Golden Visa

Specifically, as stated in Article 64,
2. a) For the Attica Region, the Thessaloniki Regional Unit of the Central Macedonia Region, the Mykonos and Santorini Regional Units of the South Aegean Region, and for islands with a population of over 3,100 inhabitants according to the latest census, the minimum property acquisition value at the time of purchase, as well as the total contractual rent in the case of long-term lease or timeshare lease agreements for tourist accommodation, is set at €800,000. Additionally, it is specified that in the case of an investment through real estate purchase in the aforementioned areas, it must be made in a single property, and if the property is built or for which a building permit has been issued, the minimum required area of the main spaces must be 120 square meters.

b) For the remaining areas of the country, the minimum property acquisition value at the time of purchase, as well as the total contractual rent in the case of long-term lease or timeshare lease agreements for tourist accommodation, is set at €400,000. Similarly, it is specified that in the case of an investment through real estate purchase, it must be made in a single property, and if the property is built or for which a building permit has been issued, the minimum required area of the main spaces must be 120 square meters.

Thus, the new requirements are as follows:

• Investment amount of €800,000 or more in Athens, Thessaloniki, Mykonos, Santorini, and islands with a population of more than 3,100 inhabitants.
• For the rest of Greece, the investment amount is €400,000 or more.
• Investment in only one (1) property.
• Minimum area of the main spaces: 120 m².

Two (2) specific exceptions are outlined in paragraphs c and d:

c) In the case of an investment through the purchase of real estate and if the main spaces are converted into a residence, the minimum acquisition value at the time of purchase is set at €250,000. The terms of the first sentence also apply in cases where the investment involves purchasing a property consisting of an industrial building or a part of an industrial building or a building in which an industrial building is located, exclusively provided that for at least the last five (5) years, the property has not been used for industrial purposes.

The investment in the above cases must be made in a single property, and the change of use must be completed before the application for the issuance of the permanent residence permit for the investor is submitted.

d) In the case of an investment through the purchase of real estate that consists of a listed building or part of a listed building, or in which a listed building is located, and the property is to be restored or renovated, the minimum acquisition value at the time of purchase is set at €250,000. The investment in this case must also be made in a single property.

Therefore, based on paragraphs c and d, the minimum investment amount remains €250,000 in the following cases:

• Property where a change of use to a residence is permitted.
• Property that is an industrial building or part of an industrial building, provided that it has not been used as such in the last five (5) years.
• Listed building or part of a listed building to be restored or renovated, provided that the restoration or renovation is completed.
• This exception applies throughout the entire territory of Greece.

Clearly, the above amendments reflect the government's intention to limit investments in real estate through the Golden Visa program from third-country nationals to properties with higher budgets and larger areas, thereby providing more opportunities for domestic buyers to choose from a broader and more affordable range of properties. This is also part of an effort to reduce property prices to lower levels.