The Greek government announced updates to its Golden Visa program, which allows individuals to obtain residency in the country by investing in real estate. Prior to the announcement, there was speculation about potential changes to the investment criteria for this program.
After considering various proposals, the government has decided to establish different investment tiers based on geographic zones and impose certain lease restrictions. These changes aim to make the program more beneficial and accessible for interested investors.
The newly established criteria, announced by the Ministry of Finance and pending parliamentary approval, delineate two distinct investment zones for the Greece Golden Visa, with varying thresholds:
- €800,000 for regions including the entire Administrative Region of Attica, Thessaloniki, Mykonos, Santorini, and islands with populations exceeding 3,100
- €400,000 for the rest of Greece. These investments are restricted to single properties with a minimum of 120m².
Two notable exceptions to these thresholds have also been introduced. Firstly, the minimum investment is set at €250,000 for commercial properties converted to residential use, applicable irrespective of the property’s location or size, with the conversion needing to be completed before applying for the visa.
Secondly, a similar €250,000 threshold applies to the restoration of listed buildings, with renovations required to be finalized within five years of residency to renew the visa.
Additional regulations prevent golden visa properties from being used for short-term rentals like AirBnB or as registered company headquarters. Violations of these rules will lead to the revocation of the residence permit and a fine of €50,000.
The changes are effective from the end of March 2024, with a transitional phase allowing applicants to qualify under existing thresholds if they pay a 10% deposit by September 30th and the full investment by the end of 2024.
Late last year, the Greek government made several changes to the Golden Visa rules for non-real estate investment that will come into effect on March 31st, 2024. The adjustments include:
- An increase from €400,000 to €500,000 for:
- capital contributions to companies based in Greece for share capital increases or bond issuances
- contributions to Public Limited Real Estate Investment Companies (REICs) intended for exclusive investment in Greece
- contributions to Closed-end Investment Companies or Closed-end Mutual Funds;
- purchases of Greek government bonds with a minimum of three years remaining maturity
- fixed-term deposits with Greek credit institutions
- The investment threshold for the purchase of shares, corporate bonds, or Greek government bonds traded on regulated markets in Greece remains unchanged at €800,000.
- The thresholds for investing in mutual funds and Alternative Investment Funds (AIF) that exclusively invest in shares, corporate bonds, or Greek government bonds admitted for trading in Greece have been lowered from €400,000 to €350,000.
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