Real Estate Changes in Greek Golden Visa 2024

The new decision on the Greek Golden Visa was revealed following the long-awaited adjustment decisions, which targeted real estate investment.

The Ministry of Finance submitted the new legislation to the House of Representatives and is now awaiting its approval, but given the ruling majority, the decision will be inevitable according to all indications. It will be implemented at the beginning of October, which means there is still time to apply for the Greek Golden Visa program before these changes.

The Greek Golden Visa program is one of the popular programs to obtain residency in Europe and then live, work and move in Europe comfortably with your family, and then obtain citizenship in the future.

Greek Golden Visa Changes for 2024

On March 22, 2024, the Greek Ministry of Finance issued a package of decisions related to the Greek Golden Visa Program, including raising the value of real estate investment from 250 thousand euros to 800 thousand euros.

The Greek Golden Visa program was launched in 2014 during the economic crisis Greece was experiencing, including falling property prices and a decline in construction.

The good news is that property prices did not rise to €800,000 across the country for the Greek Golden Visa, but only in major cities such as Athens, Thessaloniki, Santorini and islands with a population of more than 3,100.

The cost of the remaining areas became 400 thousand euros. As for commercial properties converted into residential properties for the purpose of restoration, they are still at the old price, meaning 250 thousand euros. In this regard, Greek Finance Minister Kostis Hatzidakis stated that they are adopting balanced measures regarding the Greek Golden Visa Program, taking into account the needs of the population and attracting foreign investments to the country.

He added that these steps come within the framework of the housing policy, which the government aims to provide high-quality housing for citizens while preserving investments.

According to Greek financial data, rental prices rose by more than 20% after the economic crisis that struck the country in 2018 and affected the purchasing power of families.

As per the figures issued by the relevant Greek authorities, more than 20,000 European permanent residence permits have been granted to real estate investors, most of whom are Turkish and Chinese investors.

Real estate has proven to be an attractive option for wealthy people wishing to invest in the EU, as it offers residence permits and tax benefits, but as the saying goes, beauty is not perfect. This is because leftist governments in Europe restrict residency by investment programs in Europe.

Spain is one of the latest countries to announce that it will close the Spanish Golden Visa program soon, not to mention that Portugal has canceled real estate investment to obtain residency in Portugal due to the crisis of high housing prices, and the Netherlands, Britain and Ireland have ended their programs.

In the summer of 2023, Greece raised real estate investment prices for a Greek Golden Visa from 250,000 euros to 500 euros in Athens and some other major countries, and is now raising them again to 800,000 euros.

What are other changes to the Greek Golden Visa?

✓ Investors should invest in one property rather than several properties of lower value.

✓ The property area must not be less than 120 square metres.

✓ A share in shared ownership can be purchased for a minimum value of 400 or 800 thousand euros.

✓ Properties can be rented, but not for a short period.

✓ The property cannot be used as a workplace.

✓ If investors violate one of the conditions, they will lose their Greek Golden Visa residence permit for 5 years and will be fined.

Can I get the Greek Golden Visa at the previous price?

Yes, it is possible to obtain a Greek Golden Visa at the old real estate investment prices, which range between 250 and 500 thousand euros in the event of purchasing a property and paying 10% of its right or signing a pre-contract or purchase agreement by September 30, 2024, and completing their investments before the beginning of 2025. And if they are unable to complete the investment till the beginning of 2025, they will then have to invest in another property until May 2025.

Do you want to get the Greek Golden Visa Program before the prices rise? Contact the Global Citizen Consultants as soon as possible. Also browse our articles in the field of residency and citizenship by investment.