New Rules for Greece Golden Visa
Golden Visas make it easy to get legal residency in another country—one of the most important facets of any Plan B.
And the Greek Golden Visa is one of the most popular such programs in the world.
One reason more than 12,000 high-net-worth individuals have chosen this program is that they could qualify for a Golden Visa with an investment as small as 250,000 euros (roughly USD $277,000).
But Greece has introduced new rules for its Golden Visa program starting on September 1, 2024.
From that date, applicants from non-EU countries must pay a lot more to obtain a Golden Visa in Greece through the real estate investment option. Instead of the previous 250,000 euros minimum, buyers in major cities like Athens, Thessaloniki, and on all larger islands will now have to invest 800,000 euros.
In all other regions of the country, the price will increase to 400,000 euros.
A Greek Golden Visa allows holders to move freely within the entire European Schengen area, which includes every EU country except Ireland and Cyprus. Most investors come from China and Turkey, and increasingly from Israel since the outbreak of the war in Gaza.
The residence permit also applies to family members (parents, siblings, and dependent children) of the buyers and is valid for five years. If the property remains in the possession of the person who bought it beyond this period, the visa is extended for another five years.
You can renew the visa indefinitely as long as you keep the property. If you sell the original property, you can reinvest the proceeds in another qualifying property or investment in Greece. As long as the new investment meets the minimum financial requirements, you can maintain your residency status.
Golden Visa Properties Can No Longer be AirBnB'd
Properties purchased to qualify for a Golden Visa may be rented out, but the Ministry of Finance has announced that short-term rentals through platforms like Airbnb will no longer be allowed.
This measure is part of the government’s attempt to combat housing shortages and price increases in the real estate market on one hand, and to increase revenue for the state coffers on the other.
Golden Visas Are Likely to Continue to Get More Expensive Everywhere
Unfortunately, Greece isn’t the only country increasing the price of Golden Visas. In 2023, Portugal also made changes to its Golden Visa program, largely in response to local complaints.
Residents and officials were concerned the real estate investment option was driving up property prices and making housing unaffordable for locals. They argued that foreign investors seeking visas through property purchases were pricing residents out of the market.
Not only that, but critics claimed the economic benefits of the program were really only benefiting already wealthy areas like Lisbon and Porto.
These issues prompted the government to remove real estate as a qualifying investment option entirely.
These Changes to the Greek Golden Visa Program Are Part of A Bigger Trend
Whether Greece will follow the same path remains to be seen, but the larger trend is concerning. The world is deglobalizing and becoming more insular. We see it in politics, trade, banking and, now in citizenship programs too.
That’s not to say international planning is going away. In fact, it’s growing faster than I’ve ever seen it. But the way we plan is changing. And we have to be ready to take action as the opportunity arises. Before they close.
That’s why, if you’re keen on securing a second citizenship or residency, the time to get started is now. That starts with a free no-obligation consultation with one of our Associates to review your case. If we can help you, we’ll let you know. If we can’t, we’ll do our best to give you some ideas to help you do it on your own. Click here to get started.
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