On April 2, the Greek parliament voted on the new parameters for the revised Golden Visa framework. Whether you’re in the early stages of planning out your Golden Visa acquisition or your application is already moving forward, here’s what you should know:

Third-country nationals can still purchase property and obtain a Golden Visa based on the previous provisions by August 30, 2024. Potential Golden Visa holders can choose between paying full price, a 10% advance or signing a pre-contract or private purchase agreement and in turn, they will be able to complete their investment by December 31, 2024, according to the present conditions, so long as they prove the relevant credits by August 31, 2024. In such cases, if the purchase of the asset falls through, the buyer can complete their investment in a different property under the conditions that apply to this day but not after April 30, 2025. This extension will ensure a smooth transition to the new rules to avoid any potential market disruptions.

For those that will begin their Golden Visa acquisition processes after August 30, 2024, the following conditions are established:

  • In the Region of Attica, the Regional Units of Thessaloniki, Mykonos, and Santorini, and on islands with a population of over 3,100 inhabitants, the value of the real estate that the interested party must own increases to 800,000 euros. As for the rest of the country, the value of the real estate is set at 400,000 euros.Below you will find a comprehensive list of 32 islands where the minimum investment threshold is also raised from 250,000 to 800,000:
    • Crete
    • Euboea (Evia)
    • Rhodes
    • Corfu
    • Lesbos
    • Chios
    • Zante (Zakynthos)
    • Salamis(Salamina)
    • Kos
    • Kefalonia
    • Samos
    • Lefkada
    • Syros
    • Naxos
    • Kalymnos
    • Lemnos
    • Paros
    • Thassos
    • Aegina
    • Tinos
    • Ikaria
    • Andros
    • Leros
    • Karpathos
    • Skiathos
    • Milos
    • Skopelos
    • Spetses
    • Kythera
    • Patmos
    • Poros
    • Alonissos
  • In any case, the investment must be made in a single property -not in multiple properties of lesser value- that cover an area of at least 120 square meters, or 1,291.67 square feet. Potential Golden Visa holders also have the option to purchase a share of undivided co-ownership property, whose minimum value is respectively set at 800,000 and 400,000 euros.
  • For previously non-residential buildings to be converted into housing, the minimum investment amount is set at 250,000 euros. It is also important to note that the change of use must be completed before submitting the residence permit application.
  • Minimum threshold is also set at 250,000 euros pertaining to an investment in a listed building to be restored.
  • Residence permits can be renewed for the same time period (five years) provided that the real estate remains in the ownership of the investor. With regard to investments in listed buildings, an additional condition to renew the residence permit is having completed the restoration of the building.
  • In the case of the investor selling the property, their residence permit is revoked and it’s the buyer who gains the right to obtain a residence permit.
  • Investors are able to lease the buildings they acquire, however, short-term leases are prohibited. If the property underwent residential conversion, its use as business headquarters or branch is also not allowed.
  • In case of violating the provisions above, residence permit is revoked and a fine of 50,000 euros is imposed.
  • Apart from real estate acquisition, third-country nationals may also obtain a residence permit by entering into a long-term lease agreement of a complex tourist accommodation or a timeshare agreement for a tourist accommodation, equivalent in value per region (800,000 euros in Attica, etc., 400,000 euros in the rest of the country, etc.).

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