The Greek government announced updates to its Golden Visa program, which allows individuals to obtain residency in the country by investing in real estate. These changes are effective as of August 31, 2024.
After considering various proposals, the government established different investment tiers based on geographic zones and imposed certain lease restrictions. These changes aim to make the program more beneficial and accessible for interested investors.
The newly established criteria, announced by the Ministry of Finance and pending parliamentary approval, delineate two distinct investment zones for the Greece Golden Visa, with varying thresholds:
- €800,000 for regions including the entire Administrative Region of Attica, Thessaloniki, Mykonos, Santorini, and islands with populations exceeding 3,100. These investments are limited to only one property that is at least 120 square meters big.
- €400,000 for the rest of Greece. These investments are restricted to single properties with a minimum of 120 square meters.
Two notable exceptions to these thresholds have also been introduced. Firstly, the minimum investment is set at €250,000 for commercial properties converted to residential use, applicable irrespective of the property’s location or size, with the conversion needing to be completed before applying for the visa.
Secondly, a similar €250,000 threshold applies to the restoration of listed buildings, with renovations required to be finalized within five years of residency to renew the visa.
Additional regulations prevent golden visa properties from being used for short-term rentals like AirBnB or as registered company headquarters. Violations of these rules will lead to the revocation of the residence permit and a fine of €50,000.
Late last year, the Greek government made several changes to the Golden Visa rules for non-real estate investment that will come into effect on August 31, 2024.
The adjustments include:
- An investment of at least €400,000 in a company registered or operating in Greece
- An investment of at least €400,000 in a real estate investment company focused exclusively on Greece
- Invest a minimum amount of €400,000 in a closed-end investment company or a closed-end mutual fund provided that alternative investment entities exclusively intend to invest in companies based or established in Greece.
- Acquisition of shares or corporate bonds through a minimum investment threshold of €800,000.
- Acquisition of Greek government bonds through a minimum investment threshold of €500,0000 and a remaining maturity of no less than three years at the time of purchase.
- Acquisition of €350,000 in units from a mutual fund incorporated in Greece or another country, with the explicit purpose of exclusively investing in shares, corporate bonds, and/or Greek government bonds that are either listed for trading or actively traded on regulated markets or multilateral trading platforms operating in Greece.
- Acquisition of units or shares with a minimum purchase value of €350,000 from an alternative investment fund established in Greece or another EU country, dedicated exclusively to investments in immovable property within Greece.
- A fixed-term deposit of at least €500,000, held in a Greek bank account or other national credit institution, maintained for a minimum of one year with an automatic renewal arrangement in place.
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