’’Latest developments on the Greek Golden Visa program

12 August 2024

The 5-year residence permits for real estate investors in Greece (the “Golden Visa”) is one of the most popular programs for foreigners who opt to acquire EU residency and at the same time invest in property.

The requirements for obtaining the Golden Visa are straightforward. The applicant should (a) enter Greece legally and (b) either purchase property (such as land, house or apartment) or sign a lease agreement for hotel accommodation, furnished tourist residences, or other property. Once the process is completed, not only the applicant will obtain Golden Visa (for himself and, under certain requirements, for his family members) but also will take benefit of a profitable investment in Greece.

The Golden Visa program is regulated by the Greek Immigration Code (Law 5038/2023) which has been recently modified pursuant to Article 64 of Law 5100/2024. According to the latest amendments, the following apply:

1. The minimum value of purchase of a single property increased from €500,000 to €800,000 for the Attica, Thessaloniki, Mykonos, Santorini, and all the islands with a population exceeding 3,100.

2. This minimum value of property applies also to lease agreements for hotel accommodation or furnished tourist residences, and must be paid in full prior to the submission of the Golden Visa application. In case of an investment through acquisition of shares in a property, the minimum value of the invested share should be not less than €800,000 in a single property item.

3. By way of an exception to 1 above, applicants that will have agreed to acquire property in any region of Greece (including Athens, Thessaloniki, Mykonos and Santorini) and have paid a 10% deposit by 31th of August 2024, will be benefited by a lower threshold amount of €500,000 (instead of €800,000) provided that the acquisition is completed by the end of the same year.

4. The minimum value of the investment (either through purchase of a single property or through a lease agreement for hotel accommodation etc.) for all the remaining areas of Greece has been maintained at €400,000.

5. By way of an exception to 1 and 4 above, applicants who invest on the restoration of heritage buildings or conversion of non-residential buildings into buildings of residential use, will be benefited by a lower threshold amount of €250,000 (instead of €800,000 and €400,00) provided that the restoration or conversion (as applicable) is completed prior to the submission of relevant the Golden Visa application. In case of conversion of a building to a residential building, such building cannot be used as the headquarters of a company.

6. The Golden Visa investment should be made on a single property with a minimum surface of 120 sqm. This requirement applies to the real estate properties already built.

7. Short-term rental (such as Airbnb), sublease and sub-rent for the purpose of short-term renting, is prohibited for the investment properties acquired pursuant to the Golden Visa program.

8. The Golden Visa benefits can be transferred when the property (by virtue of which Golden Visa has been acquired) is sold to a resident of a foreign country, provided that its buyer has the right to obtain Golden Visa for the balance of the period until expiry or renewal, while the Golden Visa of the seller is terminated.

9. Co-ownership of Golden Visa properties is allowed provided that each investor contributes part of the purchase price equal to the minimum value requirements (€250.000, or €400.000, or €800.000, as applicable), unless the co-owners applying for Golden Visa are spouses or partners under a cohabitation agreement (civil partnership).

10. The Golden Visa application may be submitted through the appointed attorney pursuant to a power of attorney even before the entry of the applicant in Greece. The said power of attorney can be issued before any Greek Embassy abroad, Foreign Authority abroad or Notary based abroad in each case provided that the said power of attorney is apostilled as per Hague Convention 1961.

You may contact us for any further clarifications on this matter. We will be pleased to assist you with your Golden Visa application.

By: Eleni Petrakou

Posted in: Our News