Greece's New Golden Visa Programme Update [Sept 2024]

Impact on the Economy

The inclusion of start-up investments aims to foster innovation and attract tech-savvy foreign investors, contributing to the local economy and positioning Greece as a hub for entrepreneurial activities.

Key Updates to the Greek Golden Visa Program

Eligibility for Start-Up Investors: A minimum investment of €250,000 in Greek start-ups grants a five-year residence permit.

Tiered Investment Requirements: €800,000 and €400,000 Minimums

The new framework establishes two distinct investment thresholds determined by the property’s geographic area:

Investment Thresholds:

• • €800,000: This elevated minimum applies to premium locations such as the entirety of Attica (including the capital city of Athens), Thessaloniki, and the well-known islands of Mykonos and Santorini, along with 32 additional islands, which encompass: Crete, Euboea (Evia), Rhodes, Corfu, Lesbos, Chios, Zante (Zakynthos), Salamis (Salamina), 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.
  • €400,000:For properties situated outside these premium zones, the minimum required investment is now set at €400,000.

Investment Criteria

• Single Property Requirement: Investors are obligated to invest in a single property that must be at least 120 square meters (approximately 1,292 square feet) in size.
• Usage Restrictions: Properties acquired under the Golden Visa cannot be utilized for short-term rental purposes, including platforms such as Airbnb. Non-compliance with this guideline could result in the revocation of the residency permit and a penalty of €50,000.

Exceptions:

Despite the revised financial thresholds, certain investment categories still allow for the previous minimum of €250,000:

• Conversion from Commercial to Residential Use: If a property is transitioned from commercial to residential status, the €250,000 minimum investment applies, regardless of the property’s location.
• Restoration of Listed Structures: Properties designated as listed buildings that are fully restored by the investor are also eligible for the €250,000 requirement. However, successful completion of the restoration is necessary for the renewal of the Golden Visa after five years.

Transitional Provisions

There is now a transitional phase available for individuals who initiated their investment process under earlier regulations:

Investors who executed a pre-contract and paid a 10% deposit by August 31, 2024, may still be eligible to maintain the €250,000 threshold, provided that they finalize their purchase by December 31, 2024.

If the initial acquisition does not occur by the end of 2024, investors have the option to shift their investment to a different property, contingent on completing the purchase by April 30, 2025.

Compliance Requirements:

• Properties cannot be used for short-term rentals.
• Investments must adhere to all regulations to maintain visa status.

Benefits of the Greece Golden Visa:

• Access to the Schengen Zone.
• No minimum stay requirements in Greece.
• Option to apply for citizenship after seven years.

Conclusion

This updated programme provides a flexible yet structured pathway to residency for global investors, with increased investment thresholds reflecting market demand.

Fast-Track Your Citizenship and Residency Goals

Are you considering the Greece Golden Visa Programme for 2024? At Fast Passport, we offer expert guidance to help you navigate the complexities of obtaining residency investment. Our experienced team of golden visa and global mobility experts in Toronto specializes in fast-tracking your path to citizenship and securing the best investment options tailored to your needs.

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• Personalized Consultations: Tailored advice on investment strategies and visa requirements.
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• Expertise in Golden Visa Programs: Extensive experience in various investment-based citizenship programs.

Visit Greece Golden Visa Page to learn more, or contact us today to start your journey toward a brighter future in Greece. Secure your residency and enjoy the benefits of a globally connected lifestyle!