Starting on September 1st, 2024, Greece has introduced significant updates to its Golden Visa program, following amendments announced in April 2024. These changes aim to align the residency-by-investment scheme with current market trends and attract more foreign investors.
Investors can now choose from the following options for obtaining the Greek Golden Visa:
- Real Estate in Key Regions: The minimum investment required in high-demand areas has increased to 800,000 EUR. This includes regions like Attica, Thessaloniki, Mykonos, Santorini, and other Greek islands with over 3,100 inhabitants. The investment must be made in a single property with a minimum size of 120 square meters. These areas are particularly appealing to international investors, which has led to a higher investment threshold.
- Real Estate in Other Areas: For regions outside of the high-demand areas, the minimum investment is set at 400,000 EUR, also for a single property with a minimum surface area of 120 square meters. This provides more affordable investment opportunities across Greece, while still contributing to the country’s real estate market.
- Listed Historical Buildings: Investors interested in culturally or historically significant properties, known as listed buildings, can invest with a minimum threshold of 250,000 EUR. This applies to properties of any location or size, encouraging investment in Greece’s cultural heritage by restoring or preserving historic buildings.
- Commercial to Residential Conversions: Investors aiming to convert commercial properties, such as industrial spaces, into residential units can do so with a minimum investment of 250,000 EUR. This option applies to properties of any size or location, including in the heart of Athens. It allows investors to support urban renewal by transforming unused commercial spaces into residential properties.
Key Points to Note:
- Conversion Deadline: The law stipulates that commercial-to-residential conversions qualifying for the 250,000 EUR investment must occur after April 5th, 2024, when the law was amended to include this option.
- Short-Term Lease Restrictions: The updated law prohibits new investors from renting properties short-term via platforms like Airbnb. However, current Golden Visa holders are exempt from this restriction. Additionally, investors who paid a 10% deposit by August 31st, 2024, and complete the purchase by December 31st, 2024, may still rent properties on short-term platforms.
- Modifications to Commercial Units: Investors can add new floors to industrial properties or expand industrial buildings that are converted into residential use, maintaining the 250,000 EUR threshold with no restrictions on surface area. This same rule applies to historical buildings.
- Touristic Serviced Projects: Properties in developments designated as serviced touristic apartments may be leased to property management companies for short-term rentals, provided additional services like cleaning are offered. This rule does not apply to properties that have been converted from commercial to residential use.
