The Greece Golden Visa Programme provides an opportunity to obtain an up to 5-year residence permit in Greece by investing in the local economy (the programme also allows for the extension of the residence permit). The programme dates back to 2013 and has proven to be one of the most popular immigration options for Greece while also providing a great chance to get a permanent residence in the European Union. In 2024, the Greece Golden Visa Programme ranked 2nd in the international investment migration programme attractiveness ranking, a fact that confirms its great value and attractiveness among foreign investors.
Main advantages of the Greece Golden Visa
The Greek Golden Visa programme offers numerous advantages. The main ones are as follows:
– Investors get a five-year renewable Greek residence card.
– Not only the investor, but also their spouse, underage children and parents can get a residence permit.
– The programme does not require the investor to permanently reside in the country in order to preserve the residence permit (you can permanently reside in Greece or visit the country for holidays).
– Upon reaching 7 years of residence in Greece, foreign investors can apply for permanent residence and acquire Greek citizenship. A Greek foreign travel passport provides visa-free access to 185 countries.
– You can choose, buy and register a property remotely. You only need to visit Greece to submit your biometric data.
– While Greece is one of the world’s top tourist destinations, investing in Greek property boasts high rental income.
Moreover, this country features well-established legal system and a positive climate for business and investment, ensuring respect and protection of property rights and investors’ interests.
The Ultimate Guide to the Greek Golden Visa in 2024
In February 2024, the government initiative led to a number of changes to the Greece Golden Visa Programme. The new regulations provide for an increase in minimum investment rates along with several additional rules. Now, the investment amount in real estate depends on its location.
As a result, today there are two main investment zones:
– For Attica (including Piraeus), Mykonos, Thessaloniki, Santorini, and islands with a population of more than 3,100 inhabitants, a minimum investment threshold is €800,000.
– For other Greek regions, the minimum investment threshold is EUR 400,000.
Moreover, according to a new requirement, the investments should be made for the purchase of one single real estate object with an area of at least 120 square metres.
Update on new limitations in the Greek Golden Visa programme
Starting from 2024, the Greek Golden Visa programme is subject to new restrictions, according to which:
– Real estate investors cannot rent out their property for short-term rental via such platforms as Airbnb or Vrbo.
– Real estate converted from commercial to residential cannot be registered as a company’s head office.
Violation of these rules is subject to sanctions, including cancellation of residence permit and an administrative fine of EUR 50,000.
Who can apply for the reduced investment of €250,000?
Even despite the changes to the Greece Golden Visa Programme, the country’s parliament approved two exceptions, whereby the minimum investment amount remains as before, i.e., EUR 250,000. The decreased investment threshold applies to the following cases:
1. Purchasing buildings of architectural heritage for their further restoration. For a renewal of a residence permit, it is necessary to complete the restoration work on the building within five years from the acquisition.
2. Acquisition of commercial facilities for further conversion into residential property. Before applying for a Golden Visa, all construction work must be completed.
The investment threshold remains the same nationwide for these categories of facilities and does not depend on its size.
Transition period: How Can Investors Get a Greek Residence Permit Under the Old Regulations?
Although the amendments to the Golden Visa programme came into force on 31 March 2024, investors may still manage to get a 5-year residence permit in Greece in case of purchasing real estate under the old regulations. This option applies if the investor pays a 10% deposit for the property, concludes a preliminary purchase agreement by 30 September 2024, and fulfils their investment obligations by 31 December 2024.
Feel free to contact Alpha Estate if you have been looking to buy a property in Greece to apply for the Golden Visa programme. We offer a wide range of facilities in this region that meet all quality and comfort standards. Choosing to buy property with our company, you can ensure a stable future for yourself and your family in one of the most scenic European countries. Take your chance to start a new life in Greece – contact Alpha Estate right now!
