The newly enacted Greek “Golden Visa” Law 5038/2023, known as the “Permanent Residence Permit for Investors,” grants permanent residence to non-EU citizens and their family members who invest in property in Greece. Here are the specifics of the program:
Investment Requirements
High-Demand Areas: In the Attica Region, the Regional Units of Thessaloniki, Mykonos, and Santorini, and on islands with populations exceeding 3,100 inhabitants, the required investment in real estate is 800,000 euros.
Other Areas: In other parts of Greece, the minimum real estate investment is 400,000 euros.
The investment concerns only one property and a minimum area of 120 sq.m has been set. Buying a proportional share of a property is allowed if the share’s value meets the minimum investment thresholds of 800,000 or 400,000 euros, respectively.
Exceptions to Investment Rules
Conversion to Residential Use: If a property is converted from commercial (e.g., industrial) to residential use, the minimum investment requirement drops to 250,000 euros, regardless of the property’s location or size. This conversion should be complete before the application for the Golden Visa is submitted.
Restoration of Preservation Buildings: For properties located within buildings of historical significance that are under preservation, the minimum investment requirement is also set at 250,000 euros. The investor must undertake full restoration or reconstruction, and this must be completed for the initial renewal of the Golden Visa after five years.
Property Use Restrictions apply
Investors can lease out the properties they acquire, but short-term leases are prohibited. Properties converted to residences cannot be used as business headquarters or branches. Violation of these terms can lead to revocation of the residence permit and a fine of 50,000 euros.
Greek Golden Visa Program: Key Information
Transitional Period
Potential investors still have the opportunity to apply under the previous minimum investment threshold of 250,000 euros. To qualify, they must make a 10% deposit by August 31, 2024, and complete their property purchase by December 31, 2024. If the transaction is not finalized by the deadline, investors may still fulfill their investment in a different property by April 30, 2025.
The remaining provisions of the Golden Visa law remain unchanged.
Golden Visa Residence Permit Duration
The Golden Visa offers renewable residence permits every five years indefinitely, provided the main applicant retains full ownership of the real estate property. Extended periods of absence from Greece do not affect the validity of the permit.
Family
The main applicant can extend the benefits of the Golden Visa to their family members. These family members receive their own residence permits, which are synchronized with the main applicant’s permit for renewals and expirations.
Eligible family members include the spouse, children up to 21 years old, and the parents of both the applicant and the spouse. Children under 21 can obtain the Golden Visa alongside their parents. Upon reaching 21, they can apply for an independent three-year residence permit, which can be renewed every three years.
Benefits
Holders of the Golden Visa and their family members gain access to Greece’s healthcare system and public education, enjoying equal rights with Greek citizens. Additionally, with the residence permit, beneficiaries can travel freely across the Schengen Zone. However, this permit does not grant the right to work in Greece.
A Golden Visa enhances your visa-free travel options within the Schengen Area, providing greater mobility and convenience.
Legal Support
Our Law Office offers comprehensive legal assistance to non-EU investors seeking to obtain a Greek (EU) Residence Permit through real estate investment. We provide expert guidance and support throughout the entire application process.
