Changes to the Greek Golden Visa

Greece Changes Golden Visa Rules Again

It has recently been announced that Greece has more changes to its popular golden visa scheme.

The residency-by-investment scheme offers non-EU nationals who invest a certain sum of money in Greek property to get a visa which will allow them to spend more than 90 days in every 180 in Greece and restriction-free Schengen travel. The minimum purchase levels for this scheme will be raised from €500,000 to €800,000 in the Attica region (including Athens), Thessaloniki, Mykonos, Santorini, and the Greek islands with over 3,100 inhabitants. For all other areas of Greece, the minimum price of a property to apply for a golden visa will become €400,000, up from €250,000 (unless the property is a listed building being restored or a conversion from commercial dwelling).

The €400,000 minimum purchase price is still lower than the Spanish golden visa. In Greece, in the €800,000 and €400,000 areas, the entire investment must be for a single property of at least 120 sq m. Now is currently the transitional period.  To be eligible for the existing thresholds: buyers must pay the 10 per cent deposit on their home by the end of August 2024, and complete by the end of 2024.

Restrictions On Use

The changes have been brought in to address the issue of housing supply and prices for locals. Long-term rental properties are being turned into the more lucrative holiday rentals by some investors. Golden visa holders will now not be allowed to rent out their property on Airbnb or other short-term rental markets. 

If you do not wish to apply for, or cannot afford, the golden visa there is the Greek National visa (also long-stay or D visa), requiring proof of funds.

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Liz Rowlinson