Greek Golden Visa Biggest in Europe, 

Minimum Investment EUR 400,000 

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Launched in July 2013 the Greek Golden Visa programme grants a five-year residency visa in return for an investment in real estate. There is no minimum stay requirement and children up to the age of 21 are included in the family application. The visa is granted for five years and renewed every five years if the property investment is retained. It is not necessary to live in the country in order to retain and renew the investor visa. However, citizenship can only be granted after seven years of residency.

 

Real estate options

1. An investment in real estate property with a minimum value of EUR 250,000, plus the applicable taxes. Alternatively, a minimum of EUR 500,000 in Mykonos, Santorini, Thessaloniki, and most municipalities in Athens

2. A 10-year lease agreement for hotel accommodation or furnished tourist residences in tourist accommodation complexes (Article 8 of Law 4000/2001)

3. A 10-year time-sharing agreement for hotel accommodation (Law 1652/1986)

 

Other options

 

Capital transfer

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1. Term deposit of a minimum value of EUR 400,000 to a domestic Greek credit institution, for at least one year, with a standing order for renewal

 

Capital contribution

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1. A capital contribution with a minimum value of EUR 400,000 to a company that has its registered office or establishment in Greece (with the exception of portfolio investment companies and real estate investment companies) for the acquisition of shares in a share capital increase or bonds that are, at the time of issue, admitted for trading on regulated markets or multilateral trading mechanisms that operate in Greece

2. A capital contribution with a minimum value of EUR 400,000 to a real estate investment company (Article 21 of Law 2778/1999) that will invest exclusively in Greece, for the acquisition of shares in a share capital increase

3. A capital contribution with a minimum value of EUR 400,000 to a closed-end investment company (Article 5 of Law 2367/1995) for the acquisition of shares or to a closed-end mutual fund (Article 7 of Law 2992/2002) for the acquisition of shares, provided that the aforementioned alternative investment institutions have the intention to invest exclusively in companies that have headquarters or establishments in Greece

 

Shares, bonds, and/or government bonds

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1. Purchase of Greek government bonds with a minimum acquisition value of EUR 400,000 and residual maturity of at least three years at the time of purchase, via a credit institution established in Greece, which will also act as the custodian of these bonds

2. Purchase of shares or corporate bonds with a minimum acquisition value of EUR 800,000, which are admitted for trading or are traded on regulated markets or multilateral trading mechanisms, operating in Greece

3. Purchase of units with a minimum value of EUR 400,000 of a mutual fund incorporated in Greece or another country and with the intention to invest exclusively in shares, corporate bonds, and/or Greek government bonds that are admitted for trading or are traded on regulated markets or multilateral trading mechanisms, operating in Greece

4. Purchase of units or shares with a minimum purchase value of EUR 400,000 of an alternative investment fund established in Greece or another country of the EU, which intends to exclusively invest in immovable property in Greece

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MAIN POINTS OF NEW CHANGES:

The Greek Parliament voted on the long-awaited amendments to the Greek Golden Visa program, which are detailed below.

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TWO ZONES 800 OOO / 400 000 EUR

 

For the Region of Attica, the Regional Units of Thessaloniki, Mykonos, and Santorini, and the islands with a population of more than 3,100 inhabitants, the minimum value of real estate at the time of acquisition is 800,000 EUR. For all other regions of the country, the minimum value of real estate at the time of acquisition is set at 400,000 EUR. The investment must be carried out in a single property with a minimum surface area of 120 square meters.

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The minimum threshold in Mykonos and Santorini will be increased from 500k to 800k EUR. Additionally, 32 more islands have been added to the same 800k investment list, but the minimum threshold for these islands will be raised directly from 250k to 800k EUR, as follows:

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However, thirty two (32) more islands are added to the same list, the minimum threshold will be increased from 250k to 800k are the followings:

• Crete / Euboea (Evia) / Rhodes / Corfu / Lesbos / Chios / Zante (Zakynthos) / Salamis(Salamina) / Kos / Kefalonia

• Samos / Lefkada / Syros / Naxos / Kalymnos / Lemnos / Paros / Thassos / Aegina / Tinos / Ikaria / Andros / Leros

• Karpathos / Skiathos / Milos / Skopelos / Spetses / Kythera / Patmos / Poros / Alonissos

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EXCEPTIONS:

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 years. The property cannot be sold until restoration is complete. Failure to restore will result in a revoked residence permit and a 150,000 EUR administrative fine.

 

USE RESTRICTIONS – NO AIRBNB:

All golden visa properties are prohibited from being rented out short-term in the context of the sharing economy, even by third parties under sublease agreements. It is not yet clear whether this provision will be finally voted on with retrospective effect for all individuals who currently hold a Golden Visa.

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Golden Visa properties under the “conversion” scheme (from commercial to residential) are also prohibited from being used as a Company Registered Seat.

In the event of non-compliance with the above provisions, the residence permit is revoked, and an independent administrative fine of 50,000 EUR is imposed on the property owners.

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TRANSITIONAL PERIOD:

However, investors may apply under the current 250 000 minimum threshold, provided that they pay a 10% deposit by August 31, 2024, and finalize the 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.

 

All other provisions of the current Golden Visa Law remain unchanged.

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