The Greece Golden Visa is one of the most popular residency-by-investment programs in Europe, offering investors the chance to live and work in Greece. Recent changes to the program, set to take effect from September 1, 2024, are reshaping the investment landscape. With increased minimum investment thresholds and updated property requirements, these changes are driving a surge in interest, particularly in converting commercial properties into residential units.
Until recently, the Greece Golden Visa program was celebrated for its affordability, with a minimum investment requirement of €250,000, making it one of the most accessible options for residency in Europe. This low entry point applied to most regions, including popular islands such as Crete, Corfu, and Rhodes, and attracted a large number of foreign investors looking for a straightforward path to Greek residency. However, as the demand surged, particularly in urban and tourist-heavy locations, the government raised the minimum investment threshold to €500,000 in 2023 for areas like Athens, Thessaloniki, Mykonos, and Santorini. This adjustment aimed to manage the rapid property price increases driven by the influx of investors. Now, with the latest changes effective from September 2024, the minimum investment has been further raised reflecting a significant shift in Greece’s approach to foreign investment and the Golden Visa landscape.
Greece Golden Visa Changes:
What’s New in 2024
1. Increased Minimum Investment Amounts:
– €800,000 Minimum Investment: Required for high-demand areas such as Athens, Thessaloniki, Mykonos, and Santorini, with a population exceeding 3,100 inhabitants. This change responds to the increasing demand and exclusivity of these prime locations. Investors targeting “golden visa Greece” will need to meet this new threshold.
– €400,000 Minimum Investment: Applies to properties in other regions of Greece, offering a more accessible entry point for those seeking to invest in less urban areas.
2. Property Requirements:
To qualify for the Golden Visa, properties must now be at least 120 square meters in size and include long-term lease arrangements. This update aims to promote sustainable and impactful investments across the Greek real estate market.
3. €250,000 Investment for Commercial Conversions:
For commercial properties being converted into residential units, a lower threshold of €250,000 still applies. This option is especially attractive to those looking to capitalize on smaller or renovation-focused investments.
Key Investment Projects Under the €250,000 Rule
Several current projects fall under the new €250,000 threshold, making them appealing options for long-term rental investments, especially for students and employees:
Option 1: Moschato, Athens
This project involves the renovation of a commercial building into residential units in Moschato, a popular area in Athens. Ideal for students and long-term employees, this property fits perfectly within the revised Golden Visa guidelines.
Option 2: Peristeri I, Peristeri
Located in Peristeri, this project converts commercial property into modern residential spaces, appealing to a growing rental market. It’s a great choice for investors targeting Greece residency by investment.
Option 3: Peristeri II, Peristeri
This conversion in Peristeri offers strategic investment in high-demand residential areas, perfect for professionals and students seeking quality housing.
How to Get a Golden Visa for Greece?
The process of obtaining a Golden Visa for Greece involves selecting a qualifying property, preparing the required documents, and submitting your application. Once approved, you receive a residency permit, granting you and your family members the right to live, work, and travel freely within Greece and the Schengen area.
How Much is the Greece Golden Visa in 2024?
Here’s a breakdown of the new costs:
– €800,000 for properties in high-demand areas like Athens and Mykonos.
– €400,000 for properties outside these premium zones.
– €250,000 specifically for commercial properties converted into residential spaces, which remains one of the most accessible Greek residency by investment routes.
Is the Greece Golden Visa Worth It?
Despite the new regulations, the Greece Golden Visa remains highly valuable due to its strategic benefits, including:
- Prime Locations: Investing in sought-after areas like Athens and Thessaloniki provides excellent returns due to consistent demand.
- Flexibility: The €250,000 threshold for commercial conversions allows more affordable access to the market, ideal for those seeking European residency.
- Pathway to Citizenship: Investors can eventually qualify for Greek citizenship, adding long-term value to their investment.
The Greece Golden Visa program’s new rules are transforming how investors engage with the Greek market. By focusing on substantial and sustainable investments, the updated guidelines continue to attract global investors while balancing the needs of the local housing market. Whether you aim to invest in prime urban areas or explore commercial conversions, the Greece Golden Visa remains a top choice for those seeking European residency.
As you navigate the evolving landscape of Greece’s Golden Visa program, partnering with a trusted advisor is crucial. NTL Trust has been a leader in the investment migration industry for over 30 years, helping thousands of clients secure their residency and citizenship goals worldwide. Our extensive experience and deep understanding of the Greek market ensure that we can guide you through every step of the process, from selecting the right investment to completing your application with confidence. Whether you are looking to invest in prime real estate or explore the unique opportunities in commercial property conversions, NTL Trust is here to provide personalized support and expert advice. Contact us today to discuss how we can help you achieve your residency goals with ease and reliability.
