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Flash Update : Greek Government to ratify amendments to Golden Visa Program

By 23/03/2024 No Comments

In a pivotal move, the Greek parliament is set to ratify new amendments to the Golden Visa program, reflecting a strategic balance between invigorating the nation’s real estate investment landscape and addressing the residential needs of its citizens. As we stand on the brink of these changes, it’s crucial for investors to understand the forthcoming shifts and the opportunities they present.

The heart of the reform lies in the adjusted investment thresholds aimed at promoting residential availability and curbing the inflationary pressures on housing costs attributed to the program’s popularity.

Starting March 31, 2024, the Golden Visa program will introduce a tiered investment criterion, setting the bar at €800,000 for properties in high-demand regions such as Attica, Thessaloniki, Mykonos, Santorini, and islands with a population exceeding 3,100.

For the rest of Greece, a minimum investment of €400,000 will be required, ensuring a broad spectrum of opportunities for prospective investors.

Moreover, the reform champions cultural heritage and urban renewal by incentivizing the conversion of non-residential buildings into homes and the restoration of buildings of historical significance. A notable pivot is the program’s stance on the utilization of acquired properties, explicitly barring short-term rental arrangements and repurposing properties as business premises, aligning with broader housing policy goals.

Recognizing the impact of these changes, a transitional period has been carefully designed to accommodate investors midway through their investment journey. This grace period extends until September 30, 2024, for initiating investments under the current conditions, with a completion deadline of December 31, 2024, offering a seamless transition to the new regime.

The new draft law to be ratified by the Greek parliament introduces significant changes to the Golden Visa program, with the aim of balancing the housing needs of residents and attracting foreign investments. Here’s a summary of the key changes and the transitional period as per the new provisions:

Key Changes to the Golden Visa Program

1. Increase in Minimum Investment Amount:For Attica region, Thessaloniki, Mykonos, Santorini, and islands with a population over 3,100, the minimum property investment rises to €800,000.For other areas, the minimum investment is set at €400,000.The investment must be in a single property of at least 120 sq.m., not in multiple properties of lesser value.

2. Conversion of Buildings to Residential Use:A minimum investment of €250,000 for buildings being converted to residential use, with the conversion completed before applying for residency.

3. Heritage Buildings:A €250,000 minimum investment for purchasing and restoring heritage buildings.

4. Renewal of Residency Permits:Residency permits can be renewed for another five years if the property remains under the investor’s ownership. For heritage buildings, the permit’s renewal is contingent on the completion of the restoration.

5. Rental and Usage Regulations:Investors can rent out their properties but cannot offer them for short-term leases or use them as business premises.

6. Alternative Investments:Long-term leases or timeshare agreements for tourist accommodations also qualify for residency, with investment thresholds matching those for direct property purchases (€800,000 in specified regions, €400,000 in the rest of the country).

Transitional Period

• Third-country nationals who fully pay the price, make a 10% down payment, or sign a preliminary agreement or private purchase contract, proving such transactions by September 30, 2024, can complete their investment by December 31, 2024, under the existing conditions before the new law. If the property purchase is not finalized, the buyer may switch to another property under the old conditions but not beyond April 30, 2025.

This transitional period is designed to ensure a smooth implementation of the new system and minimize market disruption. It offers a window for investors who are already in the process of acquiring property or are considering doing so, to finalize their investments under the current terms.

These changes reflect the Greek government’s strategy to address the impact of the Golden Visa program on housing costs and availability, while still maintaining Greece as an attractive destination for foreign investment. The introduction of higher investment thresholds, combined with incentives for converting buildings to residential use and preserving cultural heritage, aims to increase the housing supply for long-term rentals and contribute to the overall housing policy.

For individuals interested in the Golden Visa program or property investment in Greece, understanding these new regulations and planning accordingly is crucial, especially considering the transitional period that allows for adjustments under the previous conditions.

At Amoiridis Law Services®, we stand ready to navigate these changes with you. Our commitment to providing comprehensive consultancy services, bolstered by our network of legal and financial experts, remains unwavering. Whether you’re exploring the potential of the Golden Visa program or embarking on other investment ventures in Greece, our team is equipped to ensure your success, offering tailored advice that aligns with your investment objectives.

For any further information and clarifications please do not hesitate to contact our qualified legal team, ready to provide you with further personalized information tailored to your needs and your profile.

You can email us:  or call/text us directly at: +306908351705 (WhatsApp/Viber)

Athens, March 2024

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