Greece has made important modifications to Golden Visa programs aimed at preventing housing and rental crisis in major cities and tourist islands.
The Finance ministry has announced new investment threshold changes are set to take effect from 31st March 2024.
Key Takeaways
- New changes doubling the investments set to take place from March 31. Short term rentals will be banned (eg. Airbnb).
- Investors are given grace time to complete their investment before the end of 2024..
- The 250K euro investment will still be open for conversion properties (will not be closed) despite new changes.
Grace Time
Existing investors still have the opportunity to apply under the existing minimum investment threshold of €250,000. This can be done on the condition that investors submit a 10% deposit no later than 30th Aug 2024 and conclude their investment by 31st December 2024.
From March 31 2024
Tier 1 – €800,000 will apply in the Region of Attica, the Regional Units of Thessaloniki, Mykonos, Santorini, Evia, Crete as well as islands with a population of more than 3,100 inhabitants.
Tier 2 – €400,000 will apply in all other regions of Greece. up from the previous threshold of €250,000.
Investors are restricted to single property with a minimum surface area of 120 square meters.
Tier 3 – €250,000 properties will be allowed with the following conditions:
A minimum investment threshold of €250,000 will be applicable, regardless of the size and location of the property:
Commercial to Residential Conversion – Acquisition of a commercial property and conversion into residential use; the investor must complete the conversion before submitting their Golden Visa application. This property should not be used a company seat office.
Restoration of Historical Buildings – Acquisition and full restoration of a property in listed buildings of historical and cultural importance; the investor must complete the restoration by the fifth year of residency in order to renew their Golden Visa.
Please contact us for more information.
