Greek Minister of Finance announced some changes regarding the Golden Visa Program. He introduced the dual-zone system for real estate transactions. The new rule is expected to be effective as of August 31, 2024. It will create two different investment tiers if the update is announced officially by the parliament. It will depend on geographic zones having an immediate effect on the minimum investment requirements for applicants:
Tier 1 | 800,000 EUR: This is a real estate investment in the areas of Attica, Thessaloniki, Mykonos, Santorini, and the islands, which have a population of more than 3,100.
Tier 2 | 400,000 EUR: This tier covers all other regions of Greece and establishes a more attainable entry point of 400,000 EUR. The main goal here is to encourage investment in a wider range of areas. So eventually, this could broaden the program’s economic advantages.
The requirement for both tiers: Investment is to be made in a single property of at least 120 square meters.
The 250,000 EUR option remains available: for converting commercial properties into residential use or restoring listed buildings.
Investors Exception for Short – Term lease
While the new Golden Visa Law prohibits the short-term lease of properties via online platforms such as Airbnb for new investors, there are beneficial exceptions: Current Golden Visa holders are not affected by this prohibition, and their properties are still eligible for short-term rental through online platforms, such as Airbnb. Moreover, properties acquired prior to or during the current transitional period (namely, by investors who paid a 10% deposit by the 31st of August, 2024 and conclude this purchase by the 31st of December, 2024) will continue to be eligible for short-term rental through online platforms, such as Airbnb.
The ability to modify existing commercial units by adding additional ones
The addition of new floors to industrial buildings, or new buildings on plots with industrial structures converted to residential use, will also qualify for the 250,000 EUR investment threshold, with no restrictions on square footage. This same rule applies to listed/preserved buildings.
Short-Term Rental Opportunities for Apartments in Touristic Serviced Projects
Apartments in developments designated as touristic serviced apartments can be leased to property management companies under a commercial lease, which can then offer them for short-term rentals, as long as there are other services provided (e.g. cleaning services), and only if the property has not been converted from commercial to residential use.
Benefits of a Greece Golden Visa
Getting a permanent residence permit in Greece comes with quite a few advantages.
- Right to live and study in Greece: Visa holders can spend unlimited time and study in Greece, but you won’t have the right to work in the country
- Visa-free travel in the Schengen Area: You can travel freely in Europe and stay for up to 90 days in any 180 days in Schengen countries
- No residence requirement: Some residency programs require you to spend a certain amount of time in the country to maintain your status, but the Greek Golden Visa doesn’t
- Family inclusion: Your spouse, children under 21, and dependent parents can also get residency permits
- Property rental allowed: You can earn income by renting out your real estate property for long-term rentals
- Path to citizenship: After 7 years of residency, you can apply for Greek citizenship
- Double taxation treaties: Greece has agreements with some countries to prevent double taxation on income
