Golden Visa: Greece’s Revised Program – Changes and Implications
The Greek Parliament has recently passed significant amendments to the Golden Visa program, which are set to reshape the landscape for foreign investors seeking residency in Greece. These changes are designed to enhance the appeal of the program while ensuring investments are substantial and beneficial to the Greek economy. Below are the main points of the new amendments.
Two Investment Zones: €800,000 and €400,000
The updated Golden Visa law introduces a tiered investment approach based on geographic regions:
- €800,000 Investment Zone:
- Includes the Region of Attica, Thessaloniki, Mykonos, Santorini, and islands with populations over 3,100 inhabitants.
- The minimum real estate investment required is €800,000.
- Investments must be in a single property with a minimum area of 120 square meters.
- €400,000 Investment Zone:
- Applies to all other regions of Greece.
- The minimum real estate investment required is €400,000.
- Investments must be in a single property with a minimum area of 120 square meters.
Specific Increases in Popular Islands
For certain high-demand areas, the investment thresholds have been significantly increased:
- Mykonos and Santorini: The threshold rises from €500,000 to €800,000.
- Additional Islands: 32 more islands, including Crete, Euboea (Evia), Rhodes, Corfu, and others, see their investment threshold jump from €250,000 to €800,000.
Exceptions to the New Thresholds
- Conversion from Commercial to Residential Use:
- Properties converted from commercial (e.g., industrial) to residential use retain a minimum threshold of €250,000.
- The conversion must be completed before the Golden Visa application is submitted.
- Restoration of Listed Buildings:
- Properties in historic or listed buildings being restored or reconstructed also have a minimum threshold of €250,000.
- Full restoration must be completed for the first renewal of the visa after five years, and the property cannot be sold until restoration is complete.
Use Restrictions: No Airbnb
- Golden Visa properties cannot be rented out on a short-term basis, such as through platforms like Airbnb.
- Properties under the conversion scheme cannot be used as company registered seats.
- Non-compliance will result in the revocation of the residence permit and fines up to €50,000.
Transitional Period
Investors can still apply under the old €250,000 threshold if they:
- Pay a 10% deposit by August 31, 2024.
- Finalize the investment by December 31, 2024.
- If the initial property purchase isn’t completed on time, they may switch to another property by April 30, 2025, under the old conditions.
Conclusion
Greece’s revised Golden Visa program, with its tiered investment thresholds and new restrictions, aims to attract more substantial and geographically diverse investments. These changes reflect a strategic move to balance economic benefits with sustainable development, offering robust opportunities for high-net-worth individuals while ensuring meaningful contributions to the Greek economy.