Recent Changes to the Greece Golden Visa in 2024

If you’re considering a Greece Golden Visa or simply looking to diversify your portfolio of passports, it is essential to understand the latest updates to Greece’s popular investment program. Recently, the Greek government made significant changes the program concerning its real estate investments for residency.

As of September 2024, investors considering the Greece Golden Visa program should be aware that the minimum investment amount has increased to €400,000. This applies to less popular areas in Greece. For those targeting areas such as Thessaloniki, Attica, or other high-demand locations, the required investment doubles to €800,000. To see the full list of regions that are listed under the said amount, please see Golden Visa Program Changes in 2024.

It also must be noted that the minimum threshold amount applies to a single unit property—meaning multiple properties whose total value adds up to these amounts no longer qualify for the Golden Visa.

Can I still get a Greek Golden Visa for €250.000?

While these new requirements might seem daunting, there are still loopholes that investors can use to their advantage and maintain the previous minimum of €250,000 to qualify under the Golden Visa program.

1. Restoration of a Building: The first option is to purchase and restore a listed building. These properties, often neoclassical architectural gems, are scattered across Greece and represent a unique opportunity to invest in historically significant real estate at a fraction of the new requirements. Regardless of the building’s location, you can still qualify for the Greek Golden Visa program by investing in and restoring one of these properties.
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2. Conversion of a Commercial Building to Residential: The second loophole involves transforming a former commercial building into a residential property, providing further avenues for investors. With many businesses shuttered post-pandemic, a wide array of shops, offices, and industrial buildings are now available at attractive prices. This is another way to secure your Golden Visa for €250,000 while also repurposing an underutilized space.

Although the government has yet to issue a detailed circular outlining the full timelines and specifics for these options, these strategies present a great way to navigate the recent changes to the Greece Golden Visa program and make informed decisions for your future.

So, is the Greek Golden Visa still worth the investment? The answer largely depends on your personal goals and financial capacity.

While the increase in investment thresholds may seem daunting, the program still offers significant benefits. These include flexibility in living arrangements (with no minimum stay requirement), access to Greece’s vibrant real estate market, and the opportunity to reside in a stunning European country with beautiful landscapes, rich history, and cultural appeal.

Limitations to the Updated Greece Golden Visa Program 

It's essential for savvy investors to be aware of the new restrictions introduced by recent changes to the Golden Visa program, such as: 

1. Short-Term Rental Restrictions: Under the new law, Greece Golden Visa holders are unable to rent their properties via platforms such as Airbnb or Booking.com 
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2. Inability to Obtain Citizenship: The Greece Golden Visa is not a citizenship-by-investment program. If citizenship is your ultimate goal, you'll need to reside in Greece for seven years and pass language and history tests. This is called obtaining citizenship via naturalization. 
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3. Single Unit Property Value: Applicants under the Greece Golden Visa can no longer qualify if multiple properties are used to be added up to the minimum threshold amount. 

If you’re looking for an alternative to traditional real estate investments, Greece also offers pathways like a €350,000 investment in shares or bonds of a mutual fund established in Greece, providing flexibility depending on your preferences. To learn more about the different types of Investment Visas, read Secure Your Residency: Greece's Investment Visa Explained.

The Greece Golden Visa, a Smart Choice for Investors? 

Ultimately, the Greek Golden Visa remains a solid investment for those looking to gain EU residency, either for lifestyle, family relocation, or as a strategic investment in a recovering and dynamic real estate market. It’s worth considering carefully in light of the recent changes and the alternatives available, but for the right investor, it remains an appealing opportunity.

Despite the limitations, the Greek Golden Visa program continues to stand out as a smart choice for investors, and here are the reasons why:

1. Prime Location: Greece’s location is a major selling point. As a member of the European Union and part of the Schengen Zone, Greece offers visa-free travel across 27 European countries. This access alone is invaluable for investors seeking mobility and business opportunities within the EU, making the Golden Visa a powerful gateway to Europe.
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2. No Minimum Stay Required: The flexibility of the program is a key advantage. Unlike other residency-by-investment programs that require a significant time commitment in the country, Greece imposes no minimum stay requirement. This means you can enjoy the benefits of residency while managing your business interests from anywhere in the world, without being tied down to a physical location.
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3. Family Members Can Apply as Dependent Members: The Golden Visa extends to family members, allowing you to bring your spouse and children along under the same investment. This family-inclusive approach makes the program ideal for those looking to secure a future in Europe for their loved ones, whether for education, healthcare, or simply a higher quality of life.

While property investments in major cities have seen an increase in minimum thresholds, Greece's real estate market remains comparatively affordable when weighed against other European capitals. In addition, the potential for long-term capital appreciation, particularly as Greece’s economy continues to stabilize and grow, makes it an appealing choice for property investors.

Despite the new regulations and limitations on short-term rentals or higher price thresholds in some regions, the Greek Golden Visa remains one of the most flexible, accessible, and rewarding residency programs in Europe. Whether you're looking for mobility, family security, or smart property investment, it continues to be a highly attractive option for forward-thinking investors.

If you're still weighing your options, don't hesitate to explore how the Greek Golden Visa can fit into your global strategy in a 30-minute consultation call.