The Greek Golden Visa programme offers non-EU nationals a way to secure permanent residency in Greece by making a qualifying investment through a fast-track process and multiple investment routes. Investment can be made through several avenues, each with its own set of guidelines. The most common choice remains a real estate purchase.
The Golden Visa programme offers a compelling means for real estate investment, combining high potential returns with considerable flexibility, with the Greek real estate market promising an average annual return on investment (ROI) of 3-5%. Immediate rental income is possible following the legal transfer of property, and if the property is owned through a legal entity, the investor must hold 100% of the company shares. This is especially advantageous as the Golden Visa does not inherently provide employment rights. Alternative options like investing in government bonds, business ventures or shares are also available.
Investors are granted a five-year residence permit, renewable indefinitely every five years, contingent upon the retention of property ownership. Notably, there are no residency or stay requirements, allowing investors and their families to maintain Greek residency without the need to live in Greece.
REAL ESTATE THRESHOLDS SET TO CHANGE
New thresholds and investment regulations
New rules announced will become effective from 31 March 2024. There will be a transition period whereby the current thresholds apply until September this year. Under the new regulations, property investment requirements are set out as follows:
- In Attica (including Athens and Piraeus), Thessaloniki, Mykonos, Santorini, and islands with over 3,100 residents, the minimum investment increases to €800,000.
- General minimum value for all other areas will be: €400,000.
- Under this scheme, 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).
Restrictions:
- Short-term rentals, such as AirBnB, are prohibited.
- Commercial-to-residential properties cannot be used as company headquarters.
- Violations will result in residence permit revocation and €50,000 fine.
TRANSITION PERIOD
- The new rules are effective from the 31 March 2024.
- Applicants who pay a 10% deposit before 30 September 2024 and complete their investment by 31 December 2024 qualify under current thresholds.
- If the investment is not finalised, applicants have until April 2025 to purchase a different property and qualify under the current thresholds.
Investors should be aware that detailed regulations will clarify precisely which properties and renovations are eligible under the exceptions. Further, the backlog of applications is likely to increase due to advanced notice of these changes.
Currently the property investment requirements are set out as follows:
- General minimum value: €250,000 plus taxes.
- In specified regions (including Mykonos, Santorini, Thessaloniki, northern, central, and southern regions of Attica (includes Athens), the minimum investment increased to €500,000, applicable since 2023. Under this scheme, investment is restricted to a single property.
Eligible property types for investment:
- If the total investment meets the minimum threshold, the investment can be divided between multiple properties, including residential and commercial properties, warehouses, logistics, land plots, buildings and hotels.
- Investors can collaborate on property purchases, with each party investing the minimum required amount.
For further information about the Greece Golden Visa and advice to apply, please contact Vertex Alliance, who can help with all your application needs. Please get in touch.
