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Golden Visa Greece new regulation

Economou & Economou Law Office > Uncategorized  > Golden Visa Greece new regulation

Golden Visa Greece new regulation

According to the new regulation, the following conditions apply for the granting of a 5-year residence permit to third-country nationals (Golden Visa):

  • In the Region of Attica, the Regional Units of Thessaloniki, Mykonos and Santorini and on islands with a population of more than 3,100 inhabitants, the value of the real estate that the applicant must own is increased to 800,000 euros. In the other regions of the country the value of the real estate is set at EUR 400 000. In any case, the investment must be made in one property (not in several properties of lesser value) with a surface area of at least 120 m2 .
  • For buildings currently used for a different purpose and converted into residential use, the minimum investment amount is set at EUR 250 000. The change of use must be completed before the application for the residence permit is submitted.
    The threshold is set at EUR 250 000 if the investment is in a listed building that is to be restored.
  • Residence permits may be renewed for the same period (five years) as long as the property remains in the ownership of the investor. If it is an investment in a listed building, an additional condition for the renewal of the residence permit is that the restoration of the building has been completed.
  • If the investor sells the property then the residence permit is revoked and the buyer becomes entitled to a residence permit.
  • Investors may lease the buildings they acquire, but they are not allowed to dispose of them through short-term leases, and in cases of conversion into a residence, their use as a headquarters or branch of a business is also prohibited. In case of infringement, the residence permit is revoked and a fine of EUR 50 000 is imposed.
  • In addition to the purchase of real estate, third-country nationals also obtain a residence permit by concluding a long-term contract for complex tourist accommodation or a timeshare contract for tourist accommodation, of a value corresponding to each region (800,000 euros in Attica etc., 400,000 euros in the rest of the country and so on).
    Transitional period
    In order for the new system to be implemented smoothly and not to disrupt the functioning of the market, a transitional period is foreseen under the following conditions:
  • Third country nationals who will pay the price or pay a 10% deposit, or sign a preliminary contract or private purchase agreement, proving the relevant credits by 30 September 2024 can complete their investment until 31 December 2024 under the conditions that applied until now.
  • In such cases, if the purchase of the property is not completed, the purchaser may complete his investment in another property always under the conditions that have been in force until now but in any case not later than 30 April 2025.

Contact the best lawyers in real estate law for a Golden Visa in Greece of the law firm Economou & Economou in Athens at 2103603824 or send us an email at econlaw@live.com

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