From September 1st, 2024, the Greek Golden Visa program (aka Greece Golden Visa) accepts applications from investors under new conditions. In fact, the changes affect only the option to purchase real estate. The amount increased to €800,000 in such popular locations as Attica (Athens), Thessaloniki, Mykonos, Santorini, sparsely populated islands where more than 3,100 people live. And in all other locations up to €400,000. In any case, investments must now be made in one property (not several properties of lesser value) with an area of at least 120 sq. meters.
However, this will not prevent candidates for a Greek residence permit who want to purchase a premium second home by the sea. Since the cost of such real estate corresponds to the new investment requirements. APEX will help to choose options that will qualify investor’s wishes and meet the rules for obtaining Greece Golden Visa.
Greece Golden Visa for the purchase of real estate from €250,000
It is known that there are two exceptions in the Law, for which the investment threshold of €250,000 remains, regardless of location. The first option is the reconstruction and restoration of officially recognized architectural monuments. The option is very difficult to implement within a minimum budget. Moreover, to qualify for the program, such properties must be completely restored or reconstructed at the expense of the Greece Golden Visa applicant.
The second option for €250,000 offers investment in non-residential properties that are being converted into residential buildings. A transfer from one category to another must be made before submitting an application for a Greece Golden Visa. Note that it is prohibited to use such property as a company office. Developers in Greece knew about this in advance, which is why there are projects on the market, albeit in limited quantities, for the lowest investment threshold.
Here are some examples of such real estate projects converted from commercial to residential. Additional information can be requested from APEX.
Serviced apartments in Athens
Real estate under Greece Golden Visa requirements
Fully furnished studios with all necessary appliances for long or short stays. The reconstructed building will also include a cinema hall, a fitness area, workspaces, and a 24-hour reception will operate. High transport accessibility — Moshato metro station is 75 m from the building. The project is scheduled for completion in the 4th quarter of 2025. The average studio size is 23 m2. For example, you can buy two units on the ground floor with a total area of 51.18 m2 for a total cost of €275,000. In this case, the annual rental income will be €11,000 (4%).
Apartments in the southern suburbs of Athens, Ilioupoli
Real estate under Greece Golden Visa requirements
This area is located at an altitude of 150 meters above sea level, on the southwestern slope of Hymettus mountain. Just 6 kilometers south of Omonoia Square, the center of Athens. The redevelopment project is a six-story building with 34 one-bedroom apartments and one two-bedroom apartment. Commissioning of the facility is scheduled for the second quarter of 2026.
For example, for €270,000 investor may purchase an apartment on the second floor with an area of 50.5 m2 with a balcony of 5.4 m2, one bedroom and one bathroom. On the third floor there are apartments with sea views with starting prices from €279,000.
Apartments in Piraeus
Real estate under Greece Golden Visa requirements
An 11-storey residential building built in 2003 is undergoing a complete renovation in the center of the suburbs of Athens, only 600 meters from the sea, the same distance from Kastraki Park. The apartments offer views of the sea and the city; there is a private parking lot for residents (a parking space can be purchased for €15,000) and a garage. Commissioning of the facility is scheduled for 2025.
For example, there is an apartment on the ground floor with an area of 100.04 m2 (ground floor 46.73 m2 + mezzanine 53.31 m2) for €310,000.
Greece Golden Visa for investments in startups
On September 7, 2024, at the 88th International Exhibition in Thessaloniki, Greek Prime Minister Kyriakos Mitsotakis announced another investment option for obtaining the Greek Golden Visa. So, applicants will be able to invest €250,000 in Greek startups. Details will be known later, but it is already clear that the most popular option of the program has been and remains real estate.
