Greece Golden Visa new rules have been officially announced by The Greek government. The government has decided to implement a second price change to its Golden Visa in as many years. This time, however, the price change will impact all of Greece, unlike the previous revision, which only raised prices in specific locations such Athens, Thessaloniki, Santorini, Varos, and Mykonos increase.
After weeks of speculation, the government has officially unveiled revised investment thresholds for its highly sought-after golden visa program, focused on real estate.
Finally, the Ministry of Finance has laid out the revised regulations, awaiting Parliamentary approval. Given the governing majority, significant alterations to the proposed legislation seem improbable. It’s expected that these adjustments will be enacted by the end of September, providing an opportunity for prospective applicants to captalise on the current rates.
The updated guidelines establish two distinct tiers of investment zones. The first tier mandates a minimum investment of EUR 800,000, encompassing the Administrative Region of Attica, including Piraeus, and most of the capital region, alongside the Regional Units of Thessaloniki, Mykonos, Santorini, and islands with a population exceeding 3,100 inhabitants.
These alterations are going to be enforced by 30th of September 2024, granting potential applicants a grace period to submit their applications under the current regulations.
In this piece, we will explore the nuances of the changes and how investors can apply before the price changes are implemented by the Greek government.
What are Greece Golden Visa New Rules?
The Greek government has officially announced the revised real estate investment thresholds for its highly popular golden visa program. After weeks of anticipation and speculation, the Ministry of Finance presented the new rules, which are now set to be voted upon in Parliament. With a majority in the assembly, it is unlikely that substantial changes will be made to the proposed legislation.
Under the new regulations, Greece will have two types of zones for golden visa investments. The first tier requires a minimum investment of EUR 800,000 and applies to the Administrative Region of Attica, which includes Piraeus and the majority of the capital region, as well as the Regional Units of Thessaloniki, Mykonos, Santorini, and islands with a population of over 3,100 inhabitants.
The second tier marks the minimum investment threshold at EUR 400,000 and is applicable to all other areas of Greece. The entire investment must also be allocated to a single property, which must have a minimum area of 120m².
Don’t miss: Why Greece Golden Visa Price Hike Makes Sense
What are the Two Exceptions Offered by the Greek Government for Golden Visa Investment?
However, the government has introduced two exceptions to the EUR 400,000-800,000 range.
Investors can qualify with a minimum investment of EUR 250,000 in two cases:
- When acquiring commercial properties and converting them to residential use, or when purchasing properties in listed buildings and fully restoring or reconstructing them.
These exceptions apply regardless of the location and size of the property, but certain conditions, such as the completion of the conversion or restoration, must be met to maintain the golden visa status.
The government has also imposed restrictions on property use. Golden Visa investors are prohibited from placing their properties on the short-term rental market, such as through platforms like Airbnb.
Properties obtained through the conversion of commercial real estate to residential cannot be used as registered company headquarters. Failure to comply with these restrictions will result in the revocation of the residence permit and an administrative fine of EUR 50,000.
When Do These Changes Impact the Investors?
While the new rules are expected to take effect at the end of this month, there is a transitional period for applicants who pay a 10% investment deposit before September 30th and complete the investment by New Year’s Eve 2024. Failure to finalise the investment within the specified timeframe allows investors until April 2025 to purchase another property and still qualify under the current thresholds.
How Can I Apply Before the Government Implement the Changes?
1- Deposit 10% of the total investment by September 30th, 2024
The key to applying under the current regulations is quick action. If an investor manages to make a 10% deposit on a qualifying real estate before the deadline on September 30th, then they can still apply under the current laws only if they finalise the entire investment before April 2025.
2- Compile the documentation needed quickly and apply as soon as possible
On the other hand, there are some issues to consider, if a person makes a 10% deposit, they still need to compile their documentation quickly and apply as soon as possible. The average processing time for the Greek Golden Visa is three to four months, so to ensure ample time for investors to maneuver, quick action is needed.
3- Choose the right property to avoid forfeiting the deposit
Another important note is choosing the right property. If a person does make a deposit and then changes their mind and wants to pursue a different property, they may have to forfeit their deposit as some developers will not be keen on returning it if some time has elapsed.
The key aspect is finding the right property within a suitable timeframe, and that is where Savory & Partners comes in.
Through Savory & Partners, you can easily find the right property, make a deposit, and file your application within the suitable timeframe that allows you to qualify under the current regulations with the property of your preference.
The new minimum investment for the first tier is set at EUR 800,000, covering the Administrative Region of Attica, including Piraeus and most of the capital region, as well as the Regional Units of Thessaloniki, Mykonos, and Santorini.
Benefits of Obtaining a Greek Golden Visa
There are numerous benefits to obtaining a Greek Golden Visa, some of which are:
1- Residency and Travel Freedom
Obtaining a Greek Golden Visa grants individuals a five-year renewable residence permit in Greece, providing them with a stable and secure base in Europe. This residency status also allows for visa-free travel throughout the Schengen Area, which encompasses 26 European countries, enabling easy movement and exploration of the continent.
After seven years of residency, Golden Visa holders become eligible to apply for Greek citizenship and an EU passport, further expanding their travel and living opportunities.
2- Real Estate Investment Opportunities
The Greek Golden Visa program offers investors access to the Greek real estate market with a minimum investment of €250,000. This investment not only secures residency but also presents the potential for capital appreciation and rental income from the purchased property.
By investing in Greek real estate, individuals can diversify their investment portfolios with foreign assets, mitigating risk and opening up new financial prospects.
3- Family Benefits
One of the most appealing aspects of the Greek Golden Visa is that residence permits are extended to immediate family members, including the investor’s spouse, children, and parents. This allows families to stay together and enjoy the benefits of Greek residency collectively.
Living in Greece provides access to high-quality education and healthcare systems, both within the country and throughout the EU. The Mediterranean lifestyle and rich cultural heritage of Greece also offer improved quality of life and diverse opportunities for personal growth and enjoyment.
4- Non-Domiciled (Non-Dom) Taxation
A significant advantage of the Greek Golden Visa is the non-domiciled (non-dom) taxation status. By becoming a Greek tax resident, investors can avoid being subject to taxation on their worldwide income.
Foreign-sourced income is not taxed in Greece, provided it is not remitted to the country. Inheritance tax exemptions also apply to assets located outside of Greece, providing further financial benefits and flexibility for wealth management.
5- Business Opportunities
The Greek Golden Visa opens up a world of business opportunities for investors. With residency status, individuals can establish a business or expand existing operations in Greece and the EU, gaining access to a vast and diverse market.
Greece offers a skilled and educated workforce, making it an attractive location for entrepreneurs and businesses. The country’s strategic location at the crossroads of Europe, Asia, and Africa also presents unique advantages for trade and commerce.
6- Simplified Process
Obtaining a Greek Golden Visa is a straightforward and efficient process. The application procedure is designed to be user-friendly, with minimal paperwork and documentation required compared to other residency programs.
There are no language proficiency or minimum stay requirements, making it accessible to a wide range of investors. The streamlined nature of the program ensures a smooth and hassle-free experience for those seeking Greek residency.
7- Long-Term Perspective
Investing in a Greek Golden Visa offers a long-term perspective for individuals and families. The program provides a pathway to permanent residency and eventual citizenship in Greece, allowing for a secure and stable future in Europe.
Relevant Topic: Greece Residency by Investment: A Simplified Timeline of the Program
After maintaining residency in Greece for seven consecutive years, Golden Visa holders become eligible to apply for Greek citizenship. Obtaining Greek citizenship grants individuals, the right to live, work, and study anywhere within the European Union, as well as access to all the rights and privileges enjoyed by EU citizens.
This includes the ability to pass on citizenship to future generations, ensuring a lasting legacy and connection to Europe. The route to citizenship through the Greek Golden Visa program is a valuable opportunity for those seeking a more permanent and integrated relationship with Greece and the EU.
What is the Greece Golden Visa Program Process?
Greece’s Golden Visa Program has a streamlined process consisting of a very short list of steps:
Step 1: Savory & Partners will conduct pre-signing due diligence on the investor and the case.
Step 2: Sign a contract with Savory & Partners.
Step 3: Choose the investment type and decide on which family members will be included.
Step 4: Collect the documentation.
Step 5: Savory & Partners will assist in filling out the application and the submission process.
Step 6: Make the investment, submit the application, and provide biometrics.
Step 7: Obtain a Greek Golden Visa (approximately ten weeks after Step 6).
The Greek Golden Visa program offers a straightforward application process, making it one of the simplest ways to obtain residency in the EU. The entire process is simple and takes just a few weeks of preparation.
One of the most attractive features of the Greek Golden Visa is that there is no residence requirement, meaning holders do not need to spend a minimum amount of time in Greece to maintain their status.
Need Help from Our Greece Golden Visa Experts?
The best way to approach the Greek Golden Visa is with the help of Savory & Partners.
All you need to do to begin your Golden Visa journey is contact Savory & Partners today to book a comprehensive consultation with one of our experts.
Our Availability
We are available on every channel convenient for you.
- Landline: +971 (0) 4 430 1717
- Mobile Phone: +971 54 440 2955
- WhatsApp: +971 54 440 2955
- E-mail: [email protected]
- Signal: +971 54 440 2955
