Updates on Greece Golden Visa: Investment Criteria Increased
The Greek government has recently announced the updated investment thresholds for its golden visa program after a period of market anticipation and speculation. The new regulations introduce a two-tiered investment landscape, with a higher tier of €800,000 for select regions and islands and a lower tier of €400,000 for the rest of the country.
The focus for the lower tier is on real estate investments with a minimum area of 120m². However, there are two exceptions to the investment thresholds.
- Commercial properties that are transitioning to residential use can qualify with an investment of €250,000, regardless of their location or size, if the conversion is completed before the visa application.
- The restoration of historically or culturally significant buildings under the same financial threshold, with the renovation completed within five years to renew the visa.
The new guidelines also restrict the use of properties obtained through the Greece golden visa program, particularly prohibiting short-term rental arrangements like those offered through platforms such as Airbnb.
Additionally, properties acquired for the conversion from commercial to residential purposes cannot serve as registered company headquarters, under threat of residence permit revocation and a hefty €50,000 fine.
A transitional period has also been introduced, allowing them to qualify under the current thresholds if they secure a 10% investment deposit by September 30th and finalize their investment by the end of 2024. If necessary, they have until April 2025 to complete the purchase of an alternative property.
These new regulations are expected to revive neglected properties and encourage innovative compliance strategies among developers and as CEO of Global Citizen Solutions, I’ve seen firsthand the transformative power of strategic investments in countries like Greece.
Living in Greece offers a wide range of benefits, ranging from an unparalleled quality of life to a thriving real estate market that is ripe for investment. The increase in property transactions in regions like Piraeus, Rhodes, Halkidiki, and Crete highlights the continued appeal of Greece to foreign investors.
Despite the increase in investment requirements in some areas, there are still plenty of opportunities available in other regions. Athens, with its central districts and surrounding suburbs, as well as various Cyclades islands, remains a prime location for astute investors. The government’s commitment to directing investments towards underdeveloped areas ensures that there is an abundance of opportunities for growth and development.
In today’s rapidly changing global landscape, it is essential to be agile and forward-thinking in order to seize opportunities. Greece’s Golden Visa program provides investors with a unique opportunity to diversify their portfolios and establish a foothold in one of Europe’s most promising markets.
