GREECE - GOLDEN VISA
Comprising a mainland on the Balkan peninsula and a plethora of islands scattered across the Aegean and Ionian seas, Greece has emerged as a prominent European business hub and a premier global holiday destination.
The allure of Greece lies not only in its balmy Mediterranean climate and famed gastronomy but also in its cosmopolitan cities, pristine beaches, and the genuine warmth of its local traditions and hospitality. Consequently, many discerning individuals have chosen Greece as their second home.
As a member state of the EU, Greece offers its residents and citizens a number of reassuring benefits including high levels of safety and security, excellent education opportunities, robust healthcare options, and a dependable rule of law.
Greece Implements Revised Golden Visa Programme – Effective from September 1st, 2024
Greece’s updated Golden Visa programme has officially come into effect, introducing significant changes to how foreign investors can obtain residency through property investment.
Key Changes to the Golden Visa Programme:
Two Investment Tiers: €800,000 and €400,000 Minimums The new regulations have introduced a tiered system for investment based on property location:
- €800,000 Investment Zone: This higher threshold applies to high-demand areas such as the entire Attica region (including Athens), Thessaloniki, and popular islands like Mykonos, Santorini, Crete, and several others.
- €400,000 Investment Zone: For properties located outside these prime areas, the minimum investment is set at €400,000.
Investment Criteria:
- Single Property Requirement: Investors must purchase a single property of at least 120 square meters.
- Use Restrictions: Properties purchased under the Golden Visa cannot be used for short-term rentals (e.g., Airbnb). Violating this rule can result in the cancellation of residency and a €50,000 fine.
Exceptions to the New Golden Visa Rules:
Despite the new investment thresholds, some types of properties still qualify for the previous €250,000 minimum:
- Commercial to Residential Conversions: Properties that are converted from commercial to residential use can still qualify under the €250,000 investment threshold.
- Restoration of Listed Buildings: Properties classified as listed buildings and undergoing full restoration by the investor also remain eligible for the €250,000 minimum.
Transitional Period:
For investors who started the process under the previous rules, there is a transitional period in place:
- Investors who signed a pre-contract and made a 10% deposit by August 31st, 2024, can still qualify for the €250,000 threshold, provided the purchase is completed by December 31st, 2024.
- If the purchase isn’t finalized by the end of 2024, the investor can transfer their investment to another property, as long as the acquisition is completed by April 30th, 2025.
Investor Considerations:
At this stage, properties that qualify for the €250,000 threshold are scarce. However, new qualifying projects are expected to launch soon. Given the high demand and limited availability, it is advisable to act quickly if you are looking to secure a Golden Visa at the €250,000 level. Stay updated by checking our website for news.
GREECE GOLDEN VISA BENEFITS
- Visa-free travel within Europe’s Schengen Area
- No requirement to reside in Greece
- Residence permits can be acquired within 90–120 days
- Unlimited expiry date of residence permit
- Opportunity to rent out the investment property
- Residence applicable to the whole family (married spouse, children under 21 years old, and parents of the main applicant and spouse)
- Eligibility to apply for citizenship after seven years of residence
- Ability to hold shares and receive income from the dividends of a company registered in Greece (but not to be employed in Greece)
REQUIREMENTS OF THE GREECE GOLDEN VISA PROGRAM
Real Estate Options
Two Investment Tiers: €800,000 and €400,000 Minimums The new regulations have introduced a tiered system for investment based on property location:
- €800,000 Investment Zone: This higher threshold applies to high-demand areas such as the entire Attica region (including Athens), Thessaloniki, and popular islands like Mykonos, Santorini, Crete, and several others.
- €400,000 Investment Zone: For properties located outside these prime areas, the minimum investment is set at €400,000.
MINIMUM REQUIRED INVESTMENT
TOTAL APPLICATIONS 2018-20
MONTHS PROCESSING TIME
SCHENGEN TRAVEL COUNTRIES
GREECE REAL ESTATE
The Greek real estate market was growing steadily for almost a decade before the global financial crisis of 2008–2009 triggered a sharp decline around the world. Although recovery was slower in Greece than in stronger economies, buying property in the country is still regarded as a safe, almost-risk free investment. Today, after 10 years of trending downwards, the country’s property market is once again attracting foreign buyers.
According to the Bank of Greece, at the end of 2017, real estate in Athens was 44% below its peak in 2008. However, this drop in property prices has rapidly slowed in recent years. The square meter price fell by 5.3% in 2015, by 1.8% in 2016, and by only 0.9% in 2017. In quarterly terms, prices remained consistent in the last quarter of 2017, and in the first three quarters of 2018, house prices finally showed a marginal increase for the first time since 2008.
Over the past few years, the real estate market has been thriving, thanks mainly to investments related to a booming tourism industry; tourist arrivals increased from 15 million in 2009 to 35 million in 2018. Given the attractive Greece Golden Visa Program and the popularity of Greece as a holiday destination, demand for holiday homes is rising, especially on the popular Greek islands.
Would you like to receive our Greece Golden Visa brochure, cost breakdown and investment options?
WHY USE RESIDENCY INVEST FOR YOUR GREECE GOLDEN VISA?
VISA FREE TRAVEL TO 26 SHENGEN COUNTRIES
| Austria | Germany | Lithuania | Slovakia |
| Belgium | Greece | Luxembourg | Slovenia |
| Czech Republic | Hungary | Malta | Spain |
| Denmark | Iceland | Netherlands | Sweden |
| Estonia | Italy | Norway | Switzerland |
| Finland | Latvia | Poland | |
| France | Liechtenstein | Portugal |
