Greek Golden Visa Programme Amendments & Transition Period: The Refined Guidelines
Article written by Elena Shiapani IMCM, Chief Executive Officer MIBS Group
With its rich cultural heritage, stunning landscapes, and strategic geographical position, Greece continues to captivate investors and travellers alike. Its appeal is further bolstered by favourable investment opportunities and progressive economic policies.
The Greek real estate market in 2024 continues its trajectory of growth and development, building on the momentum gained over the past few years. Several factors contribute to the positive outlook for the market, including increased foreign investment, government incentives, and key infrastructure projects.
While property prices are appreciating, Greece still offers affordable options compared to other European markets, making it an attractive destination for both investors and homebuyers.
In this context, the Golden Visa programme remains a significant draw as one of the most popular residency-by-investment schemes in Europe, offering residency to non-EU investors purchasing property worth at least €250,000.
Reflecting its growing appeal, in April 2024, the Greek Parliament approved significant amendments to the Greek Golden Visa programme (Article 64 of Law No. 5100/2024, replacing Article 100 and paragraph 49 of Article 176 of Law No. 5038/2023), marking a pivotal shift for investors seeking residency through real estate investment.
The updates to the Greek Golden Visa rules and regulations signify a concerted effort to refine and optimise the programme, allowing a short transition period for applicants who wish to benefit from the previous regime.
These changes, designed to enhance the appeal of the programme and ensure investments are substantial and beneficial to the Greek economy, have generated considerable interest and discussion within the investment community.
Let’s shed light on the revised Golden Visa admission rules and further explore their implications for Greece’s emergence as an investment hub.
Introduction of New Investment Thresholds (400K/800K) based on Geographic Location
One of the most notable updates is the introduction of two new investment thresholds depending on the geographical location. In prime locations such as Attica, Thessaloniki, Mykonos, Santorini, and islands with populations exceeding 3,100 inhabitants, the minimum investment stands at €800,000. Until today, the limit amounted to €500,000 in the regions of North and South Attica and the Centre of Athens. For all other regions in Greece, the minimum eligible real estate investment is set at €400,000, up from €250,000.
Requirement for Single Property Investment
Additionally, in compliance with the revised regulations, the investment must be made in a single property. The surface area of the property to be acquired has also been limited to a minimum of 120 square metres. This way, small properties poised for short-term lease are excluded from the programme.
Exceptions
There are significant exceptions to the revised investment thresholds providing for a lower real estate investment, irrespective of the property’s location or size. More specifically:
– An applicant may obtain the Golden Visa with a minimum threshold of €250,000 by investing in a commercial property undergoing conversion to residential use. However, specific conditions apply, such as carrying out the investment in a single property.
– The minimum threshold of €250,000 also applies for investments in listed buildings that are to be restored or reconstructed, provided the investment through real estate acquisition is directed towards a single property. However, investors must ensure that the restoration/reconstruction is completed before applying for the Golden Visa, and the property cannot be sold until the work is finished.
– Under the new regulations, it is also important to highlight that properties acquired through the Golden Visa programme are now restricted from being leased under short-term rental platforms such as Airbnb.
Both special provisions that allow obtaining the Greek Golden Visa with a lower investment promote sustainable development on the one hand and offer an incentive for the preservation of architectural heritage and the enhancement of an area on the other.
Transitional Period
The new law allows for a transitional period to ensure investors experience a smooth transition. Investors who pay a deposit of 10% of the purchase price by 31st August 2024 and complete their real estate investment by 31st December 2024 can still apply under the previous thresholds (€250,000 throughout Greece except for specific areas with €500,000).
In case of delays, investors still have the possibility to invest in another eligible property, provided that the final transfer contract is executed by 30th April 2025.
Despite the recent updates, the Greek Golden Visa programme remains exceptionally attractive due to its comparatively low investment thresholds, offering accessible entry points for investors and no minimum stay requirement. This unique advantage continues to position Greece as a premier destination for individuals seeking both residency and lucrative investment opportunities. The programme boosts Greece’s real estate market and economy and provides a pathway to European residency and potential citizenship. Prospective investors should conduct thorough due diligence and stay informed about local market conditions and regulatory changes.
