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The Greek Property Golden Visa scheme, which offers non-EU nationals a pathway to residency and Schengen travel privileges through property investment, has undergone recent changes. These modifications aim to address concerns about housing supply and affordability for local residents.
Key Changes to the Scheme:
- Increased Minimum Investment: The minimum investment required for a Golden Visa has been raised from €500,000 to €800,000 in specific regions, including Attica (Athens), Thessaloniki, Mykonos, Santorini, and Greek islands with over 3,100 inhabitants. For other areas, the minimum investment has increased from €250,000 to €400,000, unless the property is a listed building undergoing restoration or a conversion from commercial dwelling.
- Transitional Period: To be eligible for the existing lower thresholds, buyers must pay a 10% deposit on their property by the end of August 2024 and complete the purchase by the end of the same year.
- Restrictions on Short-Term Rentals: Golden Visa holders will no longer be allowed to rent out their properties on platforms like Airbnb or other short-term rental markets. This change aims to address concerns about housing supply and affordability for locals.
Alternative Visa Options
For those who do not wish to apply for or cannot afford the Golden Visa, the Greek National Visa (also known as a long-stay or D visa) remains an option. This visa requires proof of sufficient funds to support your stay in Greece.
Understanding the Golden Visa
The Golden Visa scheme offers several benefits, including:
- Residency: A Greek residency permit, allowing you to stay in Greece for more than 90 days every 180 days.
- Schengen Travel: Freedom to travel visa-free within the Schengen area, including countries like France, Germany, Italy, and Spain.
- Family Reunification: The possibility to bring your family members to Greece.
- Investment Opportunities: Access to the Greek property market and potential for capital appreciation.
The recent changes to the Greek Golden Visa scheme reflect the government’s efforts to balance economic growth with social concerns. While the minimum investment requirements have increased, the scheme still offers attractive benefits for those seeking residency and investment opportunities in Greece. It is essential to consult with immigration experts and real estate professionals to understand the specific requirements and navigate the application process effectively.
