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:
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
The same areas rise from €500,000 to €800,00 for investors committed to a long-term tourist accommodation complex or timeshare contract
If buying a property anywhere else, the price increase is from a minimum €250,000 to €400,000
This also applies to investors signing a long-term tourist accommodation complex or timeshare contract
The €250,000 threshold for commercial premises that are to be converted into residential properties and listed buildings that are to be restored remains
Third-country nationals must invest in one property rather than many properties worth less
The property must be a minimum 120m2
Investors can buy a share of a property in undivided co-ownership worth at least €400,000 or a minimum €800,000
While properties can be rented out, they are not allowed to be available as a short-term lease
Properties converted to a residence cannot be used as a company HQ or a branch
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 Latitude View of the Greece Golden Visa New Rules
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.”
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 Latitude Group who can guide you every step of the way. So, don’t delay and contact us today.
Greece Golden Visa New Rules Come into Force in March 2024