Greece's New Golden Visa Programme 2024
As of September 1st, 2024, Greece’s revised Golden Visa programme is now officially in effect, bringing significant updates to how foreign investors can obtain residency through property investment.
Key Changes To The Greek Golden Visa Programme:
Two Investment Zones: €800,000 and €400,000 Minimums
The new regulations introduce a tiered investment requirement based on the property’s location:
- €800,000 Investment Zone: This higher threshold applies to sought-after areas such as the entire Region of Attica (including Athens), Thessaloniki, the islands of Mykonos and Santorini, and 32 other islands, which include: Crete, Euboea (Evia), Rhodes, Corfu, Lesbos, Chios, Zante (Zakynthos), Salamis (Salamina), Kos, Kefalonia, Samos, Lefkada, Syros, Naxos, Kalymnos, Lemnos, Paros, Thassos, Aegina, Tinos, Ikaria, Andros, Leros, Karpathos, Skiathos, Milos, Skopelos, Spetses, Kythera, Patmos, Poros, and Alonissos.
- €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 put their funds into a single property with a minimum size of 120 square meters (approximately 1,292 square feet).
Use Restrictions: Properties purchased under the Golden Visa cannot be used for short-term rentals, such as through Airbnb. Failing to comply with this rule could lead to the revocation of the residence permit and a fine of €50,000.
Exceptions to Greece’s Revised Golden Visa Rules:
Despite the new thresholds, certain types of investments allow for the previous €250,000 minimum:
Conversion of Commercial to Residential Use: If a property is converted from commercial to residential, the minimum investment remains at €250,000, regardless of its location.
Restoration of Listed Buildings: Properties that are classified as listed buildings and undergo full restoration by the investor also qualify for the €250,000 minimum. However, completing the restoration is necessary to renew the Golden Visa after five years.
Transitional Period:
A transitional period has been introduced for those who started their investment process under the previous rules:
Investors who signed a pre-contract and made a 10% deposit by August 31st, 2024, can still qualify for the €250,000 threshold providing they complete their purchase by December 31st, 2024.
If the initial purchase isn’t completed by the end of 2024, the investor can transfer the investment to another property, as long as the acquisition is finalized by April 30th, 2025.
Considerations for Golden Visa Investors
At this early stage, qualifying €250,000 projects are few and far between. However, La Vida has partnered with several developers who are preparing to launch new qualifying options in the coming weeks. Given the expected strong demand and limited supply during this initial period, it’s likely that many developers will wait to see how the market settles before introducing more options. If you’re keen to secure a Golden Visa under the €250,000 category, it’s advisable to act swiftly as these opportunities may be quickly snapped up. Monitor our Greek real estate listings page for further update on new releases.
