Prime Minister Kyriakos Mitsotakis made a reference to the Golden Visa in Greece in his speech at the 88th Thessaloniki International Fair, but not in regards to the real estate program. The recent changes come as part of the economic strategy introduced during the 88th Thessaloniki International Fair to further boost the country’s economy.
The decision means that foreign nationals will be eligible to obtain a five-year residence permit through a €250,000 investment in Greek startups. However, the government has not provided any detailed information related to the recent announcement.
The new changes could open doors for tech-savvy investors looking to engage with the Hellenic Republic’s startup ecosystem.
What applies to the Golden Visa in Greece and investments in real estate
Last April, the investment thresholds for granting a Golden Visa in Greece were revised. With the most recent amendment, the minimum amounts that foreign investors must invest to obtain a 5-year residence permit (Golden Visa) were increased. At the same time, the eligibility criteria and requirements for this program became more stringent.
Minimum Investment thresholds for the Golden Visa
The new minimum investment thresholds are divided into three zones and are as follows:
a) €800.000 – For the Attica Region, the Thessaloniki Regional Unit of the Central Macedonia Region, the Regional Units of Mykonos and Thira (Santorini) in the South Aegean Region, and for islands with a population, according to the latest census, of more than three thousand one hundred (3.100) residents.
b) €400.000 – Remaining areas of the country.
c) €250.000 – Only for real estate that:
1. Will change its use into residential property. This includes shops, offices, as well as real estate consisting of industrial buildings or parts of industrial buildings, or real estate that contains an industrial building, exclusively if for the last at least five (5) years, no industry has been established or operating within it.
2. Consists of a listed (heritage) building or part of a listed building to be restored or reconstructed, or contains a listed building.
Prohibited Uses
Investors have the right to rent out (long-term lease) the real estate they acquired in Greece.
However, real estate acquired under the Golden Visa program (residential properties) in Greece is prohibited :
- to be rented out short-term as part of the sharing economy.
- to be subleased.
- to be used as the headquarters or branch of a business if the property has changed its use and has been converted into a primary residence.
Law Office Stathaki can help you apply for a Golden Visa investor’s residence permit and navigate this process with professional and to-the-point advice. Contact us today here.
