Foreign investors eyeing Greece for residency through the Golden Visa program will encounter heightened investment criteria starting March 31st, 2024. The updated regulations, aiming to balance housing affordability and foreign investment, introduce tiered minimum investment thresholds ranging from €250,000 to €800,000.
Addressing Housing Concerns
Previously, a €250,000 investment in any Greek property qualified for the Golden Visa, fueling real estate inflation, especially in tourist hotspots. The revamped system aims to mitigate these effects, prioritizing housing accessibility for local residents, particularly young families.
New Investment Options
- €800,000 Minimum: Properties in high-demand regions like Attica (all parts of Athens), Thessaloniki, Mykonos, Santorini, and Islands with over 3,100 residents require a minimum investment of €800,000. The property must encompass at least 120 square meters. Joint ownership allowed.
- €400,000 Minimum: Applies to properties in all other Greek regions, with the same size criteria and joint ownership permitted.
- €250,000 Minimum: This option targets specific investments:
- Converting commercial/industrial buildings into residential units, with mandatory completion before submitting Golden Visa application.
- Purchasing historically registered buildings, with the aim of restoration and preservation.
Golden Visa Renewal Conditions
While Golden Visas remain renewable for five-year terms, certain stipulations apply:
- Property ownership retention is mandatory.
- Restoration of historically registered buildings must precede visa renewal.
- Selling the property forfeits the original owner’s permit, transferring eligibility to the new buyer.
Usage Restrictions and Penalties
Owners can lease their properties, but short-term rentals are prohibited and commercial use of renovated residences is not permitted. Violations incur a €50,000 fine and potential permit revocation, reinforcing adherence to program guidelines.
Continued Program Appeal
Despite heightened investment prerequisites, Greece’s Golden Visa program retains its allure. Touted as the world’s leading initiative in 2023, it witnessed unprecedented application volumes, a trend anticipated to persist, with a substantial backlog of pending applications.
Expert Insights
Financial analyst Maria Papadopoulos commended the revisions, stating, “The tiered system ensures equitable investment distribution across Greece while safeguarding housing accessibility for locals.”
Real estate expert Nikos Georgiou noted, “The focus on historical preservation aligns with Greece’s cultural heritage goals, attracting investors passionate about conservation efforts.”
Even with these reforms, Greece remains a coveted destination for global investors seeking residency perks amid Mediterranean allure.
