So, until September 30, 2024, you can choose a property from our catalogue, including one for €250,000 in the suburbs of Athens. Pay at least 10% of the amount under the contract, and then apply for Greece Golden Visa before the end of this year.
What other changes are at the final stage of approval by the Greek Parliamentarians?
– Min. investment in real estate under a residence permit after the end of the grace period (until 30.09.24) will amount to €800,000 in the administrative region of Attica (all of Athens, including the suburbs, Piraeus), Thessaloniki, Mykonos and Santorini, as well as on islands with a population of less than 3,100 inhabitants.
– €400,000 for other regions of Greece.
– €250,000. Objects of historical or cultural significance under reconstruction and commercial real estate transferred to residential status (at the time of filing the application for a residence permit, the status must already be changed). It is not yet clear how local developers will comply with such conditions in order to offer such real estate to investors.
Please note that the above amounts can only be used to purchase one property, and not a “package” of several apartments.
Plus, the draft law contains an amendment on the size of the square meters of real estate for a Greece Golden Visa. Suggested minimum footage from 120 m2. This point has caused a lot of controversy, we can only wait for the final decision.
Real estate purchased under a Greek residence permit will not be available for short-term rental (no AirBnB, etc.). That is how Government wants to expand the number of offers for long-term rentals on the local market. Violation will result in the revocation of the residence permit (yes, this is possible) and a fine of €50,000. It is not yet known whether such restrictions will apply to investors who have already received a Greece Golden Visa or submitted an application before the new requirements came into force.
At the same time, parliamentarians have a proposal to reduce the tax burden on this property: for example, exemption from the single property tax, and a reduced tax rate on rental income.
The influence of foreign investors on the Greek economy
The Greece Golden Visa program has provided the Mediterranean country with more than €4.3 billion in capital inflows from 2021 to 2023. This is the most popular investment residence permit program aka Golden Visa in Europe. Moreover, the Greece Golden Visa is issued for 5 years, in contrast to a similar program in Spain, where the status will need to be confirmed and extended after 1 year. And Portugal completely abandoned such an option as real estate in its program.
