Key Changes to the GR Golden Visa Program

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Key Changes to the new Golden Visa law 5100/2024 (Effective 1/9/2024)

The Greek Parliament has approved significant amendments to the Greek Golden Visa program, outlined as follows:

Two Investment Zones: €800K / €400K

• Zone 1 (€800K minimum investment): Applies to the Region of Attica, Thessaloniki, Mykonos, Santorini, and islands with populations over 3,100. The minimum value of real estate required for acquisition is €800,000.
• Zone 2 (€400K minimum investment): Applies to all other regions of Greece, where the minimum property value is set at €400,000.Investments must be made in a single property with a minimum size of 120 square meters.
  

Increased Thresholds for Islands

• In Mykonos and Santorini, the minimum investment will increase from €500,000 to €800,000.
• 32 additional islands will now also require a minimum investment of €800,000 (previously €250,000).
  These islands include: Crete, Euboea (Evia), Rhodes, Corfu, Lesbos, Chios, Zakynthos, Salamis, Kos, Kefalonia, Samos, Lefkada, Syros, Naxos, Kalymnos, Lemnos, Paros, Thassos, Aegina, Tinos, Ikaria, Andros, Leros, Karpathos, Skiathos, Milos, Skopelos, Spetses, Kythera, Patmos, Poros, and Alonissos.

Exceptions

• Commercial to Residential Conversion: If a commercial property (e.g., industrial) is converted into a residential one, the minimum investment threshold remains €250,000, regardless of location or size. The conversion must be completed before applying for the Golden Visa.
• Restoration of Listed Buildings: For properties located in protected historic buildings, fully restored or reconstructed by the investor, the minimum investment is also €250,000. Full restoration is required for the first Golden Visa renewal after five years, and the property cannot be sold until restoration is complete. Non-compliance results in revocation of the visa and a €150,000 fine.

Use Restrictions – No Airbnb Rentals

• Properties under the Golden Visa program cannot be rented out for short-term leases (e.g., Airbnb), including subleases by third parties. It is still unclear whether this will apply retroactively to current Golden Visa holders.
• Properties converted from commercial to residential use cannot serve as a company’s registered office.
• Violation of these rules will result in the revocation of the residence permit and a fine of €50,000 for the property owner.These updates significantly reshape the Greek Golden Visa landscape, particularly in popular regions and island destinations.