Navigating Greece’s 2024 Greek Golden Visa Changes and What They Mean for Investors
Greece’s Golden Visa program program has undergone significant revisions as of September 1, 2024, introducing new investment thresholds, zoning classifications, and operational restrictions. Here’s a comprehensive overview of the key Greek Golden Visa Changes:
🏡 Tiered Investment Zones
The revised program introduces a dual-zone system with varying investment thresholds:
€800,000 Investment Zone: This higher threshold applies to high-demand areas such as the Region of Attica (including Athens), Thessaloniki, Mykonos, Santorini, and other islands with populations exceeding 3,100 residents. These areas now fall under the updated Greek Golden Visa Changes, which increase the investment requirements to qualify for the residency program.
€400,000 Investment Zone: Applicable to all other regions of Greece, including islands with fewer than 3,100 residents.
🏛️ €250,000 Restoration & Conversion Option: A Strategic Investment for the Greek Golden Visa changes
for those interested in heritage preservation, the Greek Golden Visa Changes have kept the €250,000 investment option available for:
Restoring listed buildings: Investors can restore properties officially recognized for their cultural or historical value.
Converting Commercial Properties to Residential Use: Investments in properties undergoing conversion from commercial to residential purposes, provided the conversion occurs after April 5, 2024 .
These properties must be fully restored or converted before the Golden Visa application, and cannot be sold until restoration is complete. Non-compliance may result in visa revocation and fines
🚫 Ban on Short-Term Rentals
In response to the surge in tourism and housing shortages, the Greek government has decided to prevent properties purchased through the Greek Golden Visa Changes from being rented out as short-term rentals.
Investors can still rent out their properties and generate income, but only through long-term leases. Violations of this rule can lead to the revocation of residency permits and a fine of €50,000. The introduction of this restriction highlights the government’s focus on ensuring that the Greek Golden Visa program contributes to the local housing market rather than fueling short-term rental demand
⏳ Transitional Provisions for Previous Investors
Investors who signed a pre-contract and made a 10% deposit by August 31, 2024, can still qualify under the previous €250,000 Greek Golden Visa threshold if they complete their purchase by December 31, 2024. If the investor doesn’t finalize the purchase by the end of 2024, they can transfer the investment to another property. However, the acquisition must be completed by April 30, 2025. This transitional provision allows investors to benefit from the Greek Golden Visa Changes under the previous terms, but they must act quickly to meet the deadline.
📌 Key Takeaways
Increased Investment Requirements: The new thresholds significantly raise the cost of obtaining a Golden Visa in popular areas, potentially deterring some investors.
Focus on Long-Term Investment: The prohibition of short-term rentals emphasizes the Greek government’s focus on attracting investors interested in long-term residency and contribution to the local economy.
Opportunities in Heritage Restoration: The €250,000 threshold for listed buildings and commercial-to-residential conversions presents opportunities for investors interested in preserving Greece’s cultural heritage.
Urgency for Transitional Investors: Potential investors should act swiftly to take advantage of the previous investment thresholds before the transitional period expires.
