From now on, the following conditions will apply for the granting of a 5-year residence permit to citizens of third countries (Golden Visa), through the acquisition of a real estate asset:
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 (Crete Patmos, Alonissos, Kythira, Spetses, Poros, Skopelos, Milos, Skiathos, Karpathos, Leros, Ikaria, Tinos, Andros, Paros, Aegina, Thassos, Kalymnos, Limnos, Naxos, Syros, Lefkada, Kos, Samos, Kefalonia, Salamina, Zakynthos, Chios, Lesvos, Corfu, Rhodes, and Evia) the value of the asset that the interested party must own increases to € 800,000.
In the rest of the country, the value of the asset is set at €400,000. In the case of co-ownership of a property, the minimum value is set at €800,000 and €400,000, respectively.
The investment must be made in one property (not in several properties of lesser value) of at least 120 sq.m.
If someone is planning to convert a building that was previously used for a different purpose (such as offices, shops, hotels, or warehouses) into a residence, they will need to invest a minimum of €250,000. This applies specifically to cases where the investment is made by purchasing real estate that includes an industrial building or a part of an industrial building, provided that there has been no established or operating industry within the last 5 years. It is important to note that the conversion of use must be completed before the submission of the residence permit request.
The limit is also €250,000 if the investment is in a listed building that is to be restored.
Before submitting a request for a permanent investor residence permit, the minimum value of the real estate at the time of its acquisition and the total contractual rent for the leases of hotel accommodations and tourist residences must be paid in full.
Residence permits can be renewed for up to five years as long as the investor still owns the property. If the investment is in a preserved building, the renewal is conditional on the completion of the building's restoration. However, if the investor sells the property, their residence permit will be revoked, and the new buyer will be eligible to apply for a residence permit.
Investors can rent out the buildings they acquire, but the assets are not allowed to be made available through short-term leases, while in cases of conversion to a residence, their use as a company headquarters or branch is also prohibited.
Any violation of the terms and conditions of the residence permit can result in revocation of the permit, along with a fine of €50,000.
In addition to the purchase of real estate worth €250,000 or more, citizens of third countries can obtain a residence permit in Greece by signing a long-term complex tourist accommodation contract or a tourist accommodation timeshare contract. The value of the contract should correspond to the region in which it is signed. For instance, for Attica, the value should be €800,000, while for other regions, the value is €400,000.
Transitional period until September 30th, 2024
A transitional period until September 30th, 2024, has been established to ensure a smooth implementation of the new system without disrupting the market's operation. During this period, the following conditions will apply:
Third-country nationals who pay the price or a 10% deposit or sign a pre-contract or private purchase agreement proving relevant credits by September 30th, 2024, can complete their investment by December 31st, 2024, under the conditions that have been applied until now.
If the purchase is not completed, the buyer can complete their investment in another property under the same previous conditions but not after April 30th, 2025.
