Greece Golden Visa Changes 2024

Recent Enhancements to the Greek Golden Visa Program

Launch of a Dual-Zone System

The Greek Minister of Finance recently announced pivotal updates to the Golden Visa Program, notably the implementation of a dual-zone system for real estate investments that came into effect on March 31, 2024.

Impact on Investors

With the new legislation now in force, investors face revised investment conditions categorized into two tiers based on geographic zones. These changes reshape the minimum investment prerequisites for applicants:

  • Tier 1 (€800,000 Investment): Focuses on real estate investments in prime locations including Attica, Thessaloniki, Mykonos, Santorini, and islands with populations over 3,100. This tier is designed to maintain high-value investment in Greece’s most coveted regions.
  • Tier 2 (€400,000 Investment): Covers Greece’s broader regions, setting a more accessible entry point at €400,000. This initiative aims to foster investments across a diverse range of areas, potentially broadening the program’s economic impact.

Investments in both tiers require the acquisition of a single property of at least 120 square meters.

Implications for Existing Applicants

Applicants who had already submitted their applications for the Greek Golden Visa prior to the recent updates are not affected. Their cases are processed according to the terms available at the time of application, ensuring the validity of their initial investments.

Future Opportunities and Special Initiatives

As of now, new investors can still engage with the Golden Visa Program under the previously established minimum investment threshold of €250,000. To lock in this rate, a 10% deposit must be placed by August 31, 2024, with the full investment completed by December 31, 2024.

These developments highlight the Greek government’s proactive approach to adapt the Golden Visa Program in response to the evolving dynamics of the real estate market.