Greece has revised the Golden Visa in 2024: what are the updates and how to get residency under the old conditions

Requirements for property cost now will depend on the region where investors purchase real estate:

• €800,000 is the threshold for property in Attica, Thessaloniki, Mykonos, Santorini, and islands with populations of more than 3,100 residents;

• €400,000 is the threshold for all other regions of Greece.

Investors will be allowed to only buy one property with a minimum area of at least 120 square metres. This means that foreigners will no longer be able to obtain residency permits by purchasing studio apartments and small houses.

How to get a residence permit in Greece by investment?

Golden Visa holders will be prohibited from renting out their properties for short-term stays, including via platforms like Airbnb. Violating this rule will lead to the cancellation of the residency permit and an administrative fine of €50,000. It is not yet clarified whether these restrictions will apply to current Golden Visa holders.

The Greek government has made two exceptions, keeping the minimum investment level at €250,000:

1. Purchase of architectural monuments for restoration. To be able to renew the residency permit, the investor should have property restoration completed within five years.

2. Renovation of a commercial property. In this case, the investor purchases a commercial property and converts it into residential. Construction work must be finished before applying for the Golden Visa.

The investment threshold for such properties remains the same regardless of the region. There is also no requirement for a minimum area for these properties.

Amendments to the law have already been published in the Official Gazette. The Greek Parliament approved the new rules in early April. Similar to the previous increase in the investment threshold a year earlier, the Greek government has provided for a transitional period.

To obtain a residence permit by a property investment of €250,000, the following steps are required:

1. Deposit 10% of the total investment by August 31st, 2024.

2. Pay the remaining amount by December 31st, 2024.

3. Submit an application after making the full investment.

If the investor makes the deposit but fails to complete the transaction by December 31st, 2024, they will be allowed to choose another property with payment due by April 2025.

1. The prospect of obtaining EU citizenship. After seven years of living in Greece, an investor can apply for Greek citizenship.

2. A residence permit in Greece for the whole family. Along with the investor, their spouse, children under 21, and parents are granted the Golden Visa in Greece. None of the applicants are required to reside in Greece permanently.

3. Visa-free travel within the Schengen Area. Greek residents are allowed to spend up to 90 days within a 180-day period in other Schengen countries.

4. Tax optimisation. Greek tax residents are eligible for a favourable tax system. It involves a fixed tax rate of €100,000 per year on worldwide income. The tax rate without the preferential system can reach 45%, depending on the income level.

5. Returnable investment. Investors are allowed to rent out investment property for long-term rentals. Upon obtaining citizenship, the investment can be returned by selling the property.