The golden visa programs have seen updates and price hikes worldwide. From Caribbean countries to European countries, all investment programs leading to residency or citizenship got price updates and new conditions. The parliament of Greece has stamped the bill to increase Greece Golden Visa investment by 2X, i.e. €250K to €500K in Real Estate. The Greece Golden Visa changes implemented on 31st of March 2024 cover an increase in the investment threshold, new conditions for property size and abolishing the short-term rental agreements.
Three Tier Investment for Greece Golden Visa in 2024
The main aim of Greece government is to bring down property prices and make real estate affordable for people with low income. The policy adopts a three-tier investment approach for geographical sites and properties with specific features. Here are the three investment limits and their details:
- Greece Golden Visa with €800K Investment
- Greece Golden Visa with €400K Investment
- Greece Golden Visa with €250K Investment
Greece Golden Visa by €800K Investment
If you want to buy property in high-demand and famous areas, you need to invest €800K. These areas include Attica, the regional units of Thessaloniki, Santorini, Mykonos, and Greece Islands, inhabited by 3100 or more residents.
Greece Golden Visa with €400K Investment
You need to invest €400K only for regions except Attica, the regional units of Thessaloniki, Santorini, Mykonos, and Islands with a population of 3100 or more residents.
Whatever the amount you invest, the property size must be 120 square meters or more. That means investors are barred from buying studio apartments and small properties to qualify for a Golden Visa. Further, Golden Visa investors can only rent their properties through a long-term leasing plan instead of renting for short terms. This means renting your property visa online platforms like Airbnb is a past. Violators will face severe consequences, including cancellation of residency permits and an administrative fine of €50K.
Greece Golden Visa with €250K Investment
There is still a way to get a Greece Golden Visa with €250K investment after the recent price hike. There are two exceptional ways including the following:
- Purchasing the architectural monuments for restoration work. You must complete the restoration work within 5 years before you apply for renewal of your Greece residency permit.
- By renovating and converting a commercial property into residential property. The construction work for commercial to residential conversion must be completed before applying for the Golden Visa for Greece.
The good thing about the two points mentioned above is that there are no limitations or conditions of a region to purchase and restoration of monuments or to convert commercial property into residential property.
Important Things for Greece Residency with €250K Investment
The price hike is implemented after approval from the Greek parliament. You may wonder how to get a Greece Golden Visa with €250K Investment in 2024. The following are the considerations:
- Application submission before 31st August 2024
- Minimum deposit of 10% of total investment
- Clear the remaining investment amount by 31st December 2024
Why Get a Greece Golden Visa?
- The Greece Golden Visa holder can apply for Greece permanent residency after 5 years
- After 2 years of Greece permanent residency, become eligible for Greece Citizenship
- Visa Free Travel to 182+ countries
- Favorable tax systems for foreign investors
- Good ROI on investment by renting your property with a long-term rental agreement
- Can sell the property after the stipulated time
Procedure to Buy a Property in Greece
The Greece property buying process comprises five steps
Taxpayer Number Registration
You need to register the Greek taxpayer number for large monetary transactions in Greece. Greek Tax Office can help in this regard.
Bank Account Opening
Opening of bank account for Golden visa in bank
Verification of Clean Title to Real Estate
The Land Registry or the Greek Cadaster carries out the verification process.
Conclusion of Sale Agreement
After passing the due diligence by opening a bank account, you can make the purchase and sale agreement, which is signed in the presence of a notary.
Registration of a New Owner in the Greece Land Registry
After meeting the criteria, you own the property and get registered in the Land Registry record.
Conclusion
Whatever the Greece Golden Visa Pathway you choose, be sure to make your decision timely. You must also seek professional assistance that guarantees you a transparent and traceable process for your journey to Greece residency and to citizenship. Make sure you get most of the available opportunities for Greece Golden Visa Updates in your favor until they become obsolete.
