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Golden Visa: Greece releases new rules incl. prohibitions

Greece’s Finance Minister Kostis Hatzidakis revealed on Thursday the new rules and limits regarding the Golden Visa scheme. Properties purchased  by non-EU nationals for the purpose of obtaining a 5-year residence permit.
The changes concern the prices, the minimum size of the property as well as its utilization.
There is a transition period for the completion of  contracts or negotiations currently underway.
New Prices Caps

In Attica, Thessaloniki and on all islands with over 3,000 inhabitants, the minimum amount of investment for the five-year residence permit will increase to 800,000 euros.

Currently a limit of €500,000 applies only to the center of Athens and its northern and southern suburbs, the Municipality of Thessaloniki, Mykonos and Santorini.

With the new changes, in areas such as Evia, Crete and all the popular island destinations will now have the high threshold of €800,000.

Across the rest of the country the threshold will also rise to €400,000 from the current €250,000.

The only case where the €250,000 limit will apply will be for so-called “conservation” properties and industrial buildings if they will be converted to residencies. The aim is to attract investors to give new life to unused properties.

Property Size

Golden Visa purchases will only be accepted for properties with a size of at least 120 square meters.

Property Utilization

Properties purchased for the purpose of a Golden Visa will not be allowed to be used fro short-term rentals such as Airbnb.

Important note for Residence permits

It is reportedly noted that the low limit of 250,000 remains only for preserved buildings, regardless of the area, with the commitment how restoration will be done. If this has not been done in 5 years, then the investor’s residence permit is revoked.

In addition, in cases where the property is converted into a residence, use as a business headquarters is prohibited. Otherwise, the residence permit is revoked.

Under the new system, short-term rental housing (Ai\Irbnbn) will not be allowed, but owners  will have the right to rent it on a full-time basis.

However, if the property is sold, then the residence permit is removed.

It is also clarified that the residence permit can be renewed for five additional years, as long as the property remains in the ownership of the investor.

Transition period

In order for the new system to be implemented smoothly and not to disrupt the operation of the market, a transition period is foreseen with the following conditions:

Third-country nationals who will pay the price or pay a 10% in advance, or sign a pre-contract or private purchase agreement, proving the relevant credits by September 30, 2024 can complete their investment by December 31, 2024 with the conditions that applied until now.

In these cases, if the purchase of the property is not completed, the buyer can complete his investment in another property always under the conditions that applied until now, but in any case not after April 30, 2025.

Minister

“Now we are going up to €800,000 in Athens, Thessaloniki and the tourist islands. We say that the Golden Visa buyer is not allowed to give the property afterwards for Airbnb, we say that the property cannot be less than 120 square meters. And we say all this to direct investors to properties of great value, and in any case to properties that are not for the so-called popular housing and certainly for young couples who want to start their lives,” minister Kostis Hatzidakis stressed.

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One comment

  1. Jacqueline Kruegel

    If I got allready a golden visa .. can I rent my house out with the new laws still?.thank you