In response to Prime Minister Kyriakos Mitsotakis’s recent announcement to adjust the real estate investment threshold from €250,000 to €800,000 in select areas, the Finance Ministry has introduced revisions to the Golden Visa programme, aimed at addressing the nation’s housing challenges.
Revised Investment Criteria
In major regions like Attica, Thessaloniki, and islands with populations exceeding 3,000, the minimum investment requirement for a five-year residence permit will be raised to €800,000.
Presently, a €500,000 threshold is applicable solely to specific zones within Athens, Thessaloniki, Mykonos, and Santorini.
Following the updates, areas such as Evia, Crete, and other renowned island destinations will adopt the €800,000 threshold.
Furthermore, the investment threshold across the remainder of the country will increase to €400,000 from the current €250,000.
Exceptions
The €250,000 limit will be retained solely for designated listed buildings of architectural significance and industrial structures intended for residential conversion.
Introduction of Regulations
Property Size
Going forward, Golden Visa eligibility will require properties to have a minimum size of 120 square meters.
Property Utilization
Properties acquired through the Golden Visa program will no longer be permitted for short-term rentals such as Airbnb.
Transition Period
To ensure a seamless implementation of the new regulations and prevent market disruptions, a transition period has been outlined with the following conditions:
Third-country nationals who finalize payment, pay a 10% deposit, or sign a pre-contract or private purchase agreement, substantiated by relevant documentation by 30th September 2024, can complete their investment by 31st December 2024, under the existing conditions.
In cases where property purchases are not finalized, investors may opt for another property, subject to the previous conditions, but no later than 30th April 2025.
