The Greece Golden Visa program has undergone fundamental changes, which were voted upon by the Greek Parliament as of April 2024, with a view to making the program more effective and tackling certain issues that have developed over time. These changes reflect the desire of the government to better control demand for real estate in areas of high population and to promote more balanced development across the country.

Revised Investment Thresholds

The new 2024 revisions to the Greek Golden Visa have introduced new minimum investment thresholds, thereby repealing the €250,000 minimum. According to the changes, there will be two different levels according to the location of the property, in an effort to regulate demand for real estate in the country.

1. Abolition of €250,000 Investment:

Until recently, it granted residency to those who invested a minimum €250,000 in predefined areas, thus making it one of the cheapest residency programs available across the European Union. That threshold has now been scrapped in its entirety in the latest changes. The move is aimed at adjusting investment thresholds in line with current market conditions and attracting more quality-oriented investments.

2. Two new investment levels introduced: 

Indeed, the new law foresees two different minimum levels of investment, with the aim of separating high demand from the less densely populated areas:

– €400,000 Minimum Investment: This applies to areas outside the main urban and tourist centers—majority of landmass and smaller islands. This is bound to attract investment in such regions, thus supporting the local economy and promoting more balanced growth throughout the country.

– €800,000 Minimum Investment: This applies only to the greater Athens area, Thessaloniki, and popular tourist destinations such as Mykonos, Santorini, and islands with populations in excess of 3,100. In such areas, there has been a remarkable demand for real estate, and therefore in an effort to regulate this demand and ensure there are some proper contributions towards the local economy from these investments, the threshold has been increased.

Minimum Property Size Requirement

The revised Greece Golden Visa program maintains a strict minimum property size requirement, ensuring quality investments. All properties must have a net interior space of at least 120 square meters, regardless of the investment amount.

Minimum Net Property Size:

Irrespective of the investment quantum, the program has a minimum requirement for the property size. The investors are required to purchase properties with a net interior space of at least 120 square meters. This move ensures that the kind of investments, even in low-cost or medium-priced real estate developments, are of a certain quality and habitable, hence supporting broader policy objectives of promoting viable and sustainable real estate developments.

Transitional Arrangements of Current Provisions

Grace Period for Existing Scheme: Investors who wish to pursue the original minimum investment amount of €250,000 have been offered a transitional period, allowing potential investors to 'get in' before this lower threshold is eradicated altogether. 

Commitment Deadline: This commitment to a property with a 10% deposit should be by 31st August 2024.

Completion Deadline: The completion date should be by 31st December 2024, for the transaction to be valid under the old system.

Act Now

Urgency for Prospective Investors:

As the deadlines for these transitory disposals draw closer, property prices are expected to continue rising, and the number of good-quality properties is expected to fall. Therefore, investors who want to benefit from this Golden Visa scheme have to make urgent decisions about their prospects, lest they end up paying more for less as the market reacts to the new law.

The revised Golden Visa program is a specific expression of an essential policy turn in the way that Greece approaches attracting foreign investment, focusing on sustainable growth and ensuring that investments made will add up to country development.

Benefits of Greece Golden Visa

The Greek Golden Visa Program yields a number of attractive benefits for those investors seeking residency via real estate investment:

• Attractive Entry Point: The Greece Golden Visa presents the cheapest property entry point compared to all other EU Golden Visas. You should take notice that the minimum threshold has been increased for property purchases within selected popular areas in Athens, Thessaloniki, Mykonos, and Santorini since 2023.
• Flexibility in Stay Requirements: You are not required to stay in Greece for any minimum number of days each year to maintain your visa status. It has the lowest minimum stay requirement, along with Italy, of 0 days per year.
• Family Eligibility: The program can provide residence permits to immediate family members that include the spouse, children below the age of 21 years, and both the applicant's and spouse's parents.
• Visa-Free Travel: Through the Greek Golden Visa, one obtains access to a visa-free travel in Europe's Schengen Area.
• Stability and mobility: A Greek residency bestows on one long-term stability and boosts your mobility throughout Europe.
• Low application and renewal fees: It is among those programs with very low fees for the application of a residency permit and its renewal.