Settle in Greece – Last Chance in 2024

The Greek Golden Visa is a residency by investment program that allows non-EU citizens to obtain residency in Greece by investing in real estate or other assets in Greece.

It is one of the most preferred options for residency in Europe through investment programs. Since the benefits of international travel and the opportunity to invest abroad are plan B options for many investors, the Greek Golden Visa is one of the most sought-after visas in high demand.

As of early 2024, the Greek government has made several modifications to the program. It represents a potential change for potential investors. The €250,000 investment threshold is only valid until August 31, 2024. After this date, the investment requirements will increase to €400,000 and €800,000, depending on the region.

Secure a residence permit on more favorable terms by paying 10% of the property value by August 31 and completing the transaction by December 31, 2024.

Settle in Greece – Last Chance in 2024

Until August 31, 2024, investors can purchase property worth €250,000 or more and are eligible to apply under the applicable regulations if they:

• Sign a preliminary purchase and sale contract and deposit 10% of the real estate value before August 31, 2024.
• Complete the transaction and transfer the remaining balance before 31/12/2024.

If investors make a deposit but do not complete the transaction before the end of 2024, they can buy another property at the same price. In this case, the entire investment amount must be deposited before April 30, 2025.

After August 31, 2024, the minimum investment will be:

• €800,000 in Attica and Thessaloniki, on Mykonos, Santorini and islands with more than 3,100 inhabitants;
• €400,000 in all other regions.

The €250,000 threshold will be retained as an exception for properties purchased for renovation or conversion into residential space.

The real estate area for purchases worth €400,000 or €800,000 must be at least 120 square meters.

These changes are specified in Law No. 5038/2023 and Article 64 of Law No. 5100/2024. The new regulations will demonstrate the government’s intention in addressing the demand for the Golden Visa Program in Greece and the growing environment of the Greek real estate market.

• Conversion and restoration initiatives: Properties that are in the process of transitioning from commercial to residential use or those that involve the restoration of listed buildings, offer unique opportunities at the conservation threshold of 250,000 euros as of August 31, 2024.
• Geographical Diversity: The two-tier investment threshold encourages the exploration of properties located outside of high-demand areas. This threshold has the potential to highlight areas of Greece that offer significant cultural and economic value.

Benefits of the Greek Golden Visa

Visa-free travel to Schengen countries

Greek residents can spend up to 90 days out of 180 days in any Schengen country without a visa.

The Path to Greek Residency for the Whole Family

Golden Visa applicants are not required to take a test on the Greek language, history, or culture.

Residence permits are issued to the investor’s family, including spouse or registered partner, children and parents.

Invest in real estate for passive income and refundable investments

Investors can lease their assets under long-term leases. The average profit of Greek real estate is 3-5% per year.

Maintaining ownership of the investment is mandatory when renewing a residence permit. Real estate can be sold after the residence permit expires or upon citizenship, which can be done after 7 years.

Moving to Greece and having a “safe haven”

A residence permit allows the holder to visit Greece at any time, even if the border is closed to tourists.

Visiting Greece is a right, not an obligation; Residence permit renewal only requires maintaining the investment. However, to be eligible for Greek citizenship, investors need to spend at least 183 days per year in the country

EU citizenship after 7 years

The Golden Visa is valid for 5 years. Foreign nationals can obtain citizenship in Greece if they have been in the country for at least 183 days per year for 7 years. Applicants must prove that they have no criminal record or have been deported and pass a written test on Greek language, culture, history, geography.

Greece allows its citizens to own multiple passports. There is no need to renounce a previous passport unless required by the country of first citizenship.

Tax Optimization

If the foreign investor becomes a tax resident of Greece, they can enjoy the benefits. Investors pay a flat tax on their global income – €100,000 per year. The investor’s relatives can also take advantage of the benefits and pay €20,000 per year.

If not exempted, the global income tax is levied on a progressive scale of up to 45%.

Access to quality health care and education

Greek residents can receive medical treatment or education in the country. In addition, they can use the right to visit other Schengen countries without a visa to take short-term courses or visit clinics.