The Greek Parliament JUST approved NEW RULES for the Golden Visa program 02.04.2024
FINAL TRANSITIONAL DATE: 31/8/2024
Earlier today, the Greek Parliament voted on the long-awaited amendments to the Greek Golden Visa program, which are detailed below.
TWO ZONES 800/400k:
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. For all other regions of the country, the minimum value of real estate at the time of acquisition is set at €400,000. The investment must be carried out in a single property with a minimum surface area of 120 square meters.
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, 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, 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 (5) years. The property cannot be sold until restoration is complete. Failure to restore will result in a revoked residence permit and a €150,000 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.
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 is imposed on the property owners.
Any Golden Visa investor is allowed to buy only one house, p.e. they cannot buy 2 houses of €125.000 each or of 60m2 each, or they cannot buy 2 houses of €400.000 each.
TRANSITIONAL PERIOD:
The above changes come into effect from the 31st of March 2024.
However, investors may apply under the current 250k 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.
Any Law Office can help you apply for a Golden Visa/ investor's residence permit and navigate this process with professional and to-the-point advice.
