The Golden Visa in Greece has changed

NEW RULES VOTED

TRANSCITIONAL PERIOD : 31-8-2024

The Greek Parliament voted on the long-awaited amendments to the Greek Golden Visa program, which are detailed below.

TWO ZONES/800/400k :

For the Region of Attica, the Regional Units of Thessaloniki, Mykonos, and Santorini, and the islands with a population of more than 3,100 inhabitants, the minimum value of real estate at the time of acquisition is 800,000 EUR. For all other regions of the country, the minimum value of real estate at the time of acquisition is set at 400,000 EUR. The investment must be carried out in a single property with a minimum surface area of 120 square meters.

EXCEPTIONS :

1. Conversion from commercial to residential: In case the Golden Visa property is converted from commercial (i.e. industrial, etc.) into residential use, the minimum threshold remains250,000 EUR, regardless of the location and the size of the property. The above investment is carried out on a single property, and the conversion of the use must be completed before submitting the golden visa application

2. Restoration of listed buildings: In case the Golden Visa property is located in listed buildings (i.e. buildings with historic interest under special protection) that are to be fully restored or reconstructed by the Investor, the minimum threshold remains 250,000 EUR, regardless of the location and the size of the property. The above investment is carried out on a single property, and the full restoration is a prerequisite for the first renewal of the golden visa after five (5) years. The property cannot be sold until restoration is complete. Failure to restore will result in a revoked residence permit and a 150,000 EUR administrative fine.

USE RESTRICTIONS : NO AIRBNB

All golden visa properties are prohibited from being rented out short-term in the context of the sharing economy, even by third parties under sublease agreements. It is not yet clear whether this provision will be finally voted on with retrospective effect for all individuals who currently hold a Golden Visa.

Golden Visa properties under the “conversion” scheme (from commercial to residential) are also prohibited from being used as a Company Registered Seat.

In the event of non-compliance with the above provisions, the residence permit is revoked, and an independent administrative fine of 50,000 EUR is imposed on the property owners.

TRANSITIONAL PERIOD :

However, investors may apply under the current 250k minimum threshold, provided that they pay a 10% deposit by August 31, 2024, and finalize the investment by December 31, 2024. In case the purchase of the property is not completed on time, the investor is allowed to complete their investment in another property no later than April 30, 2025.

All other provisions of the current Golden Visa Law remain unchanged.