What is changing about the Greek Golden Visa? What does this mean if I plan to buy a home in Greece in 2024? Are there exceptions to the new Golden Visa Rules?
In this article, we will explain the new thresholds for the Golden Visa Program and what they mean for you. Note that this article will only be relevant to non-EU residents.
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 Shengen Zone travel in Europe, and family inclusion. Applicants for a Golden Visa must be non-EU residents.
What are the New Rules for the Golden Visa in Greece?
For the Attica region, Regional Units of Thessaloniki, Mykonos, Santorini, and the Greek islands with a population over 3100 inhabitants, the minimum price for a Golden Visa will be 800,000 Euros.
It is not yet confirmed which islands will be in the “over 3100 inhabitants” category, but one can imagine it will cover most popular Greek islands.
For all other areas of Greece, the minimum price of a property to apply for a Golden Visa will become 400,000 Euros. The old minimum price was 250,000 Euros.
In both the 800,000 and 400,000 Euro areas, the entire investment must be for a single property of at least 120 square meters.
Exceptions to the New Golden Visa Rules
There are two exceptions to the above investments. The minimum investment will be EUR 250,000 for:
1. Properties that are Converted from Commercial to Residential
You may qualify for a Golden Visa if you buy a commercial property in Greece for at least 250,000 Euros and convert it to residential. The price threshold will apply regardless of the location and size of the property. Note that the conversion needs to happen before the Golden Visa application is submitted.
2. Restoration of a Listed Building
You can qualify for a Golden Visa by purchasing a listed building with historical or cultural importance for at least 250,000 Euros and then fully restoring or reconstructing the property. The price threshold will apply regardless of the location and size of the property. The renovation must be completed before the fifth year of residency, if you plan to renew your Golden Visa. (Renewal typically happens after five years).
Restrictions on Property Use
Investors in Greece with a Golden Visa cannot rent out their property on Airbnb or other short-term rental markets. Also, if you choose to convert commercial real estate to residential when applying for a Golden Visa, you cannot use the building as a company headquarters.
Transitional Period
If I am currently buying a property in Greece, how do the new rules affect me?
Investors can apply with the old thresholds (250,000 Euros) as long as 10% of the purchase price is paid until the end of August in 2024, through a private agreement or pre-contract. The purchase must completed by the end of December in 2024.
If you paid a 10% down payment, and the first sale falls through, you can apply with other property until April in 2025.
How Many People Are Applying for Golden Visas in Greece?
Currently, 7,596 Golden Visa applications are pending. Up until before the last changes to the program in 2023, an average of around 2,000-2,500 licences were granted annually. With the newly announced changes, the number of applications is expected to increase during the transition period.
