must be completed before applying for a residence permit.
• The threshold of 250,000 euros is also set for investments in buildings that are architectural monuments and require restoration. It is worth noting that for changes in property use, such as from industrial to residential, and for protected monuments, there is no minimum square footage requirement for the properties being sold.