From 1 September 2024, the investment requirement for the Greek Golden Visa program has increased from 500,000 euros to 800,000 euros in the most preferred tourist areas. This means that potential investors must allocate a higher amount for their investment. However, the lowest investment in exchange for a Greek EU residency permit remains at 250,000 euros, providing a more affordable option for those interested in the program.

What are the changes in the Greece Golden Visa 2024?

According to the new legislation, there are three choices under the real estate purchase option. The minimum investment in the municipalities of Thessaloniki, Mykonos, Santorini, and the islands with a population above 3,100 increased to 800,000 euros. Meanwhile, the qualifying real estate price remained 400,000 euros in the other parts of the country.

Furthermore, the program offers a flexible investment option of purchasing real estate for 250,000 euros. Under this choice, you can convert buildings with other uses to residential properties or restore landmarked buildings for the same amount.  

An additional option is that the applicants for the third countries (not the EU) can also invest these amounts "by concluding a long-term complex tourist accommodation contract or a timeshare rental contract for tourist accommodation, equivalent per area of value", according to the Balkan Insights. The homeowners can rent their properties, but short-term rent is prohibited. The company can not use the converted buildings as its headquarters. If the residents violate the law, they lose their status and must pay a fine of 50,000 euros.

Why did the Greek government increase the cost of the residency by investment program in 2023 and 2024?

The increase in the minimum investment from 250,000 to 400,000 euros in 2023, and the subsequent rise in cost from September 2024, can be attributed to concerns about real estate prices. As the investor residents may not live in Greece, they usually rent their properties to short-term tourists, leading to a surge in house prices. This development has been observed in other countries with similar programs, such as Portugal. The increase in the cost is a measure to control this trend and ensure the sustainability of the Golden Visa program.

If you're considering becoming a permanent resident in Greece, you can find detailed information about the investment options here.

Remember, Discus Holding Ltd's experts have a proven track record of successfully supporting applicants for Greek residency, even before the Golden Visa Program started. You can embark on this journey with confidence, knowing that you're not alone in this process.

 

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