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The Greek government has announced a revision of its Golden Visa program, instituting four new investment thresholds for residency ranging from €250,000 to €800,000. Changes include:
A €800,000 investment for select regions, including the Administrative Region of Attica, Thessaloniki, Mykonos, Santorini, and more populous islands.
A €400,000 investment requirement for other regions in Greece, applicable to single properties with a minimum of 120m².
Two exceptions to these rules allow for a €250,000 investment:
Conversion of commercial properties into residential ones, irrespective of location or size, with renovations required before visa application.
Restoration of properties in buildings of historical significance, with renovations to be completed within five years of residency for visa renewal.
Usage restrictions:
Properties cannot be used for short-term rentals like AirBnB.
Converted commercial properties cannot serve as registered company headquarters.
Violations can lead to permit revocation and a €50,000 fine.
The new rules are effective March 31, 2024, but there’s a transition period until September 30, 2024, allowing qualification under current thresholds with a 10% deposit, and investment completion by December 31, 2024. If delayed, investors have until April 2025 to invest in another property and still qualify under the existing rules.
The changes, expected to pass due to government majority, are seen as a pivot to the two exceptions, likely to become the main qualifying categories. This shift is anticipated to breathe new life into neglected properties, echoing similar trends in other countries' visa programs. Demand for the Greek Golden Visa is at a record high, with a backlog of applications and impending changes potentially prompting a surge in applications.
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