Greece’s updated Golden Visa programme has officially come into effect, introducing significant changes to how foreign investors can obtain residency through property investment.

Key Changes to the Golden Visa Programme:

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.

Investment Criteria:

• Single Property Requirement: Investors must purchase a single property of at least 120 square meters.
• Use Restrictions: Properties purchased under the Golden Visa cannot be used for short-term rentals (e.g., Airbnb). Violating this rule can result in the cancellation of residency and a €50,000 fine.

Exceptions to the New Golden Visa Rules:

Despite the new investment thresholds, some types of properties still qualify for the previous €250,000 minimum:

• Commercial to Residential Conversions: Properties that are converted from commercial to residential use can still qualify under the €250,000 investment threshold.
• Restoration of Listed Buildings: Properties classified as listed buildings and undergoing full restoration by the investor also remain eligible for the €250,000 minimum.

Transitional Period:

For investors who started the process under the previous rules, there is a transitional period in place:

• Investors who signed a pre-contract and made a 10% deposit by August 31st, 2024, can still qualify for the €250,000 threshold, provided the purchase is completed by December 31st, 2024.
• If the purchase isn’t finalized by the end of 2024, the investor can transfer their investment to another property, as long as the acquisition is completed by April 30th, 2025.

Investor Considerations:

At this stage, properties that qualify for the €250,000 threshold are scarce. However, new qualifying projects are expected to launch soon. Given the high demand and limited availability, it is advisable to act quickly if you are looking to secure a Golden Visa at the €250,000 level. Stay updated by checking our website for news.

Greece’s updated Golden Visa programme has officially come into effect, introducing significant changes to how foreign investors can obtain residency through property investment.

Key Changes to the Golden Visa Programme:

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.

Investment Criteria:

• Single Property Requirement: Investors must purchase a single property of at least 120 square meters.
• Use Restrictions: Properties purchased under the Golden Visa cannot be used for short-term rentals (e.g., Airbnb). Violating this rule can result in the cancellation of residency and a €50,000 fine.

Exceptions to the New Golden Visa Rules:

Despite the new investment thresholds, some types of properties still qualify for the previous €250,000 minimum:

• Commercial to Residential Conversions: Properties that are converted from commercial to residential use can still qualify under the €250,000 investment threshold.
• Restoration of Listed Buildings: Properties classified as listed buildings and undergoing full restoration by the investor also remain eligible for the €250,000 minimum.

Transitional Period:

For investors who started the process under the previous rules, there is a transitional period in place:

• Investors who signed a pre-contract and made a 10% deposit by August 31st, 2024, can still qualify for the €250,000 threshold, provided the purchase is completed by December 31st, 2024.
• If the purchase isn’t finalized by the end of 2024, the investor can transfer their investment to another property, as long as the acquisition is completed by April 30th, 2025.

Investor Considerations:

At this stage, properties that qualify for the €250,000 threshold are scarce. However, new qualifying projects are expected to launch soon. Given the high demand and limited availability, it is advisable to act quickly if you are looking to secure a Golden Visa at the €250,000 level. Stay updated by checking our website for news.