Greek Golden Visa Investment is set to be increased at €800.000

Introduction:

The Greek Parliament has enacted significant changes to the investor permanent residence permit program, as announced by the Greek Minister of Finance on April 2, 2024. The new law, effective from August 31, 2024, aims to regulate the real estate market and attract high-value investments by increasing the minimum property acquisition value required for obtaining a Golden Visa.

Key Notes

• New Law: Law 5100/2024 amends article 100 of Law 5038/2023.

• Effective Date: Changes are effective from August 31, 2024.

• Investment Thresholds: €800,000 for Attica, Thessaloniki, Mykonos, Thira, and islands with >3,100 residents.

• €400,000 for the rest of the country.

• Transitional Period: Investors have until December 31, 2024, to complete investments under the old regime, with a final deadline of April 30, 2025.

• Restrictions: Leasing restrictions and penalties for non-compliance.

• Special Cases: €250,000 minimum for properties converted to residences, industrial buildings unused for five years, and listed buildings to be restored.

Law 5100/2024 amends article 100 of Law 5038/2023, establishing new requirements for third-country citizens investing in property in Greece for a permanent residence permit. The new rule, effective from August 31, 2024, introduces a dual-zone system for real estate transactions.

New Golden Visa Requirements

From March 31, 2024, the minimum property acquisition value is set at €800,000 in Attica, Thessaloniki, Mykonos, Thira, and islands with populations over 3,100. For other regions, the minimum value increases to €400,000, with a minimum area of 120 sq.m. for structured properties or properties with building permits.

The decision to raise the minimum investment threshold to €800,000 aims to regulate the real estate market and balance investment demand. This new requirement will officially take effect on August 31, 2024.

Investment Thresholds (valid from August 31, 2024)

Additionally, a minimum acquisition value of €250,000 is set for:

• Investment properties converted to residences.

• Industrial buildings unused for at least five years.

• Listed buildings to be restored.

New Restrictions for the Greek Golden Visa

According to Law 5038/2023:

• Investors can lease but not sub-lease or use properties as business offices.

• Non-compliance results in permit revocation and a €50,000 fine.

• Investments must be in a single property of at least 120 sq.m.

Transitional Period for Greek Golden Visa Investors

Until December 31, 2024, investors can complete investments under the old regime by making a 10% advance payment or signing relevant agreements by August 31, 2024. The final deadline for concluding investments under the previous terms is April 30, 2025.

Third-country nationals finalizing payments or signing pre-contracts by September 30, 2024, can complete investments by December 31, 2024. If property purchases are not finalized, another property may be chosen under previous conditions by April 30, 2025.

Sources:

https://migration.gov.gr/golden-visa/

https://migration.gov.gr/dieukrinistika-golden-visa/