This article serves as an update to a previous publication on the Greece Golden Visa program, which outlined the regulations in place up to April 2024.
The Greece Golden Visa program, esteemed by non-EU nationals investors seeking residency through real estate investment, has undergone substantial revisions, as voted by the Greek Parliament. Effective since April 2024, these changes encompass revised investment thresholds and zoning classifications, aiming to enhance the program's efficacy.
Under the updated guidelines, the investment thresholds will now vary based on location, introducing two main area zones. Zone A encompasses prime locales like Athens, Thessaloniki, Mykonos, and Santorini, and islands with a population over 3.100 people, requiring a minimum investment of EUR 800,000 for a single property with a minimum area of 120 square meters. Meanwhile, Zone B covers all other regions with a moderate investment of EUR 400,000 also with the same minimum area requirement.
However, the government has introduced exceptions to the investment thresholds. Properties converted from commercial to residential and those involved in the restoration of listed buildings qualify for a lower minimum investment of EUR 250,000, again with the same minimum area requirement. Investors must ensure that conversions and renovations are completed before submitting their golden visa applications.
Documentation requirements and residency benefits associated with the Greece Golden Visa program remain unchanged, ensuring consistency for prospective investors. Additionally, previous applicants will not be impacted by the new regulations, safeguarding their financial commitments.
Golden visa investors are also subject to restrictions on property use. They are prohibited from placing properties on the short-term rental market, such as AirBnB, and from using properties acquired through commercial-to-residential conversions as registered company headquarters. Non-compliance will result in the revocation of the residence permit and an administrative fine.
Despite these changes, the government has provided a transitional period for applicants. Those who pay a 10% investment deposit before 30th September 2024 and complete the investment by New Year's Eve 2024 can still qualify under the current thresholds. Investors have until April 2025 to finalize the purchase of another property and still qualify under the current thresholds, if the initial investment is not completed on time.
In conclusion, the updated Greece Golden Visa program underscores the government's commitment to addressing demand and adapting to the evolving real estate market. While offering enticing opportunities for investors, the program prioritizes responsible investment and contributes to the country's economic and cultural heritage.
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