Key Changes/New Rules of the Greek Golden Visa Program

Golden Visa Lawyers Greece

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Valmas Associates services include Greek Real Estate Law, Property Construction & Acquisitions, Property Management services and Golden Visa permanent residency applications. Contact us for our rates & services.

The Greek parliament has ratified a set of amendments to the Golden Visa program, in an attempt to strike a balance between strengthening the real estate investment landscape and addressing the residential needs of residents in Greece.

The core changes to the law are summarised as follows:

Increase of Minimum Investment Thresholds - Two Zones of Investment €400k/€800k:

A. For Attica region, Thessaloniki, Mykonos, Santorini, and islands with a population over 3,100, the minimum property investment rises to €800,000.
This means that several Greek islands (unaffected by the previous increases in thresholds) will now have investment thresholds increased from 250k to 800k. These islands include:  
* Aegina
* Alonissos
* Andros
* Chios
* Corfu
* Crete
* Evia
* Ikaria
* Kalymnos
* Karpathos
* Kefalonia
* Kos
* Kythera
* Lefkada
* Leros
* Lemnos/Limnos
* Lesvos/Mytilene
* Milos
* Naxos
* Paros
* Patmos
* Poros
* Rhodes
* Salamina
* Samos
* Skiathos
* Skopelos
* Spetses
* Syros
* Thassos
* Tinos
* Zante/Zakynthos

Please note that on some of these islands, a border application is also necessary, i.e. a permit to purchase in border areas.

B. For other areas, the minimum investment is set at €400,000. The investment must be in one property of a minimum surface of 120 sq.m., and cannot be made on multiple properties of lesser value.

Exceptional application of the €250k threshold (with no limitations on location or surface of the property):

• Buildings listed as historic/heritage that require restoration or reconstruction. Transfer of the property before completion of its full restoration or total reconstruction is invalid. Property must be restored before the first (initial) permit granted expires (i.e. within 5 years). If not, permit will not be renewed and penalties apply (see below).
• Buildings that currently have a different use (e.g. offices, shops, hotels) that will be converted into residential. The conversion of use must be completed before the submission of the residence permit application. (on industrial buildings that will be converted into residential, there is a condition that no industry was established or operated in it for the preceding 5 years).

Use Restrictions:

Rental and Usage Regulations: Investors can rent out their properties but cannot:
a.offer them for short-term leases (e.g. Airbnb); or
b. use them as business premises.

Penalties:
As regards applicable penalties, the following will apply:

• A penalty of €50,000, in the event of short-term leasing, subleasing or business use of the property.
• A higher penalty of €150,000, for failure to complete the full restoration or reconstruction of historical/Heritage properties within the initial 5-year term of the residence permit.
• Furthermore, non-compliance with the program’s conditions, such as engaging in prohibited uses of the property, leads to the revocation of the residence permit.

Alternative Investments:

Long-term leases or timeshare agreements for tourist accommodations also qualify for residency, with investment thresholds matching those for direct property purchases (€800,000 in specified regions, €400,000 in the rest of the country).

Transitional Period:
• Third-country nationals who either pay the full price, or make a 10% down payment and sign a preliminary notarial agreement or private purchase contract, proving such transactions by August 31, 2024, can complete their investment by December 31, 2024, under the conditions that existed before the ratification of the new amended law. If the property purchase is not finalised, the buyer may switch to another property under the aforementioned old conditions but not beyond April 30, 2025.

The transitional period is designed so that it ensures a smooth implementation of the new law. It offers an opportunity for investors who are already in the process of acquiring property or are considering moving ahead, with effect to finalising their investments under the prior legal conditions.