Greek Parliament Passes Golden Visa Changes, Reduces Grace Period

by GTP editing team 3 April 2024

written by GTP editing team 3 April 2024 12 comments

Hellenic Parliament. Photo source: Hellenic Parliament / © Froso Kanellidou

Changes to Greece’s popular golden visa program, including an increase in the purchasing threshold, were approved in parliament by majority vote this week.

The revised investor program currently in effect includes a grace period through to August 30, 2024 for purchases that are already underway.

“The grace period of some five months is necessary because those who have already proceeded with investments cannot suddenly see the state pull the rug from under their feet and therefore not be able to realize their investments,” said Deputy Finance Minister Harry Theoharis.

Key changes

Athens, Greece.

Key changes include increasing the limit of property investments in Athens – Attica, on Mykonos, Santorini, in Thessaloniki and on Greek islands with a population of more than 3,100 to 800,000 euros and banning the lease of purchased properties through the golden visa scheme as Airbnbs.

Additionally, the threshold for real estate investments in other areas in Greece is set at 400,000 euros and the limit for the purchase of historic or industrial buildings that will be converted into flats is 250,000 euros.

Greece’s golden visa program, listed among the world’s most attractive, grants five-year residency rights to third country nationals who purchase property in the country.

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GTP editing team

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12 comments

Eric 9 April 2024 - 02:17

There needs to be an easier way for diaspora Greeks to reside in Greece. Considering the low birth rates / declining population, the Greek Government must find ways to encourage this. The elimination of the ridiculous bureaucracy in even getting Greek Citizenship should be a start. These thresholds need to be revised for diaspora Greeks in order to promote and encourage investment back into Greece.

Barry 7 April 2024 - 18:44

Presumably it is still possible to obtain a Golden Visa by investing €400k in a Greek bank before these changes come into force i.e.31/8/2024, but does anyone know if you can then use this money to buy a property under the rules in force at the time the Golden Visa was obtained i.e.for €250k. That is transfer the existing Golden Visa to a property without applying for a new Golden Visa with the new purchase thresholds?

John 6 April 2024 - 00:18

I thought I had read you still could enter into a transaction but must pay 10% before end of August a transaction completed by the end the year

Nina 4 April 2024 - 14:10

a sad time for those of us who had hoped to retire in Greece. Very good to halt the proliferation of Airbnb though, and absolutely essential to stop indigenous Greeks from being priced out of their area. Ellinikon looks like a massive regeneration purely for very wealthy overseas people.

JoAnna Calgelia 4 April 2024 - 13:37

I am 78 year old American citizen with a U.K. residency. I have 2 properties in Greece. I have had one property for 24 years. I bought the other last year to make the then Golden Visa requirement. I have all necessary requirements (pension, health insurance, Greek bank account, tax number) not to be a burden on the Greek government yet it seems I cannot stay more than 3 month at a time. I would like to spend more time than that. I am sure there are more retirees in my position. There should be a provision for those in my position.

Carole naime 6 April 2024 - 08:23

Hello Joanna, contacting you from a law office in Athens I read your comment, did you finally file for the golden visa ? If not there are many kind of residence permits you can apply for.

Jenny 9 April 2024 - 06:35

Why should there? You voted to leave the EU

Mike Clark 30 May 2024 - 03:59

Hello,

I’m a LCHS alumni. You probably knew my sisters, Patty and Kathy, I am Mike Clark, I used to stay with Dave and Kit Donaldson in the city on weekends. I’m still in touch with Dave but haven’t spoken in a while. Recently I’ve done several trips to London and was wondering if any of the staff was still living there. Dale Bahner took us to the Hard Rock Cafe back in 1974 so was looking up his name and saw your name. I wanted to reach out and say hello.

S Cook 4 April 2024 - 11:35

This latest law seems a short sighted move. Very few people have that level of money (800k or even 400k) to pay for a Greek property and I would think there are very few properties at those prices on many of the ‘islands with a population over 3.100’ eg Lesvos. Islands like Lesvos need more investment in older village properties deserted by the diaspora and neglected for many years, in need of renovation. Many of these costing/worth less than 100k euros. Making these available to overseas buyers would inject the poorer local economies with money and work for local trades people and bring friends and families of the buyers to these areas to spend on holidays.

Christo van der Merwe 5 April 2024 - 12:41

You can`t say it better!

Diana Giannouli 4 April 2024 - 11:29

All very well but the purchase of an historic building is a nightmare, and the renovation/change of use even more so. It will be interesting to see how many people will be attracted by these once they see the pitfalls.

Noelle Greenaway 6 April 2024 - 21:47

yes, I’m sure you are right. That is why so many potentially lovely stone buildings have not sold and probably won’t. My own plan had been to move to Heraklion or nearby and I’d budgeted 300k which is a quite decent budget.

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