Greece Golden Visa: New 2024 Investment Rules & Benefits

Greece’s Golden Visa programme remains a magnet for non-EU investors seeking European residency through property investment, granting visa-free travel across the Schengen Area and a 5-year renewable residence permit.

As of 1 September 2024, Law 5100/2024 has introduced pivotal updates to the programme’s investment thresholds and eligibility rules, balancing foreign investment with local housing demands. At TaxElements, we guide clients through these changes, ensuring a compliant, streamlined path to Greek residency. In this blog post, we unpack the latest updates, sourced from official publications, and their implications for investors.

Key Updates to the Golden Visa Programme

The revised Golden Visa framework introduces a tiered investment system and new rules to promote sustainable growth. These changes, published in the Official Gazette on 5 April 2024, underscore Greece’s economic strategy; they include:

• Higher Investment Thresholds: Since 1 September 2024, properties in high-demand areas like Athens, Thessaloniki, Mykonos, and islands with over 3,100 residents require a €800,000 investment. Other regions have a €400,000 threshold, encouraging investment in less saturated areas.
• Special Investment Option: A €250,000 investment applies nationwide for properties undergoing change of use (e.g., commercial-to-residential conversions) or restoring listed buildings, fostering urban renewal.
• Property Requirements: Built properties for €800,000 or €400,000 thresholds must be a single property of at least 120 square metres. This rule skips €250,000 investments in conversions or restorations.
• Short-Term Rental Ban: Golden Visa properties are barred from short-term rentals (e.g., Airbnb) to support local housing, but long-term rentals are permitted for income.

Eligibility and Application Process

Applicants must be non-EU/EFTA nationals, hold a valid passport, and have a clean criminal record. Investments need full documentation and private health insurance coverage for Greece. The application process includes:

• Choosing a qualifying investment (property, lease, or startup when available).
• Securing a Greek Tax Registration Number for transactions.
• Submitting biometric data and documents, including proof of investment.
• Receiving the residence permit within 6-12 months.

The permit covers family members (spouses, children under 21, parents). After 7 years, investors may seek Greek citizenship, needing B1-level Greek proficiency.

Why These Changes Matter

The updates tackle rising property prices in urban and tourist hubs. The €250,000 options and Schengen Area access keep Greece competitive, though the short-term rental ban prioritises long-term returns.

How TaxElements Can Help

We offer a holistic approach with professionals such as lawyers, notaries, and civil engineers to deliver a seamless experience. We handle every detail, whether it’s a property undergoing a €250,000 change of use or the purchase of an €800,000 Athens property.

Sources

• Ministry of Migration and Asylum
• Official Gazette, Law 5100/2024, 5 April 2024
• Bank of Greece
  

Ready for the Golden Visa programme? Contact TaxElements for tailored support.