Significant amendments to the Golden Visa admission rules and regulations were recently voted by the Greek Parliament, bringing major changes to the regime – providing however for a transition period for those who wish to benefit from the previous lower thresholds.
The Greek Parliament has recently approved significant amendments to the Golden Visa admission rules, by virtue of article 64 of Law n. 5100/2024, published in the National Gazette on 05.04.2024 (replacing article 100 and par. 49 of article 176 of Law n. 5038/2023).
This law brings significant alterations to the program’s structure and criteria, allowing a short transition period for applicants who wish to benefit from the previous regime.
The Golden Visa landscape is now shaped as follows:
- New Investment Thresholds: The minimum eligible real estate investment is increased to €400,000 in whole Greece (from €250,000).
- In addition, in specific zones [Attica, Thessaloniki and islands with sizable populations (>3,100)] the minimum eligible real estate investment now stands at €800,000.
- Single Property Mandate: In compliance with the revised regulations, investment through real estate acquisition must be exclusively directed towards a single property. Further, this property must now have a minimum surface area of 120 square meters.
- Special Provisions: Special provisions in the amendment allow to obtain the Golden Visa with a lower investment. Notably, an applicant may obtain the Golden Visa with a minimum threshold of €250,000 by investing in a commercial property (such as office spaces) to be converted for residential use. The threshold of €250,000 also applies for an investment in a listed building, provided that its restoration will follow (offering an incentive for the preservation of architectural heritage and promoting sustainable development).
- Compliance Measures: The recent amendment introduces stringent measures and new program regulations. Properties acquired under the new Golden Visa scheme cannot be leased under a short-term rental. Non-compliance may result in permit revocation and financial penalties.
The Transition Period:
To facilitate a smooth transition, the law allows for a transitional period; third country nationals may act fast to benefit from the previous thresholds (€250,000 in whole Greece except specific areas with €500,000) by buying a property until the end of 2024.
For this advantage an applicant must select a property and pay a deposit of 10% on the purchase price until 31.08.2024, either by virtue of a notarial pre-sale agreement, or a private agreement dated in an authorized manner. A relevant proof of payment is necessary, indicating the transfer of the deposit from the buyer’s bank to the seller’s bank account until 31.08.2024.
The final closing of the purchase of the property (or properties) must be concluded until 31.12.2024.
In the event that the purchase of that specific property (object of the pre-agreement for which a deposit of 10% of the consideration was paid until 31.08.2024) is not completed, the applicant has still the possibility to invest in a different property provided that the final transfer contract is executed no later than 30.04.2025.
Lastly, Golden Visa holders have nothing to fear, as the renewal of their permits will be done according to the regulations applicable at the point in time when they applied for the Golden Visa.
Vasileios Tsintzos and our lawyers from our Private Clients & Immigration teams stand poised to assist our clients in benefiting from the Greek Golden Visa regulations.
