The Greek Golden Visa program has undergone significant updates effective September 1, 2024, enhancing its appeal as a residency-by-investment opportunity. The program now offers various investment options to accommodate different investor preferences.
Investment Options:
- Real Estate in Key Regions: For properties located in high-demand areas such as Attica, Thessaloniki, Mykonos, Santorini, and other inhabited Greek islands, the minimum investment requirement has increased to €800,000. This investment must be made in a single property with a minimum size of 120 square meters.
- Real Estate in Other Areas: Investors looking at regions outside of the high-demand areas can invest a minimum of €400,000 in a single property, also with a minimum surface area of 120 square meters.
- Listed Historical Buildings: For those interested in culturally significant properties, the minimum investment for listed buildings is set at €250,000. This applies to properties of any location or size, promoting the restoration and preservation of Greece’s cultural heritage.
- Commercial to Residential Conversions: Investors can convert commercial properties, such as industrial spaces, into residential units with a minimum investment of €250,000. This option is available for properties of any size or location, including central Athens, and supports urban renewal efforts.
Key Points to Note:
- Conversion Deadline: Any commercial-to-residential conversions qualifying for the €250,000 investment must take place after April 5, 2024, when the law was amended to include this option.
- Short-Term Lease Restrictions: The updated law prohibits new investors from renting properties short-term through platforms like Airbnb. However, existing Golden Visa holders are exempt from this restriction. Additionally, investors who paid a 10% deposit by August 31, 2024, and finalize their purchase by December 31, 2024, can still rent properties on short-term platforms.
- Modifications to Commercial Units: Investors are allowed to add new floors to industrial properties or expand buildings converted into residential use while maintaining the €250,000 threshold, with no surface area restrictions. This applies equally to historical buildings.
- Touristic Serviced Projects: Properties in developments designated as serviced touristic apartments can be leased to property management companies for short-term rentals, provided they offer additional services like cleaning. This does not apply to properties converted from commercial to residential use.
Overall, these updates enhance the Greek Golden Visa program, making it a versatile and attractive option for individuals seeking residency in Greece and Europe.
