Greece Golden Visa New Policy: Starting from October, €250,000 can only be used to purchase cultural heritage properties.

Currently, for those who want to obtain Greek permanent residency and travel freely within 29 Schengen countries or planning status for their children, it’s time to act fast. Previously, €250,000 could be used to purchase real estate for rental investment, but soon it will be raised to €400,000 or €800,000! The €250,000 investment option will be limited to cultural heritage properties only!

The new policy will officially begin at the end of this month, which is March 31, 2024. Fortunately, the Greek government has provided a six-month “transition period” until September 30, 2024.

✅ Key Information on the New Policy

🔺 €800,000 Region: Attica region, Thessaloniki, Mykonos Island, Santorini Island, and islands with a population exceeding 3,100.

🔺 €400,000 Region: Other areas.

🔺 In any case, the investment must be in a property of at least 120 square meters (rather than multiple properties of lower value). It is allowed to purchase an undivided co-ownership of certain properties, with minimum values set at €800,000 and €400,000 respectively.

🔺 €250,000: Only eligible for investment in cultural heritage properties (protected buildings requiring restoration, which must be completed upon renewal) or buildings currently used for other purposes and converted into residences (conversion must be completed before submitting the residence permit application).

🔺 Besides purchasing real estate, third-country nationals can also obtain residency permits by signing long-term contracts for complex tourist accommodations or timeshare holiday contracts corresponding to the value of each region (€800,000 for Attica, etc., and €400,000 for other areas).

🔺 Investors can lease the acquired properties, but short-term leasing for disposal is not allowed. In the case of conversion to residential use, it is prohibited to use them as the headquarters or branches of enterprises. Violations will result in the revocation of residency permits and a fine of €50,000.

✅ Transition Period: September 30, 2024

Payments made before September 30, 2024, including full payment, 10% deposit, or signing pre-contracts or private purchase agreements, will be considered eligible for exemption. Third-country nationals can complete their investments by December 31, 2024, under these conditions. If property purchases are not finalized, buyers can still invest in other properties under the conditions applicable until now, but must not complete them after April 30, 2025.

✅ What Can Greece Golden Residency Be Used For?

🔺 Obtain Greek residency directly in one step

🔺 Live and do business in Greece, with the ability to rent out investment properties

🔺 Plan for children to obtain “Overseas Chinese Student” status

🔺 Travel freely in 29 Schengen countries in Europe

🔺 No language requirement, no immigration supervision, enabling three generations of family immigration

If you have specific needs or require further details, please contact us for more information.