Greece Increases Golden Visa Threshold To 800,000 Euro

On 31st March 2024, Greece will increase the Golden Visa threshold to 800,000 euro in many areas of the country. Listing a Golden Visa property as an Airbnb will not be allowed.

Golden Visa Greece – Threshold increases to 800,000 euro

The Ministry of Finance in Greece has announced the new requirements for the Golden Visa program, which offers a residency permit to third-country (non-EU) nationals who want to move permanently to Greece. 

The most notable change involves increasing the threshold to 800,000 or 400,000 euro, depending on the area. There is also a minimum property size requirement of 120 square meters.

According to the Minister of Finance, Kostis Hatzidakis, the following requirements are set for a 5-year residence permit, effective from March 31st 2024:

  • In Athens / the whole of Attica, Thessaloniki, Mykonos, Santorini, and all islands with a population of over 3,100 inhabitants, the objective value increases to 800,000 euro
  • For all other areas of Greece, the threshold is set at 400,000 euro
  • The minimum property size requirement is 120 square meters, for all areas of Greece
  • The threshold for investment in a listed building remains at 250,000 euro, provided that the new owner restores the property 
  • For buildings that have industrial use and are converted into residences, the threshold is set at 200,000 euro.

A beautiful neoclassical house in Plaka Athens

Short-term leasing (Airbnb) will not be allowed

Investors will be able to rent out their Golden Visa properties long-term, if they wish. However, short-term leasing (Airbnb) will not be allowed.

Residence permits can be renewed for five years, as long as the property remains in the ownership of the investor. If the property is sold, the residence permit will be revoked.

In cases of property conversion into a residence, the use of the property as business headquarters is prohibited. In case of violation, the residency permit will be revoked, and a fine of 50,000 euros will be imposed.

Revenue from the Golden Visa reached 2.5 billion euro in 2023

Originally, the minimum investment required for purchasing a property and acquire the Golden Visa status was 250,000 euros. This amount was recently increased to 500,000 euros in certain areas of Athens and Thessaloniki.

As of March 31st 2024, the minimum investment will be raised to 800,000 euros in Athens, Thessaloniki, and the popular islands. It is emphasized that Golden Visa buyers are prohibited from subsequently using the property for Airbnb rentals, and the property size cannot be less than 120 square meters.

These new regulations aim to steer investors towards high-value properties, and help locals who are interested in affordable housing.

The Minister of Finance admitted that property prices in Greece have risen, attributing the increase to the positive performance of the economy, while noting that the property market is mainly affected by Airbnb.

Mr Hatzidakis pointed out that “the Golden Visa program only accounts for 7% of transactions in the property market, but it undoubtedly influences it”. He added that, in 2023, revenue from the Golden Visa amounted to approximately 2.5 billion euros, from investments and capital originating from abroad.

Transition period after 31 March 2024

To ensure the smooth implementation of the new system without disrupting market function, a period of transition is established under the following terms:

Third-country nationals who pay a 10% deposit at minimum by 30 September 2024, are eligible to complete their investment by December 31, 2024, under the conditions currently in effect.

If the property purchase isn’t finalized on time, the buyer may invest in a different property, under the current conditions, no later than April 30, 2025.

A recovery for Greece’s economy?

Since the onset of the Greek debt crisis in 2010, Greece’s economy has undergone a remarkable recovery, which was especially evident in 2023. However, this resurgence has been accompanied by a housing crisis in major cities and popular island destinations.

Rents have increased everywhere in the country, and affordable housing is more and more difficult to come by. People on the minimum wage are struggling to make ends meet. The minimum wage is currently set at 9,336 euro/year, though it will likely be increased as of April 2024.

Mykonos town

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2 thoughts on “Greece Increases Golden Visa Threshold To 800,000 Euro”

  1. So…due to the typical snails pace of the Greek Government , people who have been waiting for over a year for approval just to buy a 250K house for the GV, just lost that opportunity unless they default on the current contract that they entered to buy a 250K home and then go after a 400K home…

    • I’m with you on the bureaucracy front, at least it’s a lot better than 10 or 20 years ago… It appears that there will be a transition period, I’ve updated the article with some more info, and will update it again when the official Gazette is published.


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