The provisions of Law 5100/2024, amend the article 100 of Law 5038/2023 and establish new requirements for citizens of third-countries who invest in property in Greece in order to obtain a permanent residence permit (golden visa).

As of 31.03.2024, subject to the transitional period referred to below, the minimum acquisition value of property for the purpose of granting the residence permit is now set at € 800,000 in the Region of Attica, Thessaloniki, Mykonos and Thira as well as on the islands with a population exceeding 3,100 residents. For the other regions of the country, where the amount of investment had remained at € 250,000, in accordance with the previous legal framework, the minimum acquisition value of the property will be increased to €400,000. In case of investment in structured property or property for which a building permit has been issued, a minimum area of 120 sq.m. of main premises is required.

In addition, the minimum acquisition value is set at 250,000€, regardless of the location of the property and without a minimum surface area of the investment property provided by law, in the following cases:

(a) investment property whose main premises are changed into a residence,

(b) investment property consisting of an industrial building, provided that no industry has been established and operating therein for at least five years; and

(c) investment through the purchase of a listed building to be restored.

In cases (a) and (b), the change of use must be completed prior to the submission of the application for a permanent permit. In case (c), the transfer of the property prior to the completion of the restoration or reconstruction is invalid.

It is also noted that according to the Law 5038/2023, investors retain the possibility to lease their property. However, short-term leasing as well as the sub-leasing of the property is prohibited. It is also forbidden to use this property as a registered office or branch of a business. In case of non-compliance with the above provisions, the residence permit is revoked and an administrative fine of € 50,000 is imposed.

Finally, in order not to disrupt the functioning of the market, a transitional period is foreseen during which the following will apply:

1. The residence permits of investors, granted under the provisions of Articles 20 of Law No. 4251/2014 and Article 92 of Law 5007/2022, shall remain valid and shall be renewed for 5 years, provided that the conditions in force at the time of their issuance continue to be met.

2. Citizens of third-countries who will pay the price, or will pay a 10% deposit, or sign a pre-contract or a private purchase agreement of certain date, proving in any case the relevant credits by 31.08.2024, may complete their investment by 31.12.2024, in accordance with the previous legal framework. In the event that the purchase of the property is not completed, third-country investors can complete their investment in another property, in accordance with the previous legal framework, until 30.04.2025.