Greece remains one of the final European countries offering golden visas, controversial schemes permitting wealthy foreigners to secure long-term residency rights through investment. Concerns about security and inflation have prompted several EU nations to discontinue golden visas in recent times. (source: Euronews.com)
Greece initiated its program in 2013 amidst a decade-long financial crisis, aiming to infuse capital into the country during a housing market collapse. The visa enables third-country nationals purchasing properties of specified values to attain temporary residency. Initially, a real estate investment of €250,000 or more granted a five-year residence permit convertible to citizenship after seven years. However, concerns over inflated house prices prompted the government to raise the threshold to €500,000 in select areas, with the possibility of further increasing it to €800,000, according to Prime Minister Kyriakos Mitsotakis.
While Greece’s golden visa can be obtained through a €400,000 investment in bonds and shares, property acquisition remains the preferred route. The increased investment threshold aims to address housing shortages and rental price pressures. Despite generating substantial revenue for Greece, the program has strained local resources and led to price surges. The government’s efforts to regulate foreign property ownership might inadvertently escalate demand.
Campaigners propose removing real estate from golden visa options and using the program to foster development in economically challenged regions. They suggest lowering investment thresholds for tourism and affordable housing projects, aiming to optimize the program’s potential for regional growth and job creation.
Update! Golden Visa rules from the 31st of March 2024 (Source)
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 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.
EXCEPTIONS:
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.
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 (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 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. It is not 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 EUR is imposed on the property owners.
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 September 30, 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.
Other links
- HouseFinders property for sale
- HouseFinders property for rent
- Move to/live in Greece
- Blog Husigrekland.se, blog Domwgrecji.pl
