Greece Golden Visa New Rules Come Into Force in March 2024

Share:

Greece Golden Visa new rules came to light on Thursday, March 21, 2024. Kostis Hatzidakis, Minister of National Economy and Finance of Greece, made the announcement. In this article, we reveal what these changes are and what they mean to investors.

Effective From Sunday, March 31, 2024

Kostis Hatzidakis outlined the Greece Golden Visa new rules in his address. They are as follows:

1. Investors looking to invest in real estate in Attica, Thessaloniki, Mykonos, Santorini, and any island with a 3,100+ population must buy a property worth at least €800,000 instead of the current €500,000
2. The same areas rise from €500,000 to €800,00 for investors committed to a long-term tourist accommodation complex or timeshare contract
3. If buying a property anywhere else, the price increase is from a minimum €250,000 to €400,000
4. This also applies to investors signing a long-term tourist accommodation complex or timeshare contract
5. The €250,000 threshold for commercial premises that are to be converted into residential properties and listed buildings that are to be restored remains
6. Third-country nationals must invest in one property rather than many properties worth less
7. The property must be a minimum 120m2
8. Investors can buy a share of a property in undivided co-ownership worth at least €400,000 or a minimum €800,000
9. While properties can be rented out, they are not allowed to be available as a short-term lease
10. Properties converted to a residence cannot be used as a company HQ or a branch
11. If investors defy any of the two above conditions, they lose their 5-year residence permit and have to pay a fine of €50,000

Declaration of a Transition Period

Investors can still buy real estate at the €250,000 and €500,000 thresholds if:

• They purchase properties, pay a 10% advance, sign a pre-contract or private purchase agreement by August 30, 2024, and conclude their investment by December 31, 2024
• They fail to complete by the end of 2024, they can invest in another property up until April 30, 2025

The RIF Trust View of the Greece Golden Visa New Rules

Our European Residency by Investment specialist Ilana van Huyssteen-Meyer gives a measured response to the new rules affecting the golden visa in Greece.

She says: “The bad news is that the price of a Greek Golden Visa is going up.”

“However, the good news is that investors can still take advantage of the old rules. Albeit, for a limited period only.”

“The Greek Finance Minister is under pressure to combat the rising housing prices in the mainland and islands. Yet he realizes the true value the Greek Golden Visa brings to the country in terms of foreign direct investment.”

“Golden visa programmes also give benefits to investors. Potential newbie EU nationals can apply for Greek citizenship if they reside in Greece for 7 years. With a Greek passport, you can travel to 178 countries worldwide, making it one of the most powerful passports available right now.

Your Next Steps

If you want to act before the Greece Golden Visa new rules kick in, you’re going to need to act fast. You should talk to an investment migration expert like RIF Trust who can guide you every step of the way. So, don’t delay and contact us today.