In early April 2024, the amendment with the new thresholds in the Golden Visa program was passed in the Parliament, which rises to 800,000 euros from 500,000 euros, in Attica, Thessaloniki, Mykonos, Santorini, and on islands with a population of over 3,100 residents, while there is also a ceiling on the area, as now, in order for someone to obtain the Golden Visa, the property area must be at least 120 sq.m. and concern a single property.
In other areas, from 250,000 euros, the threshold increases to 400,000 euros. For heritage and industrial properties converted into residences, the limit remains at 250,000 euros. Finally, the purchase of a percentage of undivided co-ownership of property is allowed, however, the minimum value is set at 800,000 euros and 400,000 euros respectively.
Additionally, according to the amendment, subleasing of properties purchased for the issuance of the Golden Visa is no longer allowed. Finally, the disposal of properties for Airbnb use is not allowed.
Transition Period
Prospective buyers who will make a 10% down payment by the end of August 2024 will be able to complete the purchase by the end of the year under the terms that were previously in effect. In the event that the property purchase is not completed, the buyer may complete their investment in another property under the terms that were in effect until April 30, 2025.
If all the conditions of the law are met, the investor is entitled to a five-year residence permit. As long as the real estate remains with the investor, the Golden Visa can be renewed even after the five-year period.