Greece Golden Visa Program All New Regulations
Following announcements by the Greek Minister of Finance, on April 2, 2024, the Greek Parliament enacted a new law introducing significant changes regarding investors’ permanent residency permits.
Law 5100/2024 amends Article 100 of Law 5038/2023, setting new requirements for third-country nationals seeking to obtain permanent residency in Greece through real estate investment. The new regulation, which implements a dual-zone system for real estate transactions, came into effect on August 31, 2024.
Here’s everything you need to know about the new regulation:
Minimum Investment Thresholds:
• High-demand areas (Attica, Thessaloniki, Mykonos, Santorini, and islands with populations over 3,100): The minimum investment amount is set at €800,000. Investments must be made in a single property with a minimum size of 120 square meters.
• Other areas: The minimum investment is now €400,000, which must also be made in a single property with the same minimum size requirement (120 m²).
Alternative Investment Options:
• €250,000 Investment: This amount applies to commercial properties converted into residential units or restored listed buildings. There is no minimum size requirement for such properties.
New Restrictions:
• Penalties & Compliance: Short-term rentals (e.g., Airbnb) and subleasing are prohibited. Properties cannot be used as offices or branches.
Failure to comply with these rules may result in the cancellation of residency permits and administrative fines ranging from €50,000 to €150,000.
Properties converted for residential purposes under the €250,000 investment option cannot be used as commercial spaces.
Transitional Provisions:
• Investors who place a 10% deposit by August 31, 2024, can complete their purchases under the previous regulations until December 31, 2024.
• If the transaction is not completed, investors may make a new investment until April 30, 2025.
If you are interested in investing in your future and obtaining a Golden Visa in Greece, you can contact us to explore investment opportunities in Athens’ prime locations starting from €250,000.
