Greece Golden visa program has been a major attraction for investors that are seeking residency in Europe. This program was established in 2013 for non-EU residents who are eager to build a home away from home in Greece. Over the years, Greece golden visa rules have modified around the market needs and necessary regulatory changes. Therefore, in 2024 the program underwent several changes which included significant updates to the program which presents multiple investment opportunities for potential investors. Greece Golden Visa Program is associated to the program’s market needs and relevant changes by introducing new opportunities for investors.
On March 31st, 2024, significant changes were implemented to the Greece Golden Visa Program which were focused on developing a sustainable environment. These refinements have been implemented on investment structure and as well as the eligibility criteria to invest in Greece real estate properties for residential purpose. Please note that imminent changes have been made to the real estate program where minimum investment for property allocation & defining areas have been defined by the Greek government. If you are planning to invest in Greece, this is your complete guide to Greece Golden Visa regime and the latest updates.
Expansion of Investment Program
For several years, Greece has offered one of the most affordable investment options in Europe where applicants were able to spend a minimum amount of EUR, 250,000. However, in 2023 the minimum amount of real estate investment has been increased to EUR, 500,000 and the government has highlighted the future to increase the investment in 2024 to EUR, 800,000 due to high demand of Greek real estate market. The popular changes to the Greece Golden Visa new rules have been implemented to make it diversifying for the investors while it aligns with the global trends in the Europe. To elevate the economic harmony and addressing the marketplace issues, Greece has now introduced a tiered investment system. This allows potential investors
Tier 1 | EUR 800,000
This real estate development is suitable for areas including Attica, Thessaloniki, Mykonos, Santorini and other islands which have a population of more than 3100.
Tier 2| EUR 400,000
The main goal here is to encourage investments that can be offered in a wide range of area so that it can have a broader influence on the overall economy of the country. This expands opportunities across other areas of Greece expanding investment options outside the prime areas of the country.
Tier 3| EUR 250,000
This special category is suitable for investors that are looking to invest in a heritage building that needs restoration. The limit is set to EUR 250,000. This lower threshold is particularly designed to encourage foreign investors to make investments in buildings that require capital. Furthermore, if you are planning to invest in a building that will be changed into a residential place the minimum amount investment is set.
Sustainable Investment Approach
One of the key changes that have been implemented is increasing the limit of property investment for cities including Athens, Santorini and other islands in Greece. According to the Greek government, this sustainable investment approach will allow investors to invest in Greece but at the same time restrict the growing rise in the prices of real estate. With this approach, the investment threshold for another 400,000euros will also limit the purchase of historical buildings and landmarks. This approach encourages potential investors to seek eco-friendly and tourism projects which can help them in gaining a residence permit in Greece but at the same time aligns with the aim of government to attract socially responsible investors.
Residency Compliance & Requirements
Greece Golden Visa gives the perfect opportunity to gain maximum benefit from their five-year residency program. The stability and prosperous future in one of the world’s most attractive places to live. A significant new rule has been established which has refrained investors from renting out acquired property for a short-term rental. However, they have also banned the lease of purchased properties for short term rental purposes like Airbnb. Therefore, the properties that are secured with the residence permit in Greece can only be used to generate a long-term lease only. Under the new rules and updates for the Golden Visa Program, these properties are strictly prohibited for short term purposes. This ensures a steady income approach which benefits both the investors and the economy of the country. The eligible Greek investors cannot use the acquired real estate properties for commercial purposes. These properties cannot be used for corporate or a registered company purpose. Most importantly, it is necessary to understand that the compliance of Greece golden visa new rules is important or else it can end in drastic consequences including, revocation of residency permit or a penalty of 50,000euros.
Conclusion
According to the global wealth advisory firm Henley & Partners, Greece Golden Visa program has been ranked 2nd among the residency by investment programs and it has been labeled as “Mediterranean’s rising star”. This program is perfect for those who are looking to invest in real estate and attract more investment opportunities which can prove beneficial in the long term for both parties. With an increase in the threshold of investor visas, there will be a decrease in the number of visas that are granted to the investors. The new rules portray the intentions of the Greek government evolving the overall real estate market in Greece. The new changes for Greece Golden Visa program are expected to be implemented from August 2024. By expanding the investment options, Greece aims to focus on remaining competitive in the global real estate market. As Greece continues to focus on refining the Golden Visa scheme, it remains one of the most compelling and attractive destinations especially for those seeking a home in Europe. Invest in Greece today and avail the perfect opportunity to build a home away from home.
FAQs
- What is the Greece Golden Visa Program?
Golden Visa program is an investment strategy for the immigrants to gain residency in European countries when they invest in real estate or any other investment that qualifies for the same investment in Greece.
- What are the Greece Golden Visa new rules?
The Golden Visa new rules 2024 have modified the investment threshold, the eligibility criteria of investment and changes to the application process. Invest in Greece today and avail the perfect opportunity to build a home away from home.
- What is the significance of Greece Golden Visa Program?
Greece Golden Visa program provides the perfect opportunity to avail world class healthcare and visa free travel to Schengen countries. This is the perfect chance to gain a residence permit in Greece.
- How much time does it take to obtain Greece Golden Visa?
The processing time depends on the complexity of the application. However, it can take up to a couple of months to complete the application and receive approval from the government.
