Refined Guidelines: Greek Golden Visa Program Amendments for 2024

In April 2024, the Greek Parliament approved substantial revisions to the Greek Golden Visa program, marking a pivotal shift for investors seeking residency through real estate investment. These modifications, geared towards enhancing the program, have generated considerable interest and discussion within the investment community. Key highlights of the updated regulations and their implications for potential Golden Visa candidates of investment through purchase in real estate are outlined below:

Introduction of New Investment Thresholds (400K/800K) based on Geographic Location

One of the most notable updates is the introduction of two new investment thresholds depending on the geographical location. In prime locations such as Attica, Thessaloniki, Mykonos, Santorini, and islands with populations exceeding3,100 inhabitants, the minimum investment is set at 800,000 EUR. For all other regions in Greece, the threshold stands at 400,000 EUR.

Requirement for Single Property Investment

Additionally, the investment must be made in a single property with a minimum area of 120 square meters.

Exceptions

There are significant exceptions to the standard investment thresholds providing reduced investment threshold irrespective of the property’s location or size. More specifically:

Properties undergoing conversion to residential use maintain a minimum investment requirement of 250,000 EUR. However, specific conditions apply, such as carrying out the investment in a single property.

In cases of investment through the purchase of real estate consisting of listed buildings that are to be restored or reconstructed, the minimum threshold also remains 250,000 EUR, provided the investment is carried out in a single property. However, investors must ensure that the restoration/reconstruction is completed before applying for the Golden Visa, and the property cannot be sold until the restoration/reconstruction work is completed.

Under the new regulations, it's important to highlight that properties acquired through the Golden Visa program are now restricted from being rented out for short-term stays through platforms such as Airbnb.

Transitional Period

To provide investors with a smooth transition, a transitional period has been established. Investors who pay a 10% deposit by August 31, 2024, and finalize their investment by December 31, 2024, can still apply under the previous thresholds. In case of delays, investors have until April 30, 2025, to complete their investment in another eligible property.

The updates to the Greek Golden Visa program in 2024 signify a concerted effort to refine and optimize the program for both investors and the Greek economy. By introducing differentiated investment thresholds based on geographic location and emphasizing single-property investments, the program aims to attract high-value investments while promoting balanced regional development. These changes are expected to have a profound impact on the dynamics of real estate investment in Greece and further enhance the country's appeal as a destination for foreign investors seeking residency opportunities.

At MIBS Group we remain vigilant towards any legislative amendments and stand prepared to provide tailored investment solutions. Seize the opportunity to invest within the current investment threshold of 250,000 EUR.