Introduction
Effective from 01 September 2024, Greece has significantly revised its Golden Visa program through Article 64 of Law 5100/2024 (which replaces Article 100 and paragraph 49 of Article 176 of Law 5038/2023). These changes reshape how non-EU investors obtain residence via real-estate investment in Greece — and understanding them is essential before proceeding.
Key Changes at a Glance
1. New Investment Thresholds by Region
• In high-demand areas — the Attica Region (which includes Athens), the Regional Unit of Thessaloniki, Mykonos, Santorini, and islands with populations over 3,100 — the minimum investment is now €800,000 for one property.
• For all other regions of Greece, the threshold is raised to €400,000.
• Investment must be in one single property, not multiple combined assets. The property must also have at least 120 m² of main internal space if it has a building permit or is built.
2. Exceptions at €250,000
Lower-threshold investment (€250,000) remains possible in two special cases:
- Acquisition of a property that will be converted to residential use (commercial or industrial to residential) in one single property.
- Acquisition of a listed (heritage) building or part of it to be restored or reconstructed, and the restoration must be completed before applying.
3. Restrictions on Usage
The amendments include important new restrictions:
- Properties acquired under the Golden Visa cannot be used for short-term rentals (e.g., Airbnb).
- They cannot be sub-let or used as the headquarters or branch of a business for investors applying under certain routes.
Implications for Investors
- Location matters more than ever: If you target Athens, Mykonos, Santorini or populous islands, expect a higher entry cost (€800,000).
- Investing in other regions may offer better value (€400,000 threshold) and still secure residency rights.
- One property only: You must channel your investment into a single eligible property.
- Due diligence is critical: Conversion projects or listed-building investments may still qualify at €250,000 — but the legal steps are more complex.
- Usage limitations: If you intend short-term rentals or business use of the property, the new rules may exclude your preferred strategy.
- Timing is key: If you’re near the deadline for older thresholds, quick action may benefit you.
Why Partnering with an Expert Lawyer Matters
Given the regulatory complexity and recent changes, engaging a lawyer experienced in Greek immigration and real estate law is not optional — it’s essential to avoid extra fines and a possible cancellation/revoke of your Visa. Your legal adviser will:
- Analyse and verify the property’s eligibility under the new rules.
- Advise on regional thresholds, property size, usage restrictions, and transitional benefits.
- Handle paperwork, compliance, and coordination with Greek authorities from start to finish.
- Protect your investment and streamline your path to Greek residency.
Next Steps
If you are considering the Greek Golden Visa under the revised framework of Law 5100/2024, now is the time to act. Contact our firm for an initial consultation and get tailored legal guidance suited to your objectives.
Contact us today to secure a compliant investment route and set your foundation for European residency through Greece.