What is Golden Visa?
The Golden Visa is a residency-by-investment program active in various EU countries that allows non-EU citizens to obtain residency rights through significant investments. In Greece and several other countries, one of the main forms of investment eligible for a Golden Visa is real estate.
For many years, China has been the largest source of applicants for Golden Visa programs, followed by individuals from other countries seeking a "Plan B" for various reasons. Factors driving these individuals to invest substantial amounts through such programs often include political instability, economic uncertainty in their home countries, and a desire for a more stable living environment, better weather, or improved educational and healthcare opportunities for themselves and their families. The exchange of these benefits for a significant financial investment in a country like Greece appears to be mutually advantageous. However, this perspective has changed over time, and several Golden Visa programs have come under scrutiny.
In particular, the real estate investment category is currently being reassessed in multiple countries. Some nations are modifying their criteria or even proposing the exclusion of real estate investments from the Golden Visa program, as these investments have significantly influenced local housing markets. This has often resulted in difficulties for the local population to secure affordable housing in line with their salaries and the economic realities of their countries.
Moreover, the Golden Visa and Golden Passport schemes are subject to review across various countries, with the European Commission urging member states to ensure security, transparency, and alignment with EU values.
Current Status of Golden Visa in Greece
The Golden Visa program in Greece has been operational for a decade, and over this period, the investment thresholds have undergone several modifications. The most recent adjustment to the investment amounts and conditions was published in the Government Gazette in April 2024 (Government Gazette 49, Issue A / 5.4.2024). As a result, the minimum investment amounts required for foreign investors interested in obtaining a 5-year residence permit (Golden Visa) have increased, and the membership criteria and requirements for this program have also become more stringent.
Minimum Investment Amounts for Golden Visa
Following the enactment of the new law 5100/2024, which includes provisions for residency permits through investments in Article 64, the new investment thresholds are categorized into three zones as follows:
a) €800,000 – Applicable for the Region of Attica, the Regional Unit of Thessaloniki in Central Macedonia, the Regional Units of Mykonos and Thira in the South Aegean Region, and for islands with a population of more than 3,100 inhabitants, according to the last census.
b) €400,000 – Applicable for other regions of the country.
c) €250,000 – Applicable for the entire country, but only for real estate that:
(i) Is converted for primary use as a residence, which includes properties like shops and offices as well as industrial buildings or parts of such buildings, provided that no industry has been operational for at least five years.
(ii) Consists of a listed building or part of a listed building that is to be restored or reconstructed, or contains a listed building.
This updated framework aims to regulate and balance the impact of foreign investments on local housing markets while still attracting overseas interest in Greece.
Part D
Other Urgent Provisions
Article 64
Residence Permit Related to Investments in Real Estate – Replacement of Article 100 and Paragraph 49 of Article 176 of Law 5038/2023
“Article 100 Investments in Real Estate (permanent residence permit for investors) (residence permit 'Type B.5')
1. By decision of the Secretary of Decentralized Administration, a residence permit for five (5) years, renewable, is granted to a third-country citizen who:
a) Has legally entered the country with any visa or legally resides in the country, even if the residence permit they hold does not allow for a change of purpose.
b) Holds real estate in Greece, in full ownership and possession. In cases of undivided co-ownership, a residence right is granted only if the co-owners are spouses or partners who have entered into a civil partnership. Otherwise, a residence right is granted only if each co-owner's share is valued at least equal to that specified in paragraph 2.
c) Owns real estate in Greece, in full ownership and possession, with a purchase value at least equal to that specified in paragraph 2, through a legal entity based in Greece or another EU member state, of which they hold all shares or corporate shares.
d) Has entered into a long-term contract for a composite tourist accommodation according to paragraph 2 of Article 8 of Law 4002/2011 (A’ 180) or a timeshare agreement for tourist accommodation under Law 1652/1986 (A’ 167), valued at least equal to that specified in paragraph 2.
e) Is an adult and has acquired, by succession or inheritance under a will or due to a parental grant, real estate with an objective value of at least that specified in paragraph 2.
2. a) For the Region of Attica, the Regional Unit of Thessaloniki in the Region of Central Macedonia, the Regional Units of Mykonos and Thira in the Region of South Aegean, and for islands with a population exceeding three thousand one hundred (3,100) inhabitants according to the last census, the minimum acquisition value of the real estate at the time of purchase, as well as the total contractual rent of the contracts in subparagraph d) of paragraph 1, is set at eight hundred thousand (800,000) euros. If the investment is made through the purchase of real estate in the areas mentioned above, it must be in a single property. Specifically, if it is a built property or property for which a building permit has been issued, a minimum area of one hundred and twenty (120) square meters of main premises is required. In the case of investing through the purchase of an undivided co-ownership share, the minimum value of that share is set at eight hundred thousand (800,000) euros, adhering to the terms of the previous sentences.
b) For the remaining areas of the country, the minimum acquisition value of the real estate at the time of purchase, as well as the total contractual rent of the contracts in subparagraph d) of paragraph 1, is set at four hundred thousand (400,000) euros. If the investment is made through the purchase of real estate in these areas, it must be in a single property. Specifically, if it is a built property or for which a building permit has been issued, a minimum area of one hundred and twenty (120) square meters of main premises is required. In the case of investing through the purchase of an undivided co-ownership share, the minimum value of that share is set at four hundred thousand (400,000) euros, adhering to the terms of the previous sentences.
c) Specifically, in cases of investment through the purchase of real estate where the main use is converted to residence, the minimum acquisition value is set at two hundred and fifty thousand (250,000) euros. The terms of the first sentence also apply to investments in real estate consisting of industrial buildings or parts of an industrial building or within which an industrial building is located, only if no industry has been operational for at least five (5) years. The investment mentioned in the previous sentences must be made in a single property, and the change of use must be completed before the submission of the application for granting the investor’s permanent residence permit. In the cases of the previous sentences, the change can also be carried out
