Important revisions have been enacted by the Greek Parliament, implementing updated investment criteria effective as of September 2024 which entail a notable increase in the minimum investment threshold, escalating from €250,000 to €800,000.
More specifically as of 30 March 2024, the required minimum investment increased to €400,000 however, certain exceptions with a transit period will apply and it is possible to keep the investment of €250,000 if a deposit of 10% will be made and the applications will be submitted until 31st of August 2024, and the transaction shall be completed by 31st of December 2024.
The program now specifies that investments in a singular immovable property, has a requirement of a minimum size of 120 square meters, applicable to both high-demand and broader regions.
In line with housing and tourism policies, the new change of the program prohibits the shortterm rental of these investment properties.
Under the current Greek Golden Visa program, the criteria are:
- The applicant must be at least eighteen years old.
- The applicant must have clear criminal record in any country where has ever reside [as well as for all family members who are older than 14]
- The applicant must have a health insurance from a company operating in Greece.
- The applicant shall invest a minimum of €250,000 for real estate purchases (€500,000 for 36 of the nation’s most popular locations), as of September 2024 will be €400.000 and €800.000 respectively.
- Issuance of a Power of Attorney for the real estate investment and the residency*
*The applicant shall sign a Power of Attorney for the below services which are divided into two categories:
1st Category for the real estate investment:
- To obtain a Greek tax number (TIN) for the applicant
- To sign the property purchase and sale agreement
- To register the property with the government
- To open a Greek bank account (for applicants without an EU/SEPA bank account)
2nd Category for the residency:
- Every adult shall sign a Power of Attorney
- In case the applicant is minor then both parents shall sign the Power of Attorney on behalf of the minor
Kindly note that for both categories the Power of Attorney shall be signed in Greek language and in the presence of a notary and certified translator or in person in Greece or in person at a Greek Embassy.
Real estate investment from €250.000 or €500.000, [as of September 2024 will increase to €400.000 and €800.000 respectively]
- The duration of the residence permit is five years.
- To invest the entire €250,000, an investor may put their money into one or more properties.
- If the applicant can demonstrate that they are the owner of the property, their residency permit may be renewed every five years. The minimum investment requirement for the 36 most populated municipalities, which include Athens, Thessaloniki, Mykonos, and Santorini, is set at €500,000.
- An investor can invest in one or several properties to make up the total of €250,000.
- The 36 most populous municipalities (including Athens, Thessaloniki, Mykonos and Santorini) have a minimum investment threshold of €500,000.
Main benefits of obtaining a Golden Visa in Greece:
- Schengen Zone and visa-free access to 26 EU countries including Switzerland Luxemburg, Italy and Germany.
- The residence permit is issued for a 5-year period and can be renewed an unlimited number of times.
- The Golden Visa offers the freedom of visa-free travel for up to 90 days in any 180-day period.
- Greece offers a high standard of educational facilities, and the EU membership provides access to prestigious European universities.
- There is no requirement to reside in Greece, either before or after the residence permit is issued.
- The visa covers the spouse of the main applicant, children up to the age of 21 plus parents of the main applicant, and the married spouses of the parents.
- Greece offers a high standard of living, with residency providing access to high-quality medical facilities.
- The opportunity to use the investment property as your summer residence.
At Highworth, our migration advisors are ready to assist you with a wide range of migrationrelated matters, including filling in the right forms and representing you.
