Greek Golden Visa: Current Changes and Benefits for Investors
We are pleased to present updated information about the program for obtaining permanent residency through real estate investments in Greece (the so-called "Golden Visa"). The information is provided by our trusted partners — one of the leading construction companies in Greece.Vitruvius Development and Investment.
With the adoption of the new Law 5100/2024, significant changes have occurred in Greece.Golden Visa programthat investors should consider when planning their actions:
1. Minimum required investment amount
The regions of Attica, Thessaloniki, Mykonos, Santorini, and islands with a population of over 3,100 residents.In these key areas, the minimum investment cost for real estate is now800,000 euros.In addition, the area of the property must be at least 120 square meters.
The other regions of GreeceFor the rest of the country, the minimum property price is 400,000 euros, making investments more accessible in less populated areas.
Special conditionsIn the case of investments in industrial buildings that are planned to be converted into residential properties, the minimum cost is 250,000 euros. The same applies to the purchase and restoration of historical sites, such as architectural monuments. It is important to remember that the investor is required to complete the restoration of the property before reselling it; otherwise, they will face serious penalties, including a fine of 150,000 euros and the cancellation of their residence permit.
2.
Real estate acquired under the Golden Visa program cannot be rented out for short-term leases through platforms like Airbnb or subleased. Additionally, properties converted into primary residences cannot be used as headquarters or branches of a company. Failure to comply with these requirements will result in a fine of 50,000 euros for property owners or owners.
3. Transitional provisions for investors
For those planning to complete the transaction by August 31, 2024, transitional conditions are provided:
In the Northern, Central, and Southern sectors of Athens and in the Vari – Voula – Vouliagmeni region of Attica, as well as Thessaloniki, Mykonos, and Santorini.:If the buyer pays a 10% deposit of the property's value and signs a preliminary contract by the specified deadline, they have the right to purchase the property at a discounted price starting from 500,000 euros. This measure is aimed at encouraging investments in the most sought-after regions of Greece.
The other regionsThe minimum cost of real estate for such investments will be 250,000 euros, making purchases affordable in these regions.
In the above-mentioned specific cases, it mustThe final notarial sales contract must be concluded and signed by December 31, 2024.
- However, if the purchase of real estate and the signing of the final contract are not completed by December 31, 2024,The investor has the right to complete their investment by purchasing another property.but no later than April 30, 2025.
Advantages of the Greek Golden Visa
The Golden Visa program in Greece offers investors significant advantages:
- The program is available for Russians with dual citizenship..
- Quick processingThe process of obtaining a residence permit takes from 3 to 6 months, which allows for quick implementation of plans for relocation or investment.
- Full range of servicesOur partners will offer you turnkey solutions — from choosing real estate to obtaining a residency card.
- High yieldThe income from real estate rental can reach 5% per year, making investments even more attractive.
- Competitive conditionsThe Greek program has one of the lowest investment thresholds in Europe, which attracts the attention of many international investors.
- Wide opportunitiesA residence permit in Greece allows you to move freely throughout the Schengen Area, which includes 29 countries.
- Residence permit for the whole familyThe program applies to the spouse, children under 21 years old, as well as the parents of the main applicant and their spouse.
- Does not require permanent residence in GreeceUnlike some other programs, there is no mandatory requirement to reside in the country permanently.
- Long-term residenceThe residence permit is issued for 5 years with the possibility of extension, provided that the investments are maintained.
- The right to citizenshipInvestors can apply for citizenship after 7 years of residency, which grants access to all the privileges of EU citizens, including visa-free travel to over 180 countries worldwide.
- Safety and comfortGreece offers a high standard of living at a relatively low cost, making it an attractive place for permanent residence.
- Promising resaleIn 5 years, the investor has the opportunity to resell the property at a higher price, and the capital gains are exempt from taxation.
- Provides the owner with the status of a tax residentWhen investing from 500,000 euros and above, the "Golden Visa Greece" program exempts investors from paying taxes on their worldwide income if they spend less than 183 days a year in Greece.
Our partners fromVitruvius Development and InvestmentWe are ready to provide you with complete information on the current programs and offer the most favorable conditions for participating in the Golden Visa, especially regarding the minimum investment threshold that is currently in effect.by the end of August 2024This is a great opportunity to obtain residency with a minimum investment of 250,000 euros.
Contact the companyVitruvius Development and Investmentright nowFor detailed consultation and to start the investment process: 0030 693 23 955 47 (WhatsApp).
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