3/22/2024

The conditions for obtaining the “Golden Visa” for investors in Greece have been modified. Details below.

Conditions

For the acquisition of a five-year residence permit by citizens of third countries (Golden Visa), starting from March 31, 2024, the following conditions will apply:

• In the Attica region, Thessaloniki, Mykonos, Santorini, and islands with a population of more than 3,100 people, the value of the real estate that the investor must own increases to €800,000. In other regions of the country, the real estate value is set at €400,000. In any case, the investment must be made in a single property (rather than in several properties of lesser value) and must be at least 120 sq.m. in size.
• The purchase of a share in indivisible joint property ownership is allowed, with the minimum value accordingly set at €800,000 and €400,000.
• For buildings currently used as commercial and converted into residential spaces, the minimum investment amount is set at €250,000. The conversion must be completed before applying for the residence permit.
• There is also a limit of €250,000 for investments in a historical building requiring restoration.

Residence Permit Renewal

The residence permit can be renewed for the same period (five years), provided the property remains in the investor’s ownership.

For investments in historical buildings, an additional condition for the renewal of the residence permit is the completion of the building’s restoration.

If the investor sells the property, their residence permit is revoked, and the buyer is granted the right to obtain a residence permit.

Investors are allowed to rent out the acquired buildings, but not for short-term rentals, and in cases of conversion to residential use, it is also prohibited to use them as a company headquarters or branch office. In case of violation, the residence permit is revoked, and a fine of €50,000 is imposed.

Besides purchasing real estate, third-country nationals can also obtain a residence permit by signing a long-term contract for comprehensive tourist accommodation or a temporary tourist accommodation use contract, with the corresponding cost depending on the region (€800,000 in Attica, etc., €400,000 in other parts of the country, etc.).

Transition Period

As reported by the Ministry of Finance, to smoothly implement the new system without disrupting the market, a transition period is provided with the following conditions:

Third-country nationals who pay the full price or make a down payment of 10%, or sign a preliminary agreement or private purchase agreement, proving the corresponding payments by September 30, 2024, can complete their investment by December 31, 2024, under the conditions that applied previously. In cases where the real estate purchase is not completed, the buyer can still complete their investment under the previous conditions, but no later than April 30, 2025.