New Greek Golden Visa Rules Unveiled!

Starting March 31, Greece is updating its Golden Visa program, which grants a five-year residency to foreign investors. The investment threshold will now range from 250,000 to 800,000 euros, varying by location and property features, as reported by ANA. This program has significantly influenced the real estate market in several sought-after Greek locales, pushing up property prices. The revised investment criteria aim to help Greek citizens, particularly young couples, find affordable housing more easily.

The government’s new strategy includes different investment levels based on the property’s location and the intent to invest in heritage-listed buildings. According to Kostis Hatzidakis, the Minister of National Economy & Finance, the updated requirements are as follows:

• In key areas like Attica, Thessaloniki, Mykonos, Santorini, and islands with more than 3,100 inhabitants, the minimum investment for obtaining a five-year residency is set at 800,000 euros for at least one property, which should be no less than 120 square meters. Joint property ownership is also an option here.
• For the conversion of buildings into homes, the minimum investment drops to 250,000 euros. This investment threshold also applies to the purchase of heritage-listed buildings, to encourage the preservation of these structures.
• Golden Visas can be renewed for an additional five years if the property is retained and, for heritage buildings, restored before the renewal. Selling the property revokes the seller’s residency rights and grants eligibility to the buyer.
• Property rental is allowed, though short-term leases and using residences as business offices are prohibited. Breaching these rules results in a 50,000-euro fine and revocation of the residency permit.
• Non-EU investors can also secure residency through long-term tourist lodging or timeshare contracts, with costs varying by location.

In 2023, the Golden Visa program saw unparalleled popularity worldwide, with a record-breaking demand according to the Migration Ministry and real estate experts. The period from January to December 2023 witnessed the issuance of 5,701 visas, with both new applications and renewals reaching a peak. Investments in 2023 amounted to at least 1 billion euros, highlighting the program’s significant impact on the Greek economy and real estate sector. With 8,800 applications still pending, the program’s future looks promising.