New rules for obtaining a Golden Visa in Greece: what you need to know

As of September 1, 2024, new rules for obtaining a “golden visa” in Greece have come into force, significantly changing the conditions for foreign investors who want to obtain a residence permit through real estate investment.

These changes affect both the minimum investment amounts and the types of properties that can be purchased.

1. Minimum Investment Amount: The minimum investment amount in real estate for the Golden Visa is now €800,000. This applies to the most popular cities and regions, such as Attica, Thessaloniki and islands with a population of over 3,100. In less popular regions of Greece, such as some islands or remote areas, the threshold is €400,000.

2. Property Types: An important change is the restriction on the types of properties that can be purchased to obtain the visa. Investors can now only buy one property, which must be at least 120 square meters in size. This means that studios or small houses are no longer eligible for the program.

3. Exceptions for renovation: For investors who are interested in purchasing a property for renovation or converting an industrial property into a residential one, the investment threshold remains at €250,000. This creates additional opportunities for those who want to invest in the restoration or modernization of properties.

4. Old conditions for early investors: Investors who have contributed 10% of the investment amount by August 31, 2024, can apply for a residence permit under the old conditions. The transaction must be completed by the end of this year, which allows some investors to take advantage of more favorable conditions.

It is recommended to schedule a one-on-one meeting with Mercury Group experts who will help you understand the new rules and choose the best option in accordance with your goals and objectives. Professional advice can significantly simplify the process and reduce the risks associated with investing in foreign real estate.

Changes in the rules for obtaining a "golden visa" in Greece open up new opportunities for investors, but require a more careful approach to choosing properties. Given the new conditions, it is important to be informed and seek help from professionals to make the process of buying real estate as comfortable and profitable as possible.