New Greek Golden Visa law comes into effect

One of the most preferred options for European residency by investment programs, Greece Golden Visa, has been updated. New rules have come into effect as of September 01, 2024. Two different investment tiers have been created, encouraging exploration of properties beyond high-demand areas.

Tier 1: €800,000: This is a real estate investment in the areas of the whole Attica Administrative Region, Thessaloniki, Mykonos, Santorini, and islands with more than 3,100 residents.

Tier 2: €400,000: This tier covers all other regions of Greece, broadening the spectrum of investment opportunities.

The requirement for both tiers: Investment is to be made in a property which should not be less than 120 sqm. In addition, only a single property can be bought to achieve the mandated threshold.

Investors will be prohibited from offering their properties as short-term rentals (e.g., Airbnb and Vrbo). Properties obtained through commercial-to-residential conversions cannot serve as registered company headquarters.

Applicants who locked in the previous investment thresholds by paying a 10% advance, signed a pre-contract or private purchase agreement by Friday August 30, 2024, can finalize their investment by December 31, 2024.

For those unable to finalize the purchase of their intended property within this timeframe, the law offers an alternative: the possibility to redirect their investment to another property under the old conditions, provided this is done no later than April 30, 2025.

Until August 31, 2024 the threshold was €250,000, while in the center of Athens and the northern and southern suburbs (as well as in the municipality of Thessaloniki, Mykonos and Santorini) the threshold was €500,000 after last year’s changes.

Until 2023, the Golden Visa has generated approximately 7.1 billion euros of investment in Greek funds and real estate. Most applicants have come from China, Turkey, Russia, and the Middle East.