Greek Golden Visa 2024: Recent Amendments and What You Need to Know

Recently, the Greek golden visa program has been in the news relating to potential changes to the program. If you’re thinking about investing in Greek real estate for residency, these reports are critical information. 

From conversions of old properties, historical renovations of old buildings, or an area that simply is in demand for stability – there is something for everyone in the Greece golden visa program.

Let us dive a little deeper into this recent change and break down what you should be aware of heading into the future.

The New Investment Thresholds: What has changed? 

Starting from August 31, 2024, Greece has changed the minimum investment thresholds for the Golden Visa program. It is still the same fundamental principle: you fall in love with the country, purchase real estate, and then have a place to stay with your family. And yet, the tier amounts have changed, mostly in the popular places of the country.

1. Unchanged Investment for Specific Projects  

If you plan to convert commercial space into residential use or simply refurbish listed buildings, you will be happy to know that the minimum investment for these projects remains at €250,000. This is great for individuals wanting to start real estate development or restore buildings with historical significance. It is an inexpensive way of gaining the right to reside, and you would even be helping to preserve the architecture in Greece.

2. Increased Investment in High-Demand Areas

  For those who remain fixated on Greece’s most common, popular destinations, eg., Athens, Thessaloniki, Mykonos, and Santorini, there is now an increased entry price point. The minimum investment amount is now €800,000 in each of these areas. For many, this may feel like a higher hurdle to jump, but there is a steady demand in these popular locations making this a rare opportunity for good return on investment. It will take a bit more to invest, but there is value, prestige, and long-term value in owning property in these recognized, historic cities that could be quite worth the euro.

3. Middle Ground for Less Popular Areas

Not everyone has a leaning for Greece’s most famous destinations, and for a few more beautiful areas to check out, a happy medium exists. Properties located in lesser famous areas will now have a minimum investment of €400,000. It is still a substantial increase from the previous limit, but it gives a route into an entirely different property sector in Greece that could be much cheaper than Athens or the islands.

Why the changes?

It’s useful to think about why the Greece Golden Visa has gone through changes. The Greece Golden Visa was intended for the purpose of investment in the property market for the positive impact on the economy – which it delivered by attracting international property purchasers creating demand along with a significant influx of capital into the country. Demand increased materially which in turn spurred property prices in Athens and many of the islands to escalate. 

This latest change is an attempt to manage demand and maintain a proper balance. It raises the investment limit in high-demand areas, and hopes to help direct some of that demand to less developed areas. This is a sensible strategy, as it not only spreads the economic benefits across the country in lower demand areas, but it also helps to prevent the markets from overheating.

What Are the Benefits of the Greece Golden Visa Program?

Before we get into how to navigate these changes, let’s take a step back and look at the Greece Golden Visa benefits. Despite the increase in investment amounts in some areas, the Golden Visa program continues to offer substantial advantages.

1. Residency for You and Your Family

One thing that is so attractive about the Greece Golden Visa program is that it doesn’t only include you. Under the program your spouse and children under the age of 21, and even your parents can receive resident permits. That way your entire family gets to experience the wonders of living in Greece, or travelling throughout Europe, without the hassle of visas.

2. Access to the Schengen Zone

If you are a resident of Greece, you have the ability to travel anywhere within the Schengen Zone (which consists of 26 European countries. This no-visa thing is a real plus, particularly for businessmen or jetsetters who have to jump around Europe constantly.

3. No Minimum Stay Requirements

   Unlike some other residency programs, the Greece Golden Visa doesn’t require you to live in the country to maintain your residency status. This is ideal for investors who might want to keep their main residence elsewhere but still enjoy the benefits of having EU residency.

4. Potential for Future Citizenship

The Golden Visa in and of itself gives you residence, but also sets you up for Greek citizenship. Seven years and you can apply for citizenship, but only if you qualify. This is a long term ambition for a lot of people, because an EU passport provides almost unlimited opportunities for work, travel and study throughout Europe.

5. Thriving Real Estate Market

Real estate in Greece has been booming for the past few years, at least in the tourist areas. Not only does buying real estate in Greece give you residency, but it’s a stable investment, and you could potentially make money off of it (appreciation, rental income, or selling at a profit.

What Does This Mean for Your Investment Strategy?

With the Greek Golden Visa updates, your investment strategy may need to be adjusted, depending on your goals and budget. If you’re considering high-demand areas like Athens or the islands, the increased threshold of €800,000 requires a higher upfront investment. But these places still increase in value and remain popular vacation spots so the return of investment would be great.

For people wanting to get into Greek real estate for cheaper, the € 250,000 euro conversion/remodelling threshold provides a much affordable alternative. While the 400,000 euro minimum for the lesser known areas is higher than it used to be, it is still a great deal to own property in a stunning, uncrowded part of Greece that has so much development potential.

How to Navigate the Greece Golden Visa Program

With these changes coming into effect after August 31, 2024, now is the time to plan your investment. The Greece Golden Visa is still one of the easiest residency-by-investment programs in Europe to get into, however, one must still be strategic. If you’re keen on investing in the popular regions, it might make sense to secure your property before the higher thresholds come into play.

FRR Immigration is an expert in the field of the changing topography of the Golden Visa program. If you’ve ever thought about converting a commercial building into a house or investing in a historic property or just seeing what’s trending out there in the markets, we’re here to help you every step of the way.

If you’re curious to know more, or have any questions, contact FRR Immigration right now, and let’s get on the path to your Greek residency.