by Prestigia Realty 
The Greek Golden Visa program has long been an attractive option for non-EU investors seeking residency in Europe through real estate investments. In 2024, the program underwent significant changes aimed at enhancing its effectiveness while balancing the interests of local residents and foreign investors. Here’s an in-depth look at the latest updates and what they mean for prospective investors.
Updated Investment Thresholds
The new regulations have introduced two primary investment tiers based on property location:
- Tier 1 (€800,000): This higher threshold applies to high-demand areas such as Athens, Thessaloniki, and select islands with populations exceeding 3,100. Investors must purchase a single property with a minimum area of 120 square meters to qualify under this tier.
- Tier 2 (€400,000): This more accessible threshold is applicable to all other regions of Greece. Similar to Tier 1, the investment must be made in a single property with a minimum area of 120 square meters.
Special Conditions for Lower Investment Thresholds
Certain properties qualify for a reduced investment threshold of €250,000. These include:
- Commercial-to-Residential Conversions: Properties converted from commercial use to residential use.
- Restoration of Listed Buildings: Investments involving the restoration or reconstruction of listed buildings.
These properties must be at least 120 square meters and have their conversions or restorations completed before the visa application is submitted.
Application Process
Steps to Apply:
- Application Form: Completed and signed application form for the Greece Golden Visa.
- Passport: A certified copy of all pages of a valid passport or other travel document recognized by Greece.
- Passport Photographs: Four recent color passport-size photographs, meeting specific technical standards.
- Proof of Visa Payment: Evidence of the payment of the visa fee (around €2,000 for the investor, €150 for each family member, and €16 for the electronic residence permit).
- Proof of Health Insurance: Insurance coverage from a Greek insurance provider for all health and safety risks for the applicant and family members.
- Criminal Record Certificate: A certificate showing no criminal record from the applicant’s country of origin or residence.
- Medical Certificate: A medical certificate stating that the applicant is in good health.
- Proof of Investment:
- For real estate investment: A purchase agreement for the property worth at least €250,000 (or €400,000 or €800,000 in certain areas), proof of full payment, proof of transfer registration by the competent Land Registry, and a certificate from the national cadaster agency.
- For lease agreements: A notarized lease agreement for hotel accommodations or tourist residences worth at least €250,000 for a minimum of 10 years, and proof of payment.
- For other investments: Documents proving the investment in Greek government bonds, shares of real estate investment companies, bank deposits, or other eligible investment types.
- Proof of Sufficient Funds: Documentation showing the origin and sufficiency of the funds used for the investment.
- Power of Attorney: If applying through a proxy, a special power of attorney allowing a legal representative to handle property purchase and visa application processes.
- Biometric Data: Fingerprints and digital photographs of the applicant and family members.
- Residency and Renewal
The Golden Visa grants a five-year residency permit, renewable as long as the property remains under the investor’s ownership. This permit allows for visa-free travel within the Schengen Zone and does not restrict periods of absence from Greece.
Restrictions on Property Use
There are specific restrictions on how properties acquired through the Golden Visa program can be used:
- Short-term Rentals: Properties cannot be used for short-term rentals like Airbnb.
- Commercial Use: Properties converted from commercial to residential use cannot be registered as company headquarters. Violation of these rules can result in the revocation of the residence permit and administrative fines.
Transitional Provisions
Investors who place a 10% deposit on their investment before September 30, 2024, and complete the purchase by December 31, 2024, can qualify under the previous threshold of €250,000 for all regions. This provision offers a grace period for those who began their investment process under the old regulations.
Conclusion
The updated Greek Golden Visa program reflects the government’s commitment to attracting responsible foreign investment while ensuring affordability for local residents. By understanding these new regulations, investors can make informed decisions and take advantage of the opportunities presented by this program. For personalized advice and guidance, it is advisable to consult with legal experts specialized in Greek real estate and immigration law. This ensures a smooth investment process and maximizes the benefits of the Golden Visa program.
By staying informed and adhering to the new guidelines, investors can enjoy the numerous advantages of the Greek Golden Visa, including residency benefits, access to the Schengen Zone, and the potential for high returns on their real estate investments.
Prestigia Realty is here to support you throughout this process. Our experienced team will guide you through every step, from property selection to legal compliance, ensuring a seamless and successful application for your Greek Golden Visa. Contact us today to start your journey towards obtaining residency in Greece.
