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Changes in Golden Visa programm

Starting from March 31, 2024, the Greek government is making changes to the “Golden Visa” program, which grants residency permits for 5 years to third-country nationals investing in real estate.

The minimum value of the property that the interested party must own should be:

• 800,000 euros in Thessaloniki (in Attica and on major islands)
• 400,000 euros in Halkidiki and other regions of Greece.

Investments must be made in a single real estate property with an area of at least 120 square meters, rather than in several properties of lower value as it was before. The purchased real estate is only allowed to be rented out for long-term periods, not on a daily basis. Failure to comply with the rules will result in a fine of 50,000 euros.

It is also permissible to invest 250,000 euros instead of 400,000 or 800,000 euros when purchasing non-residential property and converting it into residential property. This must be done before you apply for a residence permit. However, converting property into offices or branches of companies is prohibited.

Prolongation: Residency permits can be extended for an additional 5 years, but only if ownership of real estate is maintained.

Sale of the property: When reselling real estate during the validity period of the residency permit to another foreign citizen, the rights to the residence permit transfer to the new buyer with the simultaneous revocation of the seller’s residency permit.

But there is still an opportunity to obtain the Golden Visa for an investment of 250,000 euros until December 31, 2024! Transaction procedure: the buyer must pay at least 10% of the property value by September 30, 2024, and the remaining 90% by December 31, 2024. In the case of unforeseen circumstances beyond the buyer’s control, if the transaction does not take place, they may complete the investments in another property under the existing conditions by April 1, 2024, provided that this transaction is completed by April 30, 2025.