Increase in Golden Visa Greece Prices in 2024: Latest Changes and New Rules

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The Golden Visa Greece program in 2024 has undergone several changes, including price hikes and the introduction of new rules. Among the new requirements and criteria for real estate, candidates must now invest in properties for a specified amount, taking into account their location.

Following a review of the criteria, two main investment zones have been established:

1️⃣ Minimum investments of €800,000 are required for the regions of Attica (including Piraeus), Thessaloniki, Mykonos, and Santorini, as well as for islands with a population of over 3,100 people.

2️⃣ Minimum investments of €400,000 apply to the rest of Greece.

A mandatory condition is that investments must be directed towards a single property, with a minimum area of 120 square meters.

A reduced minimum investment of €250,000 applies to two categories: the conversion of commercial premises into residential units and the restoration of historically or culturally significant buildings.

Conditions for Applying the Reduced Investment of €250,000

1. Conversion of Commercial Premises into Residential Units: Investors purchasing commercial real estate valued at €250,000 or higher and converting it into residential units may qualify for participation in the Golden Visa Greece program. This threshold applies regardless of the property’s location and size.
2. Restoration of Historical or Culturally Significant Buildings: Investors purchasing and fully restoring or reconstructing such properties may utilize the reduced investment threshold. This option is also available regardless of the property’s location and size, provided that the renovation works are completed within five years after obtaining the visa for residency renewal.

New Restrictions in the Golden Visa Program

Investors are prohibited from renting out their properties for short-term stays through platforms such as Airbnb and Vrbo.
Properties converted from commercial to residential use cannot be used as registered company headquarters.
Violations of these restrictions may result in measures including revocation of residency permits and imposition of an administrative fine of €50,000.

When Will the New Golden Visa Greece Rules Take Effect?

The changes came into effect on March 31, 2024; however, there is a transitional period in place.

Investors can still apply under the old rules at 250,000 euros if they make a 10% deposit by August 31, 2024, and complete the investment by December 31, 2024.

📌 It is important to note that despite the changes in conditions and prices, the Golden Visa Greece program continues to attract attention from international investors.

Greece remains one of the most attractive countries for obtaining residency through investment, offering the opportunity to obtain a 5-year resident card without the requirement of permanent residency in the country, eligibility for citizenship after 7 years, and the ability for your children and parents to obtain residency along with you.

Contact us now! Feod Group guarantees full legal support from property selection to the completion of the Golden Visa Greece process!

Article author

Luhina Iryna Director of Feod Group Kyiv
Ukraine

Iryna Luhina joined Feod Group in 2018 and has established herself as a highly qualified professional. Her expertise includes company registration, bank account opening, and immigration support. ...

Iryna Luhina joined Feod Group in 2018 and has established herself as a highly qualified professional. Her expertise includes company registration, bank account opening, and immigration support.