Golden Visa Program Changes in 2024

Since 5 April 2024, there have been some significant changes made to the Golden Visa program in Greece, which could affect potential investors and those that wish to pursue this type of permit. Please note that within this article, the changes made to the Golden Visa regime concerns the value of real estate investments.

According to the new law 5100/2024 (Government Gazette A’ 49/05-04-2024), the new minimum living requirement to qualify for the Golden Visa must be at least 120 square meters, whereas in the previous legislation related to the Golden Visa program, there was no requirement concerning the size of living areas. 

For individuals investing in real estate in the regions listed below, the minimum value requirement of the property must be EUR 800,000 and the investment must be made in a single property, including for undivided joint ownership purchases per individual. This means that multiple properties whose total value adds up to these amounts no longer qualify for the Golden Visa.

These regions include:

• Attica 
• Thessaloniki 
• South Aegean and islands with over 3.100 residents

In the remaining regions of Greece and islands with below 3.100 residents, the minimum value of the property must be equal to 400,000 EUR. The same requirements apply, concerning co-ownership per individual and investments made in a single property.

For Mykonos and Santorini, the minimum threshold is raised from 500k to 800k EUR. Furthermore, an additional thirty-two islands have been included in the same list with an 800k investment requirement. However, for these islands, the minimum threshold is directly raised from 250k to 800k EUR. These islands include:

• Crete
• Euboea (Evia)
• Rhodes
• Corfu
• Lesbos
• Chios
• Zakynthos (Zante)
• Salamis (Salamina)
• Kos
• Kefalonia
• Samos
• Lefkada
• Syros
• Naxos
• Kalymnos
• Lemnos
• Paros
• Thassos
• Aegina
• Tinos
• Ikaria
• Andros
• Leros
• Karpathos
• Skiathos
• Milos
• Skopelos
• Spetses
• Kythera
• Patmos
• Poros
• Alonissos

Exceptions to the new regulation: When acquisition value must be 250,000 euros

The only time where a value of 250,000 euros is accepted as a Golden Visa property investment, is when there has been a change of use for the purpose of creating residences.

For instance, these following cases apply:

1. In cases where there is a change of use of the property to residency, such as from a commercial residence to a residential one.
2. Where properties are listed and require restoration.
3. This investment must also be made in a single property, and the minimum value of co-ownership per individual must also be 250,000 EUR.
4. The change of use and investment must be completed before you apply for a permanent residence permit under the Golden Visa route.

Meanwhile, for historical or preserved buildings (or parts of a preserved building) that need restoration, the minimum acquisition value must equal EUR 250,000. The investment must also be made in a single property, with the same applies for co-ownership per individual.

Additional rules

1. No short-term rentals: Investors under the Golden Visa program may not use the property for short-term leasing arrangements or allow it to be used as a registered branch of a business entity. If these expectations to comply concerning these new regulations aren't met, then this may lead to the suspension of the residence permits under the Golden Visa program and a €50,000 fine.

These thresholds have been in force since 31 December 2024, and the transitional route has closed. That route let investors qualify under the previous, lower thresholds if they paid a 10% down payment on the purchase price or the total contractual rent before 31 August 2024 and completed the investment by the end of that year. Anyone applying now does so under the figures set out above.

Get a Straight Answer on Your Own Case

Every relocation turns on the details, and the wrong permit or tax status can cost you months. Before you file anything, book a free 15-minute discovery call and we will go through your situation and tell you plainly what you need, what it costs and how long it takes.

Written by Chloe Mason, founder of My Greek Expat Journey. Chloe has lived in seven countries and has personally guided 300+ people through Greek residency, tax, property and bureaucracy. More articles by Chloe.