The changes coming to the Golden Visa were announced by the Minister of National Economy and Finance Kostis Hatzidakis. The new conditions and the height of the limits.
The leadership of the Ministry of Finance announced the new conditions for the Golden Visa.
As it turned out, the most important change is the increase of the limits to 800,000 and 400,000 euros, but also the establishment of a "ceiling" on the surface of the property, which cannot be less than 120 sq.m.
What will be the case?
More specifically, according to the Minister of Finance, Kostis Hatzidakis, for a 5-year residence permit, as of March 31, the following conditions apply:
In Attica, Thessaloniki, Mykonos, Santorini and the islands with a population of over 3,100 inhabitants, the objective value increases to 800,000 euros.
In the rest of the regions, the limit is 400,000 euros and above.
In any case, the investment must be made in a property of at least 120 sq.m.
250,000 euros remains the limit for investment in a preserved building, under the condition of the restoration of this property.
For buildings that have industrial use and are converted into homes, the limit is 200,000 euros.
Short term rentals are not allowed
At the same time, residence permits can be renewed for five additional years as long as the property remains in the ownership of the investor. If sold, the residence permit is withdrawn.
Buyers can rent the properties, however short-term rentals (AirBnB) are not allowed.
Also, in cases of conversion of the property into a residence, use as a business headquarters is prohibited. In case of violation, the license is revoked and a fine of 50,000 euros is imposed.
Hatzidakis: 2.5 billion revenues from Golden Visa in 2023
According to Kostis Hatzidakis, "until recently it was 250,000 euros to bring, to buy a property. This rose in Athens already for several months to 500,000, and in Thessaloniki. Not in all of Athens. In the center, north and south. To the west it remained lower. Now we are going to 800,000 in Athens, Thessaloniki and the tourist islands. We say that the Golden Visa buyer is not allowed to give the property afterwards for Airbnb, we say that the property cannot be less than 120 square meters. And we say all this to direct investors to properties of great value, and in any case to properties that are not for the so-called popular housing and certainly for young couples who want to start their lives".
Mr. Hatzidakis admitted that real estate prices in Greece have risen, attributing the rise to the positive course of the economy, while he noted that the real estate market is mainly influenced by Airbnb. "Golden Visa is 7% of transactions in the real estate market, but without a doubt it affects" he noted, while adding that, in 2023, revenues from Golden Visa were approximately 2.5 billion euros, from investments and funds coming from abroad .
"So it is something that concerns us and we do not proceed lightly. But because they push real estate prices precisely, despite capital coming from outside, because they push real estate prices up, we come and bring regulations."