Greece’s 2024 Golden Visa Program Latest Changes
The Greece Golden Visa is among the top choices for European residency by investment programs. As international mobility and investment opportunities abroad become essential options for many investors, the Greece Golden Visa remains highly sought after. As of early 2024, the Greek Government introduced some revisions to the program, signaling potential changes for prospective investors.
If you're contemplating an investment in Greece, this guide offers a detailed explanation of these revisions.
What Are the Key Changes in the New Legislation?
The anticipated update: The Greek Finance Minister has announced modifications to the Golden Visa Program, introducing a dual-zone system for real estate transactions. This new rule is expected to be effective as of August 31, 2024.
What Implications Does This Have for Investors?
If officially enacted by the parliament, this will establish two different investment levels based on geographic zones, impacting the minimum investment requirements for applicants.
Tier 1 | 800,000 EUR: Real estate investments in areas like Attica, Thessaloniki, Mykonos, Santorini, and islands with populations exceeding 3,100.
Tier 2 | 400,000 EUR: For all other regions in Greece, offering a more accessible entry at 400,000 EUR to encourage investment across diverse areas, potentially broadening the program’s economic benefits.
The requirement for both tiers: Investments must be made in a single property of at least 120 square meters.
Effects on Previous or Current Applicants
Existing applicants with submissions under review will not be affected by the program’s new changes. Moreover, the adjustments will not have retroactive effects, allowing investments made under previous regulations to proceed as planned. Thus, previous applicants' financial commitments will remain unchanged.
Conclusion
The changes to the Greek Golden Visa program are expected to be enacted on August 31, 2024, with final investments required by December 31, 2024, and property completion by April 30, 2025. The new rules indicate the government’s aim to meet the Golden Visa Program's demand and adapt to the evolving Greek real estate market.
Conversion and Restoration Initiatives: Properties transitioning from commercial to residential use or those involved in the restoration of historic buildings offer unique opportunities at the stable threshold of €250,000 as of August 31, 2024.
Geographic Diversity: The two-tier investment system encourages exploration of properties outside high-demand areas, potentially highlighting Greece’s regions rich in cultural and economic value.
Future Perspectives | Updates to the Greek Golden Visa Program
The updates emphasize a progressive approach to investment immigration, aiming to diversify the nature of investments attracted. This evolution is expected to contribute to a more balanced and sustainable Greek economy and cultural heritage.
Frequently Asked Questions on Greece Golden Visa Changes
Will the Greek Golden Visa Program's Investment Threshold Increase to 800,000 EUR?
Yes, but only for certain regions. The minimum real estate investment under the Greek Golden Visa is expected to rise to 800,000 EUR in high-demand areas, including the entire Attica Administrative Region, Thessaloniki, Mykonos, Santorini, and islands with more than 3,100 residents. For other Greek regions, the minimum investment is anticipated to be 400,000 EUR.
Consult a Greece Golden Visa Advisor
Residency Advanced is a comprehensive investment immigration agency and investment advisory firm offering complete solutions for residency and citizenship by investment programs globally. Our team includes legal experts and certified real estate professionals.
We assist clients worldwide interested in acquiring Greece Golden Visas or making real estate investments in Greece. Contact us to speak with our experienced team members to address any questions and consider investing 250,000 EUR before the Greece Golden Visa Program changes become official.