Apr162024
GreeceNews

NEW GOLDEN VISA THRESHOLDS: 800k/400k EUR

In specific regions and islands of Greece, the minimum value of real estate for Golden Visa acquisition varies. For the Region of Attica, the Regional Units of Thessaloniki, Mykonos, and Santorini, as well as islands with populations exceeding 3,100 inhabitants, the minimum property value is set at 800,000 EUR at the time of acquisition. Conversely, in all other regions of the country, the minimum real estate value stands at 400,000 EUR. Additionally, the investment must be made in a single property with a minimum surface area of 120 square meters.

Islands with populations exceeding 3,100 inhabitants (list by population):

  1. Crete
  2. Evia
  3. Rhodes
  4. Corfu
  5. Lesbos
  6. Chios
  7. Zante
  8. Salamina
  9. Kos
  10. Kefalonia
  11. Samos
  12. Lefkada
  13. Syros
  14. Naxos
  15. Kalymnos
  16. Lemnos
  17. Paros
  18. Thassos
  19. Aegina
  20. Tinos
  21. Ikaria
  22. Andros
  23. Leros
  24. Karpathos
  25. Skiathos
  26. Milos
  27. Skopelos
  28. Spetses
  29. Kythera
  30. Patmos
  31. Poros
  32. Alonissos

 

EXCEPTIONS – 250.000 EUR threshold:

Conversion from Commercial to Residential:

If a property undergoes conversion from commercial to residential use, maintaining a minimum threshold of 250,000 EUR applies, regardless of location and property size. This investment must be on a single property, with the conversion completed before the Golden Visa application submission.

Restoration of Listed Buildings:

Properties situated in listed buildings intended for full restoration or reconstruction

by the investor maintain a minimum threshold of 250,000 EUR. The restoration must be fully completed before the first renewal of the Golden Visa after five years. Until restoration is complete, the property cannot be sold, and failure to restore will result in permit revocation and a 150,000 EUR administrative fine.

 

AIRBNB RESTRICTION:

All Golden Visa properties are prohibited from short-term rental via sharing economy platforms, including third-party subleasing agreements. The applicability of this provision to existing Golden Visa holders is yet to be determined. Moreover, properties acquired under the conversion scheme are also restricted from use as a registered company seat. Non-compliance with these provisions results in permit revocation and a 50,000 EUR independent administrative fine imposed on property owners.

  

KEY DATES – TRANSITIONAL PERIOD:

Investors may apply under the current 250k threshold if:

  • a 10% deposit is paid by August 31, 2024,
  • and the investment is finalized by December 31,

If the property purchase is not completed on time, investors are allowed to finalize their investment in another property no later than April 30, 2025.

All other provisions of the current Golden Visa Law remain unchanged.