Golden Visa Program in Greece | 2024
With the newly introduced law L.5100/2024 that was published in the Government Gazette on 05 April 2024, certain amendments alter the conditions for the residency permit through Golden Visa Program.
For the Region of Attica, the Regional Unit of Thessaloniki, the Regional Units of Mykonos, and Santorini and for the islands with a population of more than three thousand one hundred (3.100) inhabitants, the minimum value of real estate property at the time of acquisition is 800.000 euro instead of 500.000 euro. The same threshold is applicable also in cases where the investor has entered into a long-term complex tourist accommodation contract or in a tourist accommodation timeshare contract.
For the other regions of the country, the minimum acquisition value of the real estate at the time of its acquisition, as well as the total contractual rent of the contracts in cases where the investor has entered into a long-term complex tourist accommodation contract, in accordance with par. 2 of article 8 of Law 4002/2011 or has entered in a tourist accommodation timeshare contract are set at 400.000 euro.
The investment must be made in a single property with a minimum surface area of 120 square meters.
The 250.000-euro threshold remains unchanged for the entire country in the following cases:
1) Historic buildings that require restoration or reconstruction. The full restoration or reconstruction is a prerequisite for the first renewal of the golden visa after five (5) years. A penalty of 150.000 euro will apply if the restoration has not completed by the end of those 5 years and the residency permit will be revoked.
2) Properties that currently have a different use and those will be converted to residential ones. The conversion should have been completed before the submission of the application for the Investor.
3) Conversion of Industrial buildings to residential, provided that in the last 5 years there were no operating industry at the specific property.
Restrictions for Golden Visa
Real estate properties that were used for golden visa programs are prohibited from being rented out as short-term leased properties (e.g Airbnb). This provision aims to stabilize the use of long-term leased properties compared to the preference for short term leased contracts by investors under the context of sharing economy.
In addition, real estate acquired by third-country nationals for the initial grant or renewal of an investor’s permanent residence permit under the “conversion status” may not be used as registered seat for a company or a branch. In case of non-compliance with the provisions of the law, the residence permit is revoked and an independent administrative penalty of 50.000 euro is imposed on the investors.
Transitional Period for Golden Visa
Investors may apply under the current golden visa program with the minimum threshold of 250.000 euro, provided that:
a) they pay a 10% deposit by August 31,2024 or sign a preliminary notarial or private agreement before that date and
b) complete the investment by December 31, 2024. If the purchase of the property is not completed by the end of the year, the investor is allowed to complete their investment in another property or properties no later than April 30, 2025.
Lastly, the resale of the real estate during the validity of the residence permit, to another citizen of a third country, gives the right to grant a residence permit to the new buyer with the simultaneous revocation of the seller’s residence permit.
Please feel free to address your request at tax@privelpartners.gr
