The new Greek Golden Visa Law – updated April 2024

---

Two years ago, the Greek state proceeded with a change in the law regarding the Greek golden visa, increasing the minimum investment amount -in specific areas- from 250,000€ to 500,000€. This change was implemented to curb the purchasing interest for the golden visa in areas where the demand for properties from foreign investors drove the prices up.

The government’s rationale was that increasing the minimum investment amount would reduce interest from foreign investors in these areas, leading to decreased demand and, consequently, lower prices. Contrary to expectations, this did not materialize. Instead, prices surged dramatically in the regions where the golden visa remained at €250,000.

This year, the government is introducing new revisions to the legislation concerning the Greek golden visa. However, these changes are radical, essentially overhauling the product entirely.

According to the new legislation, which was voted in the Greek parliament on April 3, 2024, the €250,000 investment is abolished, and two new levels of minimum investments, €400,000 and €800,000, are created.

Specifically:

• In the broader area of Athens, Thessaloniki, Mykonos, Santorini, and all islands with a population of over 3,100 inhabitants, the minimum investment for granting the golden visa is set at €800,000
• In the rest of Greece, the minimum investment for granting the golden visa is set at €400,000
• Under both scenarios outlined in the new legislation, the minimum net property size requirement of the interior space is set at 120 square meters.

For those interested in taking advantage of the current provisions and acquiring a golden visa with a minimum investment of €250,000, a transitional period is offered.

Under this condition, the investor needs to commit to a property and make a 10% down payment by August 31, 2024, with the transaction to be finalized by the end of the same year.

Our company has a limited number of properties available. If you are interested in becoming a resident with the current 250K minimum investment scheme, do not waste time. As we approach the deadlines, property prices will rise, and quality will decline. Click below and chat with our team on whatsapp.