Greece’s Golden Visa program has long been a gateway for non-EU investors seeking residency through real estate investment. With the enactment of Law 5100/2024, significant changes have been introduced, effective from August 31, 2024, altering investment thresholds and property usage regulations. This article provides a comprehensive overview of the updated Golden Visa Greece 2025 requirements.
What Is the Greek Golden Visa?
The Greek Golden Visa offers residency to non-EU nationals who invest in real estate. It provides visa-free travel in the Schengen Zone, a five-year renewable residence permit, and includes family members. It’s one of the most flexible and cost-effective programs in Europe.
New Investment Thresholds
Under the new legislation, investment amounts vary based on the property’s location:
- €400,000: Applicable to properties in other regions of Greece.
- €800,000: Applicable to properties in high-demand areas, including:
- Region of Attica
- Thessaloniki
- Mykonos
- Santorini
- Islands with populations exceeding 3,100 residents
In both cases, the investment must be directed toward a single property with a minimum area of 120 square meters.
Exceptions at €250,000 Investment
An investment of €250,000 is permissible under specific conditions:
- Property Conversion: Investing in properties originally intended for industrial or non-residential use that are converted into residences.
- Restoration Projects: Investing in properties requiring restoration or reconstruction, provided the change of use is completed before applying for the residence permit.
These investments must also be in a single property.
Restrictions on Property Usage
The updated law imposes strict regulations on how the investment property can be used:
- Prohibited Uses:
- Short-term rentals (e.g., Airbnb)
- Subletting
- Use as the headquarters or branch of a business
Non-compliance can lead to the revocation of the residence permit and fines up to €150,000.
Conclusion
The amendments to Greece’s Golden Visa program reflect the government’s efforts to regulate real estate investments and ensure sustainable development. Prospective investors should carefully consider these new requirements and consult with legal experts to navigate the updated landscape effectively.