Greece Golden Visa Witnesses Major Price Hike

Only a month after Greek Prime Minister Kyriakos Mitsotakis announced a potential price hike for the Golden Visa, a bill with updated real estate investment thresholds has been presented to the Parliament.

The proposed changes in the bill, which reflect a steep increase in the investment thresholds, will now be put to a vote. As the current government holds a majority in parliament, the bill is likely to pass with a high degree of certainty. 

Two Zones and Higher Investment Thresholds

According to the rules announced by the Ministry of Finance, the country will be split into two zones with the following investment thresholds: 

• A minimum investment threshold of €800,000 will apply in the Region of Attica, the Regional Units of Thessaloniki, Mykonos, Santorini, as well as islands with a population of more than 3,100 inhabitants. This represents a 60% increase in areas with a threshold of €500,000, and a staggering 220% increase in areas with a threshold of €250,000.
• A minimum investment threshold of €400,000 will apply in all other regions of Greece. This is up from the previous threshold of €250,000.

For both zones, the investment will have to be made in a single property with a minimum surface area of 120 square meters.

Threshold Exceptions and Restrictions on Property Use

In the special cases listed below, a minimum investment threshold of €250,000 will be applicable, regardless of the size and location of the property:

• Acquisition of a commercial property and conversion into residential use; the investor must complete the conversion before submitting their Golden Visa application.
• 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.

Furthermore, investors will now be prohibited to rent out Golden Visa properties on a short-term basis. Additionally, investors may not use converted properties as a company head office. Non-compliance with these restrictions will result in a €50,000 fine and revocation of the residence permit.

Limited Window of Opportunity through Transition Period

While the above changes are set to take effect from 31st March 2024, 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 by 30th September 2024 and conclude their investment by 31st December 2024.

Take advantage of this opportunity while it lasts. Get your Golden Visa, today.