March 21st Update on the Greece Golden Visa
On March 21st, the Greek Government confirmed the new changes to the Greece Golden Visa’s Real Estate investment option. The news follows the price increase of the non-Real Estate Golden Visa investment options. Essentially, getting the Greece Golden Visa through Real Estate acquisition will now have three price options: €250,000, €400,000, and €800,000. The upcoming changes are set to take effect as of March 31st 2024.
Greece Golden Visa Transitional Period: Last-Minute Call to 250K Standard Option
Considering the last-minute decision to change the Greece Golden Visa, the government is also proposing a Transitional Period. If an investor purchases property in Greece under certain circumstances, they can still acquire the Greece Golden Visa at the €250,000 amount.
If a 10% deposit is submitted by August 31st 2024, and the investment is complete by December 31st 2024, a property purchase still qualifies for the €250,000 Greece Golden Visa.
In the case of the property purchase not being finalized by December 31st 2024, e.g.: in cases of developments, where the property is not delivered, fully built, and functional by the same date, then the investor is allowed to transfer the purchase to another property and complete the investment up until April 30th 2025. This exception also allows the Greece Golden Visa to remain at €250,000.
New Prices Set Up to Increase Up to €400K and €800K
The Greek Government has decided to increase prices for real estate purchases, dividing the country into two main price tiers. The first tier covers the Attica region, including Athens and the nearby port city of Piraeus, the Thessaloniki region, and the islands of Santorini, Mykonos, as well as any other Greek island with a population of more than 3,100 inhabitants, such as Crete. Prices in these areas will be increased:
- From €250,000/€500,000 -> to €800,000;
The second price tier covers every other Greek region and island, increasing:
- From €250,000 -> to €400,000;
The Golden Visa investment will have to be applied in the form of the purchase of a single property with a minimum area of 120 square meters / 1292 square feet. Once fully enforced, this means a great array of properties on the Greek market will be rendered unqualifiable for the Greece Golden Visa. You can rest assured that Investment Visa's exclusive catalog of Properties in Greece remain eligible.
These two new price tiers will be the main investment options, but the Greek government also announced two exceptions which will enable investors to get the Greece Golden Visa at €250,000.
The two exceptions will be:
- Converted properties from commercial to residential use. The minimum threshold remains €250,000;
This first option involves investing in a single commercial property to convert it for residential use, which will enable the minimum investment amount to remain at €250,000, regardless of size and location. The conversion will have to be completed before the Golden Visa application is submitted.
- Refurbishment of listed buildings. The minimum threshold remains €250,000;
The second option involves renovating listed buildings, for example, properties with historic importance or under special protection, which also enables the amount to remain at €250,000, regardless of size and location. The interesting part about this option is that it can be carried out over 5 years, to guarantee the property’s full restoration, up until the first Golden Visa renewal.
Another key change to the Greece Golden Visa is that new Real Estate purchases cannot be placed in the short-term rental market. Also, the purchased commercial property to be converted into residential use will be forbidden from being used as a Company Registered Seat. Non-compliance will translate into the Residency Permit being revoked, and a fine of €50,000 being applied.
Take a look at our interactive map to check out where the new price changes apply.
Greece Golden Visa: The Leading Residency by Investment Program
The Greece Golden Visa is a Residency by Investment program designed by the Greek government to draw in foreign investment to the country’s economy. In exchange, Greece grants the investor Residency, which is a legal status enabling the investor to live in Greece, with all the benefits it entails.
As Greek Residents, investors can bring their family with them through the reunification process, enjoy visa-free travel to 29 European countries, and have the unique opportunity of living in a country brimming with ancient history, plus many more, including the opportunity to become Citizens and have an EU passport.
In 2023, the Greece Golden Visa was the world's most sought-after Residency by Investment program, recording a staggering 7752 applications in just 11 months.
Get Your Second Residency with Investment Visa
Investment Visa is the Global Leader in Residency & Citizenship by Investment programs. We take pride in having guided thousands of expats & investors to their second residency or citizenship not only in Greece but all across the world. Our reach is international and we boast offices and operate in Greece, Portugal, the UAE, and Hong Kong. Our wide array of services include not only investment & property advisory, but also post-purchase services, like Tax Representation and Property Management.
Investment Visa is led by industry veterans with multiple decades of experience, and vast in-depth knowledge of all types of investment immigration programs, whether Residency or Citizenship, wherever they exist. Choosing Investment Visa means trust, and we reciprocate it by providing the best solutions available on the market with our exclusive Residency & Citizenship solutions. Contact Investment Visa today to unlock the gateway to your brighter future!
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