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Golden Visa Greece : Program Overview for 2024

25 Jun 2024

Legal, by Ledaki Athina, Lawyer

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Golden Visa 2024.  The latest changes in Greek legislation. What is the value of real estate that the interested party must own. Extra requirements that should apply for the properties.  What happens in the case of the sale and lease of the properties.

 by  Athina Ledaki, Lawyer, Accredited Mediator

Athina was born in Athens. She studied Law in Athens University Law Faculty and worked as a litigation lawyer in Athens from 1995 to 2002. Since 2002 she is a member of the Bar Association in Chania, Crete, practicing civil and property law. As an English, French and Italian speaking lawyer with a considerable foreign clientele she has acquired a ten years' experience in cross-border property transfers.In 2014 she was certified as a CEDR accredited mediator.

E: athina.ledaki@gmail.com | M:+30 6972 759 426 | T: +30 28210 28101


 

The Law 5100/2024 in its article 64 describes the changes that have been made regarding the provisions of a residence permit linked to investments in real estate (Golden Visa), so beginning from March 31, 2024 the following conditions will apply:

Areas where property value increases to 800.000€

In the Region of Attica, the Regional Units of Thessaloniki, Mykonos and Santorini and on the islands with a population of over 3,100 inhabitants, the value of the real estate property which the investor should  invest in, increases to 800,000 euros.

This practically means that for Crete/Chania the property value increases from 250.000€ to 800.000€.

Extra Requirements

It is noted that the following extra requirements should apply: 

  • the investment must refer to one property only (not to several properties the total value of which reaches the required amount)
  • the surface of the real estate property should be at least 120 sq.m.
  • The purchase of a percentage of undivided co-ownership of a property is allowed for spouses or couples having signed a cohabitation agreement, but still, the minimum value of which should be 800,000 euros.

Timeline – Completion dates

Third-country nationals who will pay off the purchase price or will pay a 10% deposit, or will sign a preliminary agreement and provide the notary the relevant proof that these amounts have been credited to the seller's account by 31/08/2024, can complete their investment until 31/12/2024 under the conditions that applied before the L.5100/2024.  In these cases, if the purchase of the property is not completed by 31/12/2024, the buyer may choose another property, under the conditions in force before the application of the L.5100/2024 but in any case not later than 30/04/2025. 

Residence permit renewal

Residence permits can be renewed for the same period of time (five years) as long as the real estate property remains in the ownership of the investor. If it is an investment in a historic building, the restoration of the building should be completed before the application for the renewal of the residence permit is submitted. 

Restrictions in selling and renting the property

If the investor sells the property, then his residence permit is revoked and the buyer is entitled to apply for a residence permit.

Investors can rent out the properties they acquire, but not through short-term rentals. In case of violation of the above law provisions, the residence permit is revoked and a fine of 50,000 euros is imposed.

Conditions for lower limit

  • In the rest of the country, the sale price of the real estate property will be 400,000 euros. 
  • for buildings of a different use which are converted into residences (e.g. industrial properties renovated to be habitable) the minimum investment amount is set at 250,000 euros. The conversion of use must be completed before submitting the application for the residence permit. The use of the property as a company headquarters or branch is prohibited. The limit of 250,000 euros refers also to historic buildings that are to be restored.

Good Luck!


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