The Greek Golden Visa program has long been a popular route for investors seeking residency in Greece. However, recent updates to the program have introduced significant changes that potential investors must be aware of. These changes primarily revolve around the investment thresholds for property purchases in different regions of Greece and the specific criteria for qualifying properties.
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Updated Investment Thresholds
One of the most significant updates to the Greek Golden Visa program is the increase in the minimum investment required for property purchases. These changes are geographically specific, reflecting the demand and value of properties in various regions of Greece.
EUR 800 000 Investment Requirement
The higher investment threshold of EUR 800 000 applies to properties located in:
- The Administrative Region of Attica (which includes Piraeus and most of the capital region)
- The Regional Units of Thessaloniki, Mykonos and Santorini
These areas are among the most sought-after locations in Greece, attracting a high level of interest from international investors. The increase in the minimum investment is designed to reflect the premium value of properties in these regions and to manage the demand for Golden Visas.
EUR 400 000 Investment Requirement
In contrast, all other regions of Greece have a lower investment threshold of EUR 400 000. For those interested in less congested or more rural areas, this lower threshold offers an opportunity to participate in the Golden Visa program without the higher financial commitment required in the more popular regions.
Property Requirements
Regardless of the region, the entire investment must be made in a single property with a minimum area of 120m². This requirement ensures that the investment contributes significantly to the Greek real estate market and aligns with the program’s goals of fostering economic growth.
Exceptions To The New Investment Thresholds
While the updated thresholds might seem prohibitive for some investors, there are two important exceptions that allow for a lower investment of EUR 250 000. These exceptions provide opportunities for investors who are willing to engage in specific types of property transactions.
Properties Converted From Commercial to Residential Use
Investors who purchase properties that have been converted from commercial to residential use can qualify for the Greek Golden Visa at the lower threshold of EUR 250 000. The Greek government aims to incentivize the repurposing of underutilized commercial properties, contributing to urban renewal and increasing the availability of residential housing.
Restoration Of Listed Buildings Of Historical Or Cultural Importance
Similarly, properties that are listed as buildings of historical or cultural importance and are being restored also qualify for the lower investment threshold of EUR 250 000. This exception encourages the preservation and restoration of Greece’s rich architectural heritage, ensuring that these historically significant properties are maintained for future generations.
Restrictions On Property Use
It’s important for investors to be aware of the restrictions on how properties purchased under the Golden Visa program can be used:
Short-Term Rentals
Properties acquired through the Golden Visa program cannot be used for short-term rentals, such as Airbnb. This restriction aims to ensure that the properties are utilized as long-term residences or investments that contribute to the stability of the local housing market.
Registered Company Headquarters
For properties converted from commercial to residential use, the property cannot be used as registered company headquarters. This restriction is designed to maintain the residential character of these properties and prevent them from being repurposed for business operations.
Start Your Golden Visa Journey In Greece
The recent changes to the Greek Golden Visa program reflect a shift towards encouraging more significant investments in the country’s most desirable regions while still offering opportunities for lower-threshold investments through specific exceptions. By understanding these updates and the associated restrictions, potential investors can better navigate the program and make informed decisions that align with their investment goals.
Whether you’re considering a high-value investment in a prime location or exploring opportunities through one of the program’s exceptions, the Greek Golden Visa remains a valuable pathway to residency in Greece. For personalized advice, connect with the Greek Golden Visa advisors for assistance.
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