The Greece Golden Visa, one of the most popular residency by investment programs, has been the subject of much speculation in recent years. The most recent topic of importance for potential investors interested in the program was whether the option to apply with a €250,000 investment would still be available.In this article, we will explain the investment opportunities presented by the 2024 updates to the Greece Golden Visa program, the reasons behind these changes, and whether these updates have impacted existing Golden Visa applications.
As per recent announcements, Greece will continue accepting applications for the Greece Golden Visa through the €250,000 investment option specifically for converting commercial properties into residential use. This update indicates that the Greece residency by investment program will continue to offer low investment thresholds.
Opportunities with the Updated Greece Golden Visa Scheme: €250,000, €400,000, and €800,000 Investment in Real-Estate
Investment Amount Increased: As of early 2024, the Greece Ministry of Finance announced the latest version of the Greece Golden Visa program. With this update, the minimum €250,000 real estate investment option is now applicable to properties converted from commercial to residential use. The revised Golden Visa program sets different investment thresholds for real estate investments depending on the region. Properties located on islands with populations exceeding a certain number, as well as in high-demand areas, fall under higher investment requirements. At the same time, other regions of Greece are subject to a lower investment threshold. This update will be effective from August 31, 2024, and it will separate the investment options for the Greece Golden Visa into two tiers:
- €800,000 option: This applies to real estate investments in Athens, Thessaloniki, Mykonos, Santorini, and other islands with populations exceeding 3,100.
- €400,000 option: This tier covers all other regions of Greece, offering a more accessible entry point at €400,000. The main goal is to encourage investment across a broader range of areas, potentially expanding the program’s economic benefits.
To take advantage of these options, the real estate investment must be made in a single property exceeding 120 square meters.
Greece offers one of the most advantageous Golden Visa programs, allowing individuals to obtain a residency permit by purchasing property. Applicants can secure residency in the country by buying property in Greece.
€250,000 Investment Option is Now Limited to Properties Undergoing Commercial-to-Residential Conversion
The Greece Golden Visa €250,000 investment option remains available for the following types of investments:
- Conversion of commercial properties to residential use: The Greece Golden Visa program allows applications with a minimum investment of €250,000 in commercial to residential conversions with the latest update. In this option, the location or size of the property is not a determining factor.
- Restoration of listed buildings: Investors can qualify by purchasing properties in listed buildings of historical or cultural significance that have been fully restored or reconstructed. In such cases, the lower investment threshold applies, regardless of the property’s location or size. However, to renew the Golden Visa, the renovation must be completed by the fifth year of residency.
What’s the Reason for Greece Increasing Its Golden Visa Investment Threshold?
Prime Minister Mitsotakis stated in Parliament that the new higher investment threshold for properties would be implemented in regions experiencing housing shortages and increasing pressure on rental prices.
He noted that rents have increased by 40% since 2018, and in recent years, approximately 7% of real estate transactions in Greece have been linked to the Golden Visa program.
Will Existing Applications Be Affected by the Greece Golden Visa 2024 Modifications?
The new program adjustments will not impact applicants who have already filed their Greece Golden Visa’s application; cases that are presently being reviewed won’t be impacted.
Furthermore, the program’s modifications won’t apply to past events. The investments made under the previous legislation will proceed according to schedule, guaranteeing the security of the work and money committed by previous applicants throughout the application procedure.
Greece Golden Visa 2024: New Investment Tiers for Global Investors
The program has been updated with new investment thresholds, effective from August 31, 2024. The introduction of higher investment options aims to balance Greece’s real estate market by addressing housing shortages in high-demand areas while still offering opportunities for investors through the €250,000 commercial-to-residential conversion option. The two-tier system allows investors to explore various regions of Greece, offering investment options that suit different financial capacities. As Greece adapts its residency by investment program to meet current market needs, it continues to offer viable options for international investors seeking residency in Europe.
