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Global ResidencyGolden VisasInternational Real EstateSecond PassportsGreece Golden Visa Changes! 3-Tier Real Estate Investment System Confirmed - Lincoln Global Partners

April 11, 2024by Georgea Rios0

Greece Golden Visa Changes! 3-Tier Real Estate Investment Threshold System Confirmed

Greece Golden Visa Changes confirmed! As the global landscape continues to evolve, so too do the avenues for international residency and citizenship. In the realm of investment migration, the Greek Golden Visa program stands as the most popular residency-by-investment program in Europe.

The program offers the joint most cost-effective pathway to European residency and visa-free access to the Schengen Area via real estate investment along with Latvia. Since its inception, this initiative has attracted investors seeking not only a foothold in Europe but also access to a wealth of opportunities in a country steeped in history, culture, and economic potential.

Amid increasing housing prices, the Greek Government has voted to significantly change the Greek Golden Visa investment criteria. Here is the final verdict and everything you need to know as an investor.

 

Greece Golden Visa Changes

As of today the minimum investment requirement for the Golden Visa is 250,000 EUR throughout the country excluding Athens, Thessaloniki, Mykonos, and Santorini where the minimum investment threshold was increased to 500,000 EUR last year.

However, despite last year’s changes the Greece Golden Visa program is set for another price increase, with some exceptions which we will discuss later on in the article.

There will now be 3 Tiers of Investments starting from 250,000 EUR for certain qualifying properties and going up to 800,000 EUR for standard property investments in Greece’s hot spots.

Tier A – 800,000 EUR Minimum Investment Threshold

(Greece’s Major Cities and Islands)

In the following locations the minimum investment threshold will increase to 800,000 EUR:

  • Attica – encompassing the entirety of Athens
  • All Regional Units of Thessaloniki
  • The Island Mykonos
  • The island of Santorini

Tier B 400,000 EUR Minimum Investment (Everywhere else in Greece)

Conversely, in all other regions across the country, this minimum value is set at 400,000 EUR.

Also Read:- Greece Golden Visa Program Guide

Tier C – 250,000 EUR Eligible Investments (Restorations and Conversions)

Fortunately, it is not all bad news for investors and investment migration practitioners. The popular 250,000 EUR investment category will remain for certain properties meeting specific requirements.

  1. Conversion from commercial to residential: In case the Golden Visa property is converted from commercial (i.e. industrial etc.) into residential use, the minimum threshold remains 250,000 EUR, regardless of the location and the size of the property. The above investment is carried out on a single property, and the conversion of the use must be completed before submitting the golden visa application.
  2. Restoration of listed buildings: In case the Golden Visa property is located in listed buildings (i.e. buildings with historic interest under special protection) that are to be fully restored or reconstructed by the Investor, the minimum threshold remains 250,000 EUR, regardless of the location and the size of the property. The above investment is carried out on a single property, and the full restoration is a prerequisite for the first renewal of the golden visa after five (5) years.  

greece golden visa changes

Other Greece Golden Visa Changes

  • Golden visa investors will be prohibited from renting out their investments on a short-term basis in the context of the sharing economy.
  • Additionally, for tiers A and B – the investment must be directed towards a single property, meeting the criterion of a minimum surface area spanning 120 square meters.

When Does It Start?

Investors may apply under the current rules, provided that they pay a 10% deposit by August 30th, 2024*, and finalize their investment by December 31, 2024. In case the purchase of the property is not completed on time, the investor is allowed to complete their investment in another property no later than April 30, 2025.

*This deadline was cut down from September 30th to August 30th 2024, according to the Greek Parliament announcements on April 2nd 2024.

greece golden visa changes

Lincoln Global Partners Response to The Greece Golden Visa Changes:

While many investors and investment migration practitioners will be disappointed with the new Greece Golden Visa changes, the program remains alive, and given that the 250,000 EUR minimum investment threshold remains eligible in some capacity we can expect developers to adapt to the new rules and create new properties that will in the end ultimately benefit Greece.

The new criteria for the lower threshold investments will encourage developers to convert commercial property to residential property which can help to ease the housing crisis and to restore historic buildings which will make for very interesting investments.

Lincoln Global Partners is in the process of compiling a portfolio of 250,000 EUR Golden Visa projects that will be eligible under the new rules once they come into play. Contact us for more information if you are looking for such investment opportunities.

Benefits Of The Greece Golden Visa

  • Lowest cost to residency by real estate program in the EU – Investment in property from €250.000;
  • Spouse, unmarried children under 21 years old and parents of the main applicant and spouse can be included in ones application.
  • Visa-free travel within Europe’s Schengen Area;
  • No minimum stay requirements
  • Fast application process (within 6 months)
  • Unlimited expiry date of residence permit (renewal every 5 years), provided that the main investor maintains the property;
  • Access to the public healthcare and education system in Greece; 
  • Opportunity to rent out the investment property

Georgea Rios

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