REAL ESTATE DATA SOURCES
Greece Golden Visa
Greece Golden Visa Guide 2024
The allure of Greece’s Golden Visa program continues to grow, captivating non-EU citizens drawn to its promise of European residency. As of 2024, the program sees substantial regulatory revisions, signalling Greece’s dedication to fostering investment amidst economic shifts.
These updates introduce new financial benchmarks for investment and offer alternative paths to eligibility, reflecting the nation’s adaptability and unwavering support for foreign investment initiatives.
Golden Visa Key Takeaways
Here are the key takeaways from the updates to the Greek Golden Visa program:
Different regions in Greece will have varying minimum investment thresholds:
- Some areas will require a minimum investment of €400,000.
- Others will necessitate a higher investment of €800,000.
Prospective applicants have the opportunity to secure the current investment thresholds by following a specific timeline:
- They can make a 10% deposit before September 30th.
- The investment must be finalized by December 31, 2024.
There will be restrictions on how investors can utilize their properties:
- Properties acquired through the program cannot be offered as short-term rentals, such as on platforms like Airbnb and Vrbo.
These changes reflect the evolving landscape of the Golden Visa program in Greece and underscore the importance of staying informed about the latest regulations for potential investors.
The Greece Golden Visa Program stands as a well-defined route for non-EU investors aiming to secure residency in Greece via diverse investment avenues. Its dynamic nature accommodates shifting thresholds and conditions, mirroring the nation's economic maneuvers and strategic vision.
Eligibility Criteria
Eligibility for the Greek Golden Visa program hinges on a substantial investment within Greece. With recent updates effective as of 2024, the program’s minimum investment threshold has shifted, eliminating the former €250,000 requirement for real estate investment. Presently, investors encounter two principal investment tiers:
- Real estate acquisition necessitating a minimum investment of €400,000.
- Strategic investments encompassing options such as purchasing shares or bonds, entailing a capital contribution of at least €500,000, or engaging in an Alternative Investment Fund (AIF) centered on Greece.
Advantages
The Greek Golden Visa offers investors a host of advantages:
- Residency Rights: Holders can reside in Greece without any mandated duration of stay.
- Visa-Free Travel: Enjoy unrestricted travel within the Schengen Area.
- Family Residency: Family members can also obtain residency under the same visa.
- Citizenship Eligibility: After seven years of residency, investors may apply for citizenship, contingent upon meeting prescribed criteria.
Real Estate Investment
Investors have the option to invest in real estate, with the primary requirement being a minimum investment of €250,000. This investment can encompass property acquisitions in both residential and commercial sectors, including integrated tourist resorts.
Alternatively, investors can opt for lease agreements with hospitality establishments such as hotels or other tourist facilities. Greece’s real estate market presents an avenue for investors seeking not only financial returns but also eligibility for a resident permit, with the potential for permanent residence status over time.
Terms of Purchasing Real Estate in Greece
Until August 31, 2024:
Investment Threshold:
€250,000+
Preliminary Agreement: 10% deposit by August 31, 2024
Final Payment: Balance by December 31, 2024.
Alternative Property:
If the initial transaction isn’t completed, the full amount must be deposited by April 30, 2025.
After August 31, 2024:
New Minimum Investments:
€800,000 in Attica, Thessaloniki, Mykonos, Santorini, and certain islands
€400,000 in other regions.
Exceptions:
€250,000 for properties intended for renovation or conversion into residential space.
Property Size:
At least 120 sqm for €400,000 or €800,000 investments.
These changes are detailed in Law No. 5038/2023 and Article 64 of Law No. 5100/2024.
Financial Considerations and Fees
While the Greece Golden Visa program offers many benefits, understanding the financial implications is crucial. Key financial aspects include:
- Government Fees:
- €2,000 for the main investor
- €150 for each additional family member
- Approximately €500 for residence permits valid up to five years
- Additional processing fees for the electronic permit
- Additional Costs for a €250,000 Property and Golden Visa for Three People:
- Legal fees: around €10,000
- Property transfer tax: 3.09% of the property’s value or its objective value, whichever is higher
- Health insurance coverage: additional cost
Application Process
- Obtain a National Visa (Type D):
- Necessary for those without legal residence in Greece or another EU state.
- Valid for up to one year for investment purposes.
- Gather Required Documents:
- Must include valid identification and investment project details.
- Submit to the Directorate for Migration Policy in Greece.
- Signature authenticity must be verified by a public authority.
- Submit the Application:
- Follow host country guidelines.
- Ensure submission before the national visa expires.
- Pay the Fees:
- Main fees: €2000 processing, €16 printing.
- Family members: €150 processing (children under 18 exempt).
- Make the Required Investment:
- Follow Greek law and Golden Visa guidelines.
- Receive a Decision:
- If approved, receive a renewable electronic residence permit for up to five years.
The Property Buying Process
Unlocking the Property Buying Process in Greece: Essential Resources and Guidance. Where to Begin? Who to Reach Out to? Navigating Potential Pitfalls with our REDS guide.
Greek Real Estate Law & The Hellenic Cadastre Regulations
Understanding Property Purchase Costs in Greece
This guide is tailored for individuals contemplating the purchase of a residential property in Greece. While particularly beneficial for first-time buyers, even seasoned property investors can gain insights into the evolving buying process by understanding its key steps.
Greek Real Estate Taxation
The following section outlines the primary taxes and key considerations pertaining to the acquisition, ownership, and disposal of real estate assets in Greece. It focuses on residential, commercial, and investment properties, providing essential insights into taxation.
DISCLAIMER
The materials presented in the Greek Real Estate Data Sources and Research (REDS) guide are distributed by ARENCORES – Chania Real Estate as an information source only. While every effort has been made to ensure the accuracy and completeness of the information, no guarantee is given nor responsibility taken for errors.
As the information is for general use and not intended to serve as advice, no warranty is given in relation to the accuracy, reliability, or appropriateness of any information. The information does not constitute professional advice and should not be relied upon as such. Users are therefore encouraged to consult with their chosen professional advisers before making any decision.
We do not accept any liability for any loss or damages arising from the information or advice provided on this website or incorporated into this website by reference, or which is incurred as a result of the use of, or reliance upon, the information and advice contained on this website.
Dive into Greek Real Estate Data Sources and Research (REDS), an encompassing resource delving into the intricate nuances of Greek Property Law, Property Ownership, Real Estate Rights, and the Hellenic Cadastre registration process.
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