Patricia Casaburi
For many years, the Greek Golden Visa program has offered one of the more affordable investment thresholds among its European counterparts. For as little as a €250,000 investment in property (among others), applicants can qualify for the permanent residency program, which eventually leads to Greek citizenship.
The Greek government has made several changes over the last few years, increasing the minimum investment amount to €500,000 for some parts of the country in 2023. To deal with the local housing shortage and more properties being used for short-term rentals, authorities again imposed new regulations in 2024. The new regulations are in effect as of August 31, 2024.
In this article, we explore the new Greece Golden Visa rules, how they impact investors already in the scheme, and the requirements going forward.
Greece Golden Visa New Rules: Explained
The latest Greece Golden Visa changes, announced by the Prime Minister of Greece, are explicitly tied to the program’s property investment route and have been made effective as of 31 August 2024.
In addition to setting out a new minimum investment amount, the government created two investment tiers and defined the locations where qualifying commercial and residential properties should be considered under the new rules.
In July 2023, the Greek government raised the minimum investment amount from €250,000 to €500,000, hinting at the time that purchases in northern and central provinces, the South Athens Attica region, and the municipalities of Thessaloniki, Mykonos, and Santorini it could be raised even higher.
Then, the official announcement came in April 2024 that those regions would make up one tier of the new two-tier system and require a minimum investment of €800,000.
All other regions of Greece fall into the second tier, requiring a minimum investment of €400,000. Mitsotakis stressed in his announcement that the Greece Golden Visa’s new rules are aimed at making the Greek real estate market more affordable for Greek locals.
Besides that, there are tier three and tier four investments. While both investments should cost €250,000, the main difference is in the type of property you’re investing. All Greece Golden Visa properties converted from commercial to residential use fall into the tier three category. Tier four investment is tied to any properties that have historical or cultural significance and the investor had fully restored or reconstructed.
The changes consider local young couples and families who seek to purchase property in Greece – or renovate their properties – but have been struggling due to high competition from foreign investors. The official breakdown is as follows:
- Tier 1: €800,000: This real estate investment opportunity covers the areas of Attica, Thessaloniki, Mykonos, Santorini, and other islands with a combined population of over 3,100.
- Tier 2: €400,000: This tier applies to all other regions of Greece and sets a more accessible entry point at 400,000 EUR. The primary objective is to promote investment in a broader range of areas, ultimately expanding the program’s economic benefits.
In addition, there will be two less costly options available:
- Tier 3: €250,000: This opportunity is tied to the investment properties that were converted from commercial to residential use if the change has been made prior to the application.
- Tier 4: €250,000: Investing into properties that hold cultural or historical value and that the investor has fully restored or reconstructed the property in question.
The properties that fall into the first two tiers need to be at least 120 square meters big. On the other hand, tier three and four investments don’t have any size requirements.
Additionally, there are other investment options available, such as:
- An investment of at least €400,000 in a company registered or operating in Greece
- An investment of at least €400,000 in a real estate investment company focused exclusively on Greece
- Invest a minimum amount of €400,000 in a closed-end investment company or a closed-end mutual fund provided that alternative investment entities exclusively intend to invest in companies based or established in Greece.
- Acquisition of shares or corporate bonds through a minimum investment threshold of €800,000.
- Acquisition of Greek government bonds through a minimum investment threshold of €500,0000 and a remaining maturity of no less than three years at the time of purchase.
- Acquisition of €350,000 in units from a mutual fund incorporated in Greece or another country, with the explicit purpose of exclusively investing in shares, corporate bonds, and/or Greek government bonds that are either listed for trading or actively traded on regulated markets or multilateral trading platforms operating in Greece.
- Acquisition of units or shares with a minimum purchase value of €350,000 from an alternative investment fund established in Greece or another EU country, dedicated exclusively to investments in immovable property within Greece.
- A fixed-term deposit of at least €500,000, held in a Greek bank account or other national credit institution, maintained for a minimum of one year with an automatic renewal arrangement in place.
Do the changes made in 2024 to the Greece Golden Visa affect previous or current applicants?
Under the regulation changes in 2023, investors who made a ten percent deposit on real estate investments in the specified areas before 31 July 2023 had been granted a grace period by the Greek Government, giving them until 31 December 2023 to finalize the purchase.
Similar conditions will apply to anyone who has already submitted an application for the Greece Golden Visa, as the case is currently under review. Therefore, the new changes to the Greek Golden Visa program will not impact the application. Investors can still apply with a 10% deposit by 31 August 2024, pay the final investment amount by 31 December 2024, and complete the process by no later than 30 April 2025 if it’s a commercial property being converted into a residential building.
Additionally, the program changes will not have retroactive effects. Any investments submitted under the previous rules will proceed as planned, meaning that previous applicants’ financial commitments will be honored, as they have already started the Greek Golden Visa process.
What is Greece Golden Visa?
Golden Visa Greece
is one of many European residency-by-investment schemes aiming to attract foreign direct investments to nourish their respective nation’s economy.
Investment programs offer temporary and permanent residence permits in exchange for qualifying investments in economic development for non-EU, non-EEA, and non-Swiss third-country nationals and their families.
These benefits include, but are not limited to, access to top-tier healthcare and education systems, visa-free travel across Europe and other Schengen member states, high returns on investment, family inclusion, and the possibility of acquiring Greek citizenship and a Greek passport after seven years of living in Greece.
Moreover, Greece has its own non-domicile regime, which offers attractive tax benefits to Golden Visa holders. Make sure to read our Greece Golden Visa tax for more information.
Investors are attracted to the Greek real estate investment scheme due to the low property taxes and cost of living. The program’s low investment threshold makes it highly sought-after globally.
How Can Global Citizen Solutions Help You?
Global Citizen Solutions is a boutique migration consultancy firm with years of experience delivering bespoke residence and citizenship by investment solutions for international families. With offices worldwide and an experienced, hands-on team, we have helped hundreds of clients worldwide acquire citizenship, residence visas, or homes while diversifying their portfolios with robust investments.
We guide you from start to finish, taking you beyond your citizenship or residency by investment application.
Frequently Asked Questions about the Greece Golden Visa Changes
What are the new rules for Greece Golden Visa in 2024?
The new Greek Golden Visa changes are an increase from €500,000 to €800,000 for the minimum investment in real estate.
However, the previous changes only applied to real estate purchases in northern and central provinces, the South Athens Attica region, and the municipalities of Thessaloniki, Mykonos, and Santorini.
Will the Greek Golden Visa Program be Increased to 800,000 EUR?
Yes, but only for high-demand areas, such as Attica, Thessaloniki, Mykonos, Santorini, and other islands with a combined population of over 3,100. However, if you purchase a property in other parts of Greece, the minimum threshold is €400,000. In addition, you can buy a property for €250,000 and convert it from a commercial to a residential use or restore a property of cultural and historical significance.
When will the changes occur?
The changes to the Greek Golden Visa have been in effect since 31 August 2024. The old set of rules will still apply to you
How have Greece Golden Visa requirements changed in 2024?
Greece Golden Visa requirements in 2024 have increased the minimum investment threshold. For real estate in high-demand areas that is €800,000 and the rest of Greece, it’s €400,000.
How can I visit Greece to explore its investment programs?
You may need an entry visa to visit Greece to explore investment programs, including the Golden Visa Program.
Once in Greece, you can explore various options like purchase property or invest in a Greek company.
What is the minimum investment for Greece Golden Visa after the 2024 updates?
The minimum investment after Greece Holden Visa latest news is €250,000. It’s important to note that this applies to buying properties which have been converted from commercial to residential use and those properties which hold historical or cultural significance and which have been restored.
Can I apply for Greece Golden Visa in 2024 with the previous requirements?
No, you can’t apply for a Greece Golden Visa in 2024 with the previous requirements. The only exceptions were the cases that were under review before Greece Golden Visa changes came into effect.
What are the benefits of the Greece Golden Visa after the 2024 changes?
Greece Golden Visa still has the same benefits. Not only do you get access to the Schengen area and freedom of movement, but you also get access to great healthcare, education, and tax benefits.
Are there any tax benefits for Golden Visa holders?
Yes, the program offers tax incentive programs for investors.
These may include relief from Greek taxes under double taxation agreements with other countries, making it beneficial for tax residents.
Did the government raise the investment requirement?
The Greek government raised the minimum investment amount in 2023 from €250,000 to €500,000.
However, Prime Minister Kyriakos Mitsotakis announced in April 2024 that the amount will be raised to €800,000 in for real estate in cities and on Greek islands where demand is high.
