Changes in the Golden Visa program in Greece – March 2024

Written on March 27, 2024.

According to the bill which has been submitted for vote by the Ministry of Finance, there will be changes to the existing Golden Visa program of Greece, which we present as below, after the ratification of the presented bill from the Greek Parliament.

Specifically, for the Region of Attica, the Regional Unit of Thessaloniki of the Region of Central Macedonia, the Regional Units of Mykonos and Thira of the South Aegean Region and for the islands with a population of more than three thousand one hundred (3,100) inhabitants, the minimum acquisition value of the real estate at the time of its acquisition is set at eight hundred thousand (800,000) euros. Especially if it is a built-up property or a property for which a building permit has been issued, a minimum floor area of one hundred and twenty (120) square meters is required. In the case of investment through the purchase of an undivided co-ownership percentage of a property, the minimum value of the co-ownership percentage is set at eight hundred thousand (800,000) euros.
For the other regions of the country, the minimum acquisition value of the real estate at the time of its acquisition is set at four hundred thousand (400,000) euros. Especially if it is a built-up property or a property for which a building permit has been issued, a minimum floor area of one hundred and twenty (120) square meters is required. In the case of investment through the purchase of an undivided co-ownership percentage of a property, the minimum value of the co-ownership percentage is set at four hundred thousand (400,000) euros.
Especially in cases of investment through purchase in real estate and since the main areas of the real estate asset are changed to a residence, the minimum value of this acquisition at the time of its acquisition is set at two hundred and fifty thousand (250,000) euros. These conditions will also apply in cases of investment through purchase in real estate consisting of an industrial building or part of an industrial building or within which an industrial building is located, only if in the last five (5) years at least, there has not been an established and operating industry. The specific investment must be made in a single property and the change of use must be completed before the application for the permanent investor residence permit is submitted. In the case of investment through the purchase of an undivided co-ownership percentage of a property, the minimum value of the co-ownership percentage is set at two hundred and fifty thousand (250,000) euros.
Especially in cases of investment through the purchase of real estate consisting of a listed building or part of a listed building to be restored or reconstructed or within which a listed building is located, the minimum acquisition value at the time of its acquisition is set at two hundred and fifty thousand (250,000) euros. In the case of investment through the purchase of an undivided co-ownership percentage of a property, the minimum value of the co-ownership percentage is set at two hundred and fifty thousand (250,000) euros. Transfer of the property of this case before its full restoration or total reconstruction is completed is void.
In any case of investment through the purchase of real estate, it must be carried out in a single property.
The minimum value of the real estate at the time of its acquisition must have been paid in full before submitting the request for the granting of the investor’s permanent residence permit.
Citizens of third countries – holders of an investor’s permanent residence permit may renew their residence permit, for an equal duration each time, as long as the real estate remains in their ownership and county and the other conditions herein are met. Periods of absence from the country do not constitute an impeding reason for renewing the residence permit.
The citizens of third countries, owners of real estate, are given the possibility to rent them.
Real estate acquired by third-country nationals for the initial grant or renewal of an investor’s residence permit is prohibited from being rented out short-term in the context of the sharing economy. In addition, properties acquired by third-country nationals for the initial grant or renewal of an investor’s permanent residence permit may not be used as a company headquarters or branch. In case of non-compliance with the above provisions, the residence permit is revoked and an independent administrative fine of fifty thousand (50,000) euros is imposed on the owners and/or owners of the property.
The resale of the real estate during the validity of the residence permit, to another citizen of a third country, gives the right to grant a residence permit to the new buyer with the simultaneous revocation of the seller’s residence permit.
The residence permits granted under this article do not establish a right of access to any form of work.
The issuance of the residence permit is granted within two (2) months from the receipt of all the information in the file at the issuing authority.
Citizens of third countries may complete their investment by December 31, 2024 with the regime that was in force until the entry into force of this, under the condition of either an advance payment of ten percent (10%) of the purchase price, or payment of the agreed price, following the execution of a notarial preliminary agreement or a private agreement of a certain date and a relevant proof of the transfer from the buyer’s bank regarding the sending of the advance payment to the seller’s account until August 31, 2024.