Greece Golden Visa Changes 2024: How to Apply on Previous Terms

Brittany Collins

Greece has set a new investment threshold of €800,000 for real estate in the regions of Attica and Thessaloniki, as well as in Mykonos, Santorini, and other islands with more than 3,100 residents. For properties in less renowned regions, the minimum investment has been set at €400,000. There will be two exceptional cases where investors can apply under the €250,000 real estate option.

Learn how to qualify for a Greece Golden Visa before the changes take effect.

Greece Golden Visa Changes 2024: How to Apply on Previous Terms

The current minimum real estate cost for obtaining a Greece Golden Visa remains at €250,000. This makes the real estate investment option in Greece the least expensive among EU residence permit programs.

The recent increase in the minimum investment threshold has fueled foreign interest in Greek real estate. According to our data, over the next six months, foreigners will be particularly active in purchasing properties to participate in the Greece Golden Visa program.

To qualify for purchasing real estate for €250,000 instead of €400,000—800,000, you must:

Deposit 10% by August 31st, 2024.
Complete the transaction by December 31st, 2024.
Apply for a residence permit.

Besides the increase in the minimum investment threshold, another new condition stipulates that an investor can buy only one property, and its area must be at least 120 m². Consequently, foreigners can no longer obtain a residence permit by purchasing studio apartments or small houses.

Moreover, Golden Visa holders will be prohibited from renting out properties for short-term rent, such as through the Airbnb platform. If the investor does not comply with this condition, the residence permit will be cancelled, and they will be fined an administrative fee of €50,000.

The exceptional minimum of €250,000 will be maintained for two categories of properties:

architectural monuments for restoration, with the restoration needing to be completed within five years;
the renovation of a commercial property, converting it into a residential one, with construction work completed before submitting your Golden Visa application.

The investment threshold for such properties remains the same regardless of the region, and they are not subject to the minimum area requirement.

Buying Greek real estate remains the most popular option among investors. Since the launch of the Golden Visa program, foreigners have purchased 24,000 properties with a total value of €6 billion.

Stages of acquiring a Greece Golden Visa

Preliminary Due Diligence. A certified Anti-Money Laundering Officer conducts a preliminary Due Diligence check to identify potential issues, reducing the rejection risk to 1%.
Buying real estate. The investor or their lawyer signs the purchase and sale agreement, submits it to the Land Register, and receives a certificate and a complete package of officially translated property documents.
Collecting documents. Necessary documents are submitted to a specialised department of the Ministry of Immigration and Asylum. The application is made in person by the investor, spouse, adult relative, or lawyer, resulting in a certificate that allows a one-year stay in Greece.
Getting a Greece residency card. The application for a residence permit is processed within 1—2 months. The investor can receive their residence cards individually or through a lawyer. The initial application certificate is returned.

The Greece residence permit is valid for five years and can be renewed. Applications for renewal should be submitted two months before expiration, and the investor must retain the investment property.

The Greece Golden Visa offers numerous benefits, such as visa-free travel within the Schengen Area, allowing stays of up to 90 days every six months. Holders and their families can enter Greece freely, even during border closures, for potentially indefinite vacations. Optional relocation to Greece provides a laid-back lifestyle, friendly locals, and a pleasant climate.

Business registration in Greece allows for direct dealings with European customers without intermediaries. Investing in Greek real estate is also attractive, especially in tourist areas and major cities, offering profitable opportunities due to a growing tourism industry and a recovering property market.

Visa holders also gain access to public education, affordable healthcare through the national system, and after seven years, the potential for EU citizenship with rights like free movement within the EU.