Investors of the Greece Golden Visa programme have until the end of August 2024 to secure property under the old conditions of this popular European residency by investment programme.
Until the end of this month, applicants can still avail the minimum investment of €250,000 in Greek real estate in the popular areas such as Northern Athens and Piraeus.
Whilst the new rules for the programme came into effect on the 31st of March this year, a transition period allows investors to benefit from the old rules for five months.
This transition period is now coming to end, allowing applicants to pay a 10% deposit before the 1st of September 2024 and complete the property investment by the end of the year. Investors have a few more weeks to benefit from the ability to invest in property for a general minimum of €250,000 and invest in single properties in central Athens for €500,000.
Property purchased from the 1st of September 2024, are subject to the new rules:
- €800,000 for properties in Attica (including Athens and Piraeus), Thessaloniki, Mykonos, Santorini, and islands with over 3,100 residents, the minimum investment increases to €800,000.
- €400,000 is the new general minimum value for all other areas
- Investment is restricted to a single property of at least 120 square metres.
There are two notable exceptions to the above:
- €250,000 for converted commercial-to-residential properties, regardless of location or size (conversion must be completed prior to application).
- €250,000 for the full restoration of listed buildings, regardless of location or size (renovation must be finished by the fifth year of residency).
Properties may no longer be rented on short-term basis such as AirBnB.
As the end of August deadline approaches, Vertex Alliance can help to find properties under the existing investment requirements, please get in touch to learn more.
