Greece Golden Visa is one of the most preferred options for European residency by investment programs. As the time for international mobility and investment opportunities abroad are plan B options for many investors, Greece Golden Visa stands as one of the favorite ones with high demand. As of early 2024, some revisions were made to the program by the Greek Government.
Greek Minister of Finance announced some changes regarding the Golden Visa Program. He introduced the dual-zone system for real estate transactions. The new rule is effective starting from September 1, 2024. It creates two different investment tiers depending on geographic zones and having an immediate effect on the minimum investment requirements for applicants:
Tier 1 – 800,000 EUR: This is a real estate investment in the areas of Attica, Thessaloniki, Mykonos, Santorini, and the islands, which have a population of more than 3,100.
Tier 2 – 400,000 EUR: This tier covers all other regions of Greece and establishes a more attainable entry point of 400,000 EUR. The main goal here is to encourage investment in a wider range of areas. So eventually, this could broaden the program’s economic advantages.
The requirement for both tiers: Investment is to be made in a single property of at least 120 square meters.
If some have submitted an application for Greece Golden Visa before September 1, 2024, their case is under review and those applications will not be impacted by the new changes to the Greek Golden Visa program.
Furthermore, the program adjustments do not have retroactive effects. The investments made under the previous regulations will proceed as planned. Therefore, the efforts of the previous applicants and their financial commitments will be secured as they have already embarked on the Greek Golden Visa process.
The €250,000 option remains available for converting commercial properties into residential use or restoring listed buildings. This option provides a more accessible entry point into the Greece Golden Visa program. Properties undergoing conversion from commercial to residential purposes, or those involved in the restoration of listed buildings, present unique opportunities at the preserved threshold of €250,000.
