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.
However, 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 will be effective 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.
What are the Significant Changes with the New Rule?
The latest Greece Golden Visa changes, announced by the Prime Minister of Greece, are explicitly tied to the program’s property investment route and will be effective on 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 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.
On top of this, 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 €
