GREECE - GOLDEN VISA
Greece, encompassing a mainland on the Balkan Peninsula and a multitude of islands spread across the Aegean and Ionian seas, has emerged as both a key European business hub and a world-class holiday destination.
Greece’s appeal extends beyond its pleasant Mediterranean climate and renowned cuisine, offering cosmopolitan cities, unspoiled beaches, and a rich cultural heritage rooted in local traditions and hospitality. As a result, many choose to make Greece their second home.
As an EU member state, Greece provides residents and citizens with numerous benefits, including high safety standards, excellent education opportunities, robust healthcare systems, and a reliable legal framework.
Revised Golden Visa Program in Greece – Effective September 1st, 2024
Greece has introduced an updated Golden Visa program, bringing notable changes to how foreign investors can gain residency through property investments.
Key Revisions to the Golden Visa Program:
Two-Tier Investment Minimums: €800,000 and €400,000 The new guidelines establish a tiered investment system based on property location:
€800,000 Investment Zone: This applies to high-demand areas such as the entire Attica region (including Athens), Thessaloniki, and popular islands like Mykonos, Santorini, Crete, and others. €400,000 Investment Zone: Properties outside these premium areas require a minimum investment of €400,000.
Investment Requirements:
Single Property Purchase: Investors must acquire a single property of at least 120 square meters. Usage Restrictions: Properties bought through the Golden Visa program cannot be used for short-term rentals (e.g., Airbnb). Breaching this rule can lead to residency cancellation and a €50,000 fine.
Exceptions to the New Rules:
Certain types of properties remain eligible under the previous €250,000 minimum:
Commercial to Residential Conversions: Properties converted from commercial to residential use can still qualify for the €250,000 investment threshold. Listed Building Restorations: Listed buildings undergoing full restoration by the investor are also eligible for the €250,000 minimum.
Transitional Arrangements:
For investors who initiated the process under the prior rules, a transitional period applies:
Investors who signed a pre-contract and paid a 10% deposit by August 31st, 2024, may still qualify for the €250,000 threshold, provided the transaction is completed by December 31st, 2024. If the purchase is not finalized by this date, the investor can transfer their investment to another property, as long as the acquisition is completed by April 30th, 2025.
Investor Considerations:
Currently, properties meeting the €250,000 threshold are limited. However, new qualifying projects are expected to become available soon. With high demand and limited inventory, acting swiftly is advisable if you’re seeking a Golden Visa at the €250,000 level. Stay informed by checking our website for updates.
GREECE GOLDEN VISA BENEFITS
- Visa-free travel within Europe’s Schengen Area
- No requirement to reside in Greece
- Residence permits can be acquired within 90–120 days
- Unlimited expiry date of residence permit
- Opportunity to rent out the investment property
- Residence applicable to the whole family (married spouse, children under 21 years old, and parents of the main applicant and spouse)
- Eligibility to apply for citizenship after seven years of residence
- Ability to hold shares and receive income from the dividends of a company registered in Greece (but not to be employed in Greece)
REQUIREMENTS OF THE GREECE GOLDEN VISA PROGRAM
Real Estate Options
Two Investment Tiers: €800,000 and €400,000 Minimums The new regulations have introduced a tiered system for investment based on property location:
- €800,000 Investment Zone: This higher threshold applies to high-demand areas such as the entire Attica region (including Athens), Thessaloniki, and popular islands like Mykonos, Santorini, Crete, and several others.
- €400,000 Investment Zone: For properties located outside these prime areas, the minimum investment is set at €400,000.
MINIMUM REQUIRED INVESTMENT
TOTAL APPLICATIONS 2018-20
MONTHS PROCESSING TIME
SCHENGEN TRAVEL COUNTRIES
GREECE REAL ESTATE
The Greek real estate market was growing steadily for almost a decade before the global financial crisis of 2008–2009 triggered a sharp decline around the world. Although recovery was slower in Greece than in stronger economies, buying property in the country is still regarded as a safe, almost-risk free investment. Today, after 10 years of trending downwards, the country’s property market is once again attracting foreign buyers.
According to the Bank of Greece, at the end of 2017, real estate in Athens was 44% below its peak in 2008. However, this drop in property prices has rapidly slowed in recent years. The square meter price fell by 5.3% in 2015, by 1.8% in 2016, and by only 0.9% in 2017. In quarterly terms, prices remained consistent in the last quarter of 2017, and in the first three quarters of 2018, house prices finally showed a marginal increase for the first time since 2008.
Over the past few years, the real estate market has been thriving, thanks mainly to investments related to a booming tourism industry; tourist arrivals increased from 15 million in 2009 to 35 million in 2018. Given the attractive Greece Golden Visa Program and the popularity of Greece as a holiday destination, demand for holiday homes is rising, especially on the popular Greek islands.
VISA FREE TRAVEL TO 26 SHENGEN COUNTRIES
| Austria | Germany | Lithuania | Slovakia |
| Belgium | Greece | Luxembourg | Slovenia |
| Czech Republic | Hungary | Malta | Spain |
| Denmark | Iceland | Netherlands | Sweden |
| Estonia | Italy | Norway | Switzerland |
| Finland | Latvia | Poland | |
| France | Liechtenstein | Portugal |