The new conditions set for the Golden Visa described on Thursday the leadership of the Ministry of Finance.

As announced by the Minister of National Economy Kostis Hatzidakis from March 31, the acquisition limit changes Golden Visa for citizens of third countries.

In particular, the threshold for obtaining a Golden Visa is increased to 800,000 euros in the following areas:

  1. Region of Attica
  2. Regional Unit of Thessaloniki
  3. Mykonos Regional Unit
  4. Santorini Regional Unit and
  5. Islands with more than 3,100 permanent inhabitants

In the rest of the country, the value that the investor will have to pay for the acquisition of real estate under the Golden Visa amounts to to 400,000 euros (from the 250,000 euros that apply today).

Also, for buildings that currently have a different use and are converted into residences, the minimum investment amount is set at 250,000 euros. The conversion of use must be completed before submitting the request for the residence permit.

The limit is also set at 250,000 euros if it is an investment in a listed building which is to be restored.

At the same time, it is foreseen that investors will be able to rent out the properties they acquire, but they will not be able to dispose of them through digital platforms (eg Airbnb). In cases of conversion into a residence, their use as a company headquarters or branch is also prohibited. In cases of violations, the residence permit will be revoked and a fine of 50,000 euros will be imposed.

In any case, the investment should concern a property of at least 120 sq.m. and no more properties of lesser value.

It is noted that residence permits can be renewed for the same period of time (five years) as long as the real estate remains in the ownership of the investor. If it is an investment in a listed building, an additional condition for renewing the license is that the restoration of the building has been completed. If the investor sells the property then his residence permit is revoked and the buyer becomes entitled to obtain a residence permit.

Finally, in cases where there are preliminary agreements, the ministry has established a transitional period under the following conditions: Citizens of third countries who will pay the price or pay a 10% advance, or will sign a preliminary agreement or a private purchase agreement, proving the relevant credits until September 30, 2024 they can complete their investment until December 31, 2024 with the conditions that applied until now. In these cases, if the purchase of the property is not completed, the buyer can complete his investment in another property always under the conditions that applied until now but not after April 30, 2025.