The Greek government just announced the new thresholds for its Golden Visa Program. If I am from America, Canada, the UK, Australia, or another non-EU country, what options do I have for buying a home in Greece? Can I still buy a home with the old Golden Visa threshold of 250,000 Euros? What are my alternatives to the Golden Visa?
What is the Greek Golden Visa?
The Golden Visa program in Greece is a residency-by-investment program. By purchasing real estate above a certain price in Greece, you are eligible to apply for the Golden Visa, which grants residency, restriction-free Schengen Zone travel in Europe, and family inclusion. Historically, the investment for a Golden Visa was 250,000 Euros. With the new rules, this amount is increasing.
What Changed About the Greek Golden Visa?
For the Attica region (Athens), Regional Units of Thessaloniki, Mykonos, Santorini, and the Greek islands with a population over 3,100 inhabitants, the minimum price for a Golden Visa will be 800,000 Euros. For all other areas of Greece, the minimum price of a property to apply for a Golden Visa will become 400,000 Euros.
Another important change is that the property used to obtain a Golden Visa can no longer be used for short-term rentals.
What Are My Options?
If you are an EU resident, you can basically skip this article, as the new legislation is not relevant to you. You can still buy every property you wish, use it the way you wish and stay in Greece for as long as you wish.
If you are a non-EU resident buying a home in Greece, here are your options:
1. Buy a Home in Greece with the 250,000 Euro Threshold
The 250,000 Euro threshold still applies to properties in Greece (besides Athens, Thessaloniki, Santorini, and Mykonos), if you make a down payment by the end of August 2024. To apply for the Golden Visa at the 250,000 Euro threshold, your down payment before the end of August needs to be at least 10% of the purchase price.
This means that for the next few months, there is a final window of opportunity for everyone with a limited budget to obtain a Greek residence permit. Our advice would be to opt for existing properties rather than new off-plan properties or homes that are under construction, to be sure the paperwork is completed by the end of this year.
2. Buy a Property of 400,000 Euros
The 400,000 Euro threshold will apply to properties on the Greek mainland (besides Athens and Thessaloniki) and also to properties on the small Greek islands of fewer than 3,100 residents.
This threshold will apply to you if you plan to buy a home after August 2024. You can use this home in Greece as a holiday home or as a permanent home for your retirement, as long as you don’t rent it out through platforms like AirBnB or Booking.com.
3. Buy a Property of 800,000 Euros
The 800,000 Euros threshold applies to properties in Athens, Thessaloniki, or one of the Greek islands with more than 3,100 residents.
This threshold will apply to you if you plan to buy a home after August 2024. You can use this home in Greece as a holiday home or as a permanent home for your retirement, as long as you don’t rent it out through platforms like AirBnB or Booking.com.
4. Apply for a Different Visa in Greece
There are other Visas besides the Golden Visa. Some common Visa options are the FIP (Financially Independent Person) Visa and the Digital Nomad Visa.
5. Buy a Home in Greece Without a Golden Visa
You can still buy a home in Greece without a Golden Visa. In fact, this is a popular option, especially if you plan to rent out your home in Greece. If you buy a home in Greece without a Visa, you can stay there for 90 days every six months.
The advantage of buying a home without a Visa is that you can still enjoy Greece for your holidays, you can buy a property anywhere in Greece at whatever price you like, and you can rent it out as much as you want.
