Sales Golden Visa Properties

Golden Visa: The Framework for Obtaining It

The Alfamesitiki Real Estate Group provides property owners with all the necessary tools to sell their property and assists foreign buyers in finding the property that interests them, in collaboration with our partners.

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With Article 64 of Law 5100/2024 (Residence permit linked to real estate investments – Amendment of Article 100 and paragraph 49 of Article 176 of Law 5038/2023), the provisions regarding the thresholds for purchasing property and obtaining a residence permit under the Golden Visa program have been modified.

Specifically, according to Article 64:
- (2.a) For the Region of Attica, the Regional Unit of Thessaloniki in the Region of Central Macedonia, the Regional Units of Mykonos and Santorini in the Region of South Aegean, and islands with a population of over 3,100 residents (according to the latest census), the minimum acquisition value of real estate at the time of purchase, as well as the total contractual rent for long-term lease agreements or timeshare contracts for tourist accommodations, is now set at €800,000. Additionally, it is specified that investments through property purchases in these areas must pertain to a single property. For structured real estate or properties with a building permit, a minimum area of 120 square meters is required.

- (2.b)** For other areas in Greece, the minimum acquisition value of real estate at the time of purchase, as well as the total contractual rent for long-term lease agreements or timeshare contracts for tourist accommodations, is set at €400,000. Similarly, the investment must concern a single property, and for structured real estate or properties with a building permit, a minimum area of 120 square meters is required.

Key Points of the New Regulations:
1. Investment amount: From €800,000 or more in Athens, Thessaloniki, Mykonos, Santorini, and islands with a population exceeding 3,100 residents.
2. Investment amount: From €400,000 or more for the rest of Greece.
3. Investment must involve a single property.
4. Minimum property size: 120 square meters.

Two Specific Exceptions as per Paragraphs (c) and (d):
- (c) For investments in real estate converted into residential use, the minimum acquisition value is set at €250,000. This applies to properties that include industrial buildings or sections thereof, provided they have not housed operational industries in the past five years. The conversion must be completed before applying for the investor's permanent residence permit.

- (d) For properties designated as heritage or preservable buildings, whether for restoration or reconstruction, the minimum acquisition value is €250,000.

These exceptions apply to all regions of Greece.

Implications of the Amendments:
The changes aim to limit Golden Visa property investments by non-EU citizens to higher-budget and larger properties. This provides domestic buyers with access to a wider and more affordable range of properties, potentially reducing market prices.

Additionally, an important change introduced by Law 5100/2024 (paragraph 7A) states:

"Properties acquired for the initial issuance or renewal of an investor residence permit cannot be leased short-term under the sharing economy framework (e.g., Airbnb) or subleased. Furthermore, properties acquired under the conditions of paragraph 2(c) cannot be used as business headquarters or branches."

This introduces restrictions on exploiting properties through short-term leases, encouraging more properties to be available for long-term rentals, which may stabilize or reduce rental costs for prospective tenants.

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