Greece’s residency-by-investment program has been one of the favorites among investors for years. Therefore, when changes were announced, many wondered what the consequences might be for future interested parties.
After several months under these new rules, it is now possible to speak with more certainty about their effects and how the market has reacted to them. Before continuing, let’s briefly recap what the changes were.
The reforms to the Golden Visa by the Greek government were announced in March 2024. Essentially, the minimum investment was increased from €250,000—a low amount that made the program very attractive compared to its European counterparts—and two major price levels were established:
- A minimum of €800,000 for properties located in the administrative region of Attica (which includes Piraeus and the capital, Athens), the Regional Units of Thessaloniki (Greece’s second-largest city), Mykonos, and Santorini, as well as on islands with more than 3,100 inhabitants.
- An investment starting at €400,000 for the rest of Greece. In both cases, a single property of at least 120 square meters must be acquired, not multiple smaller ones.
But two major exceptions were also established:
One can qualify for the Golden Visa with an investment of €250,000 if made in commercial properties to be converted into residences. The property’s location does not matter, but the conversion must be complete before applying for the Visa.
One can also qualify with €250,000 if acquiring properties in buildings classified as of cultural or historical importance. The investor must completely restore or rebuild the property, and the work must be completed within the fifth year of residency to renew the Visa.
Restrictions? The main one is that the investor cannot use the property or properties for short-term rentals, such as through platforms like Airbnb, if they wish to qualify for the Golden Visa. If they do, they could lose their residency and receive a €50,000 fine.
So, where to invest?
Experts consulted by the IMI Daily agree that the best opportunities are in the restoration of historic and cultural buildings, especially those located in central areas of large cities, and in the conversion of commercial premises to residential use. Particularly the latter, considering that buildings intended for commercial or office use are designed with the idea of subdividing them into smaller units, a structural flexibility that facilitates the transition to housing.
On the other hand, in the current scenario, the least recommended option is the €800,000 to €400,000 range. Both investors and real estate companies are leaning towards restoration and conversion sectors, except for properties located in tourist areas like Chalkidiki and the Peloponnese, where investments up to €400,000 are not entirely ruled out.
AIM Global: Comprehensive Legal Advice
If you are interested in the Greek Golden Visa but are now unsure due to these changes, don’t worry: those who complete at least 10% of their investment before September 30, 2024, can process their Visa under the original rules (minimum of €250,000) until December 31 of this year; in certain circumstances, the deadline could be extended to the end of April 2025.
To successfully complete this process, you need comprehensive advice like that provided by AIM Global, whose team of professionals will be there to accompany you every step of the way.
Schedule a meeting with us now. We are specialists in international mobility and will help you find the most convenient option for you and your family.
