The most recent and significant changes regarding the Golden Visa program in Greece and the new prerequisites in order for a foreign citizen to be granted the Golden Visa (residency permit for investors for 5 years) are the following:
1. Regarding the regions of Attiki, Thessaloniki, Mykonos, Santorini and all Greek islands with population over 3.100 citizens, the value of the property must be at least 800.000 euros.
2. For all the remaining regions in Greece, the value of the property must be at least 400.000 euros.
3. The investment must be in only one property of the above-mentioned value and not in multiple properties.
4. The surface of the property must be at least 120 sq. m.
5. Short-term rent of the properties is not allowed.
IMPORTANT NOTE: The law indicates a period of time which is considered to be a transition period from the previous status quo to the new one. More specifically, foreign citizens that wish to be granted a GV and will have paid the full purchase price or a downpayment of 10% by signing a notarial or a private pre contract, until the 30th of August 2024, have the opportunity to complete their investment until the 31st of December 2024 with the prerequisites of the previous law. In such cases, if the purchase of the property is not completed for some reason, the investor/buyer can complete the investment in another property with the prerequisites of the previous law until the 30th of April 2025.
The prerequisites for the granting of a GV as they were dictated by the law in force until 31/3/2024:
1. Regarding the regions of Attiki (central, south and north areas), Thessaloniki, Mykonos and Santorini, the value of the property should be at least 500.000 euros and the investment must be in only one property.
2. For all the remaining regions in Greece, the value of the property must be at least 250.000 euros.
3. There is no limitation regarding the minimum surface of sq. m. of the property.
4. Both short term and long-term lease are equally allowed.
By: Georgia E. Patsidou, trainee lawyer (+30 6985070669, georgia@makrislawoffice.com)
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