According to the law that was passed yesterday (April 2, 2024) in the Greek Parliament, the provisions regarding the permit for permanent investment in real estate (Golden Visa program) are as follows:
In the Attica Region, the Regional Units of Thessaloniki, Mykonos, and Santorini, and on islands with a population of over 3,100 inhabitants, the value of the real estate that the applicant must invest increases to 800,000 euros. In the rest of the country, the value of the real estate is set at 400,000 euros.
In any case, the investment must be made in one property (not in multiple properties of lesser value) with a minimum area of 120 sq.m. The purchase of a proportional share of real estate is allowed, the minimum value of which is respectively set at 800,000 and 400,000 euros.
EXCEPTIONS:
Conversion from commercial to residential: If the property designated for the Golden Visa undergoes conversion from commercial (such as industrial, etc.) to residential use, the minimum investment requirement remains at 250,000 euros, irrespective of the property’s location or size. This investment pertains to a single property, and the conversion must be finalized prior to submitting the Golden Visa application.
Restoration of preservation buildings: If the property eligible for the Golden Visa is situated within preservation buildings, i.e. buildings of historical significance under specific protection, and the investor intends to undertake complete restoration or reconstruction, the minimum investment requirement remains at 250,000 euros, regardless of the property’s location or size. This investment must be focused on a single property, and full restoration is mandatory for the initial renewal of the Golden Visa after a period of five (5) years.
RESTRICTIONS ON PROPERTY USE:
Investors can lease the buildings they acquire, but short-term leases are not allowed, and in cases of conversion into a residence, their use as a headquarters or branch of a business is also prohibited. In case of violation, the residence permit is revoked, and a fine of 50,000 euros is imposed.
TRANSITIONAL PERIOD:
The aforementioned modifications will be implemented starting March 31, 2024.
Nevertheless, investors can still apply under the existing 250.000 euros minimum requirement if they make a 10% deposit by August 31, 2024, and complete the investment by December 31, 2024. Should the property purchase is not finalized within the specified timeframe, investors are permitted to complete their investment in an alternative property by no later than April 30, 2025.
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.
