Currently, there are active adjustments being made to legislative acts worldwide, including Greece’s “Golden Visa” program. Below, we outline the key changes.
Main Laws and Changes in Greece’s “Golden Visa” Program
Summary:
- Law 5007/2022:
- Increase in the required investment amount depending on the geographical location of the property.
- Law 5038/2023:
- Replacement of Law 4251/2014 with a series of radical changes.
- Law 5100/2024 (Effective from April 2024):
- Fundamental changes to the investor residence permit category.
Under Article 91 of Law 5007/2022, the investment amount was increased based on the geographical location of the property. Law 5038/2023, which radically replaced Law 4251/2014, combined with Law 5100/2024, effective from April 2024, introduced fundamental changes to the investor residence permit category, previously well-known both in Greece and abroad.
Minimum Investment Value for the Golden Visa in Greece
Summary:
- Regions with High Investment Value (Attica, Thessaloniki, Mykonos, Thira, and islands with populations over 3,100):
- Minimum investment amount: €800,000.
- Investments must be directed toward a single property that meets building standards, with a minimum area of 120 square meters.
- Other Regions:
- Minimum investment amount: €400,000 (considering population size and property area).
According to Article 64 of Law 5100/2024, changes were made to the minimum investment amount in real estate required to obtain a Golden Visa in the following regions: Attica, the municipality of Thessaloniki in the Central Macedonia district, the regional units of Mykonos and Thira (Santorini) in the South Aegean Sea, and islands with populations exceeding 3,100 people according to the latest census. The minimum investment amount for these regions was set at €800,000.
Furthermore, the law stipulates that for a Golden Visa, investments in real estate must be made exclusively in a single property that meets building standards, with a minimum main area of 120 square meters.
For other regions of the country, considering population size and property area criteria, the minimum investment amount for obtaining a Golden Visa has been set at €400,000.
Alternative Investment Options
Summary:
- Property worth €250,000:
- Conversion of industrial buildings or parts of industrial buildings into residential units.
- Investments must be directed toward a single property.
- The conversion must be completed before the residence permit application is submitted.
- Buildings subject to restoration or reconstruction:
- Minimum investment amount: €250,000.
- Investments must be directed toward a single property.
- Penalties for recognizing the property as unfit for use until full restoration or reconstruction is completed.
Another innovation introduced by the aforementioned law is the possibility of obtaining a Golden Visa for investors through the purchase of real estate worth €250,000. This is possible provided that the main premises of the property are converted into residential units if it concerns an industrial building or part thereof, or a property within which an industrial building is located. It is crucial that no industrial enterprise has operated in this building for the past five years. The investment must be made in a single property, and the change in use must be completed before the Golden Visa application is submitted. These changes can also be carried out by the seller.
Additionally, for buildings that do not hold significant market interest, there is a provision for obtaining a Golden Visa by investing in the purchase of property listed for restoration or reconstruction. In such cases, the minimum value of the property at the time of acquisition must be €250,000. The investment must also be made in a single property. Penalties are imposed if the property is recognized as unfit for use before the completion of full restoration or reconstruction in case of its sale.
Restrictions and Penalties
Summary:
- Prohibited:
- Short-term rental of the property through digital platforms (e.g., AirBnB).
- Subletting or use as a company headquarters or branch.
- Penalties for Violation:
- Cancellation of the residence permit.
- Administrative fines ranging from €50,000 to €150,000.
It should be noted that the property for which the investor residence permit (or Golden Visa) is issued cannot be rented out on a short-term basis through digital platforms such as AirBnB, nor can it be sublet or used as a company headquarters or branch. Violating these rules results in the cancellation of the residence permit and the imposition of administrative fines ranging from €50,000 to €150,000.
Transitional Provisions
Summary:
- Until December 31, 2024:
- Payment of a 10% advance or full payment of the purchase price.
- Signing of a preliminary notarial agreement or private contract with confirmation of the bank transfer of the advance by August 31, 2024.
- If the transaction is not completed:
- Possibility of completing the investment in another property by April 30, 2025.
To facilitate a smooth transition to the changes, Article 64(4) of Law 5100/2024 established transitional provisions for completing investments by December 31, 2024. These provisions require one of the following conditions: either a down payment of 10% of the purchase price, full payment of the agreed amount, or the signing of a preliminary notarial agreement or private contract specifying a specific date, along with a corresponding document from the buyer’s bank confirming the transfer of the down payment to the seller’s account by August 31, 2024. If the purchase transaction is not completed, there is an option to complete the investment in another property by April 30, 2025.
How to Obtain a Greek Golden Visa Without Additional Issues
For more information on obtaining a residence permit for investors, considering the frequent and numerous changes in legislation, it is advisable to seek assistance from specialized law firms with a team of competent professionals. For example, our team, with many years of experience in real estate and investments, can provide you with qualified legal and consulting support, ensuring the successful completion of your purchase and the prompt acquisition of a residence permit in Greece.