Golden Visa Program Changes in 2024

Since April 5th of this year, there have been some significant changes made to the Golden Visa program in Greece, which could affect potential investors and those that wish to pursue this type of permit. Please note that within this article, the changes made to the Golden Visa regime concerns the value of real estate investments.

According to the new law 5100/2024 (Government Gazette A’ 49/05-04-2024), the new minimum living requirement to qualify for the Golden Visa must be at least 120 square meters, whereas in the previous legislation related to the Golden Visa program, there was no requirement concerning the size of living areas. 

For individuals investing in real estate in the regions listed below, the minimum value requirement of the property must be EUR 800,000 and the investment must be made in a single property, including for undivided joint ownership purchases per individual. This means that multiple properties whose total value adds up to these amounts no longer qualify for the Golden Visa.

These regions include:

• Attica 
• Thessaloniki 
• Central Macedonia 
• South Aegean and islands with over 3.100 residents

In the remaining regions of Greece and islands with below 3.100 residents, the minimum value of the property must be equal to 400,000 EUR. The same requirements apply, concerning co-ownership per individual and investments made in a single property.

For Mykonos and Santorini, the minimum threshold is raised from 500k to 800k EUR. Furthermore, an additional thirty-two islands have been included in the same list with an 800k investment requirement. However, for these islands, the minimum threshold is directly raised from 250k to 800k EUR. These islands include:

• Crete
• Euboea (Evia)
• Rhodes
• Corfu
• Lesbos
• Chios
• Zakynthos (Zante)
• Salamis (Salamina)
• Kos
• Kefalonia
• Samos
• Lefkada
• Syros
• Naxos
• Kalymnos
• Lemnos
• Paros
• Thassos
• Aegina
• Tinos
• Ikaria
• Andros
• Leros
• Karpathos
• Skiathos
• Milos
• Skopelos
• Spetses
• Kythera
• Patmos
• Poros
• Alonissos

Exceptions to the new regulation: When acquisition value must be 250,000 euros

The only time where a value of 250,000 euros is accepted as a Golden Visa property investment, is when there has been a change of use for the purpose of creating residences.

For instance, these following cases apply:

1. In cases where there is a change of use of the property to residency, such as from a commercial residence to a residential one.
2. Where properties are listed and require restoration.
3. This investment must also be made in a single property, and the minimum value of co-ownership per individual must also be 250,000 EUR.
4. The change of use and investment must be completed before you apply for a permanent residence permit under the Golden Visa route.

Meanwhile, for historical or preserved buildings (or parts of a preserved building) that need restoration, the minimum acquisition value must equal EUR 250,000. The investment must also be made in a single property, with the same applies for co-ownership per individual.

Additional rules

1. No short-term rentals: Investors under the Golden Visa program may not use the property for short-term leasing arrangements or allow it to be used as a registered branch of a business entity. If these expectations to comply concerning these new regulations aren't met, then this may lead to the suspension of the residence permits under the Golden Visa program and a €50,000 fine.

These changes come into effect by the 31st of December 2024, which means that if you are still planning to benefit from the previous Golden Visa regime, then you may complete your investment before the end of this year, given that you make a 10% down payment of either the purchase price of the property or the total contractual rent before August 31, 2024.

Have questions about the new Golden Visa regime? To get in touch with our team, book your free consultation call here.