After several weeks of speculation, the Greek Government has formally declared a significant adjustment to Greece’s Golden Visa programme, effective March 31st 2024.

The revised terms, unveiled by the Greek Minister of Finance, are as follows:

  • In designated areas including Attica (Athens), Thessaloniki, Mykonos, Santorini, and islands with populations exceeding 3,100 inhabitants, the minimum property investment requirement will elevate to €800,000.
  • For all other regions, the minimum investment threshold will escalate to €400,000.
  • Prospective investors are obliged to commit to a single property with a minimum net area of 120 square meters (1,292 square feet)
  • Short-term rental use is prohibited.
  • Preserved buildings are only exempted and remain in the €250k threshold. *terms apply.

Transitional Period:

While the new legislation was voted in on April 2nd, 2024, a transitional phase has been enacted to facilitate investors under the prior regulations. Investors seeking to benefit from the former law’s benefits, requiring a minimum investment of €250,000, must adhere to the following timeline:

  • Sign a pre-contract and submit a 10% down payment by August 30th, 2024.
  • Complete the property purchase by December 31st, 2024.

These changes reflect the government’s dedication to promoting investment while maintaining the programme’s effectiveness.

Urgent Action Required:

Potential investors should act quickly to take advantage of current opportunities. Increased demand has led to higher property prices and limited availability. If you leave it too late you will need to pay 60% more to secure a Greek Golden Visa in the future.

For further information and assistance, please contact our expert advisors.

Tags: europe, golden visa 2024, greece, residency visa

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