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By aiming to take the life quality to an upper level with the whole realized Projects, Greece Pro Invest continues to be the address of luxury.
Following the announcements by the Greek Minister of Finance, on 02.04.2024 the Greek Parliament passed a new law, which introduces significant changes to the investor permanent residence permit.
The provisions of the new Law (L 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. The new rule introduces the dual-zone system for real estate transactions and is effective as of August 31, 2024.
New Golden Visa Requirements
As of 31.03.2024, the new rule for minimum acquisition value of property for the purpose of granting the residence permit is 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.
| Golden Visa Real Estate Investment Threshold (valid from August 31st, 2024) | ||
| Amount | Quantity | Regions |
| €800,000 | One single property (120 sq.m) | Region of Attica, Mykonos, Santorini, Thessaloniki, islands with a population exceeding 3,100 |
| €400,000 | One single property (120 sq.m.) | Rest of the country |
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. It is also should be noted that, for the conversion of industrial buildings to residential, the industrial unit must have ceased its activity for at least 5 years. In case (c), it is provided that any transfer of the property before completion of its full restoration or total reconstruction is considered null and void. Completion of restoration or reconstruction is also required for the first renewal of the residence permit.
Restrictions *
* It must be stressed that the law doesn’t specify whether this restriction applies to properties already acquired under the golden visa legislation or whether it is limited to future acquisitions (and relevant residence permits). Nevertheless, it appears that this provision is not intended to affect existing properties, acquired under the previously applicable regime and/or properties acquired within the transitional timeframe provided. Official clarifications are expected to tackle the grey areas arisen from the new laws.
Transitional Period
An interim “protective” period is set until 31.12.2024, during which investors are allowed to complete their investments under the previous regime. To avail themselves of this option, investors must make an advance payment amounting to at least 10% of the investment or pay the price or rent or execute a notarial preliminary agreement or sign a private agreement of certified date and provide relevant proof of credit, by August 31, 2024. If the investment is not concluded by this deadline, investors may still complete their investment in another property under the previous regime, with the final deadline set for April 30, 2025.
Third-country nationals who finalize payment, pay a 10% deposit, or sign a pre-contract or private purchase agreement, substantiated by relevant documentation, can complete their investment by 31st December 2024, under the existing conditions.
In cases where property purchases are not finalized, investors may opt for another property, subject to the previous conditions, but no later than 30th April 2025.
According to the provisions of the Greek Law under No. 4251/2014 (immigration law), as amended, it is provided that:
1. By virtue of a decision of the General Secretary of the Decentralised Administration, a five (5) year permanent residence permit is granted to a third country national who has lawfully entered Greece with any type of visa or is lawfully residing in Greece, even if the title he/she holds does not allow the alteration of its purpose;
2. Personally, holds in his/her full ownership, possession and use real estate property in Greece. In case of co-ownership of real estate property of 250,000€, the right to receive a residence permit is granted only if the owners of the property are spouses and their ownership over the property is undivided. In all other cases of co-ownership, the right to receive a residence permit is granted only if the co-ownership percentage of each owner is 250,000€.
3. The aforementioned third country national may be escorted by the members of his/her
family, who are granted, following a petition, individual residence permits which expire
simultaneously with that of the sponsor;
Family member means:
a- The spouse
b- The direct descendants of the spouses or either of the spouse, who are under 21 years of age
c- Parents of the main applicant and/or the spouse
4. The aforementioned residence permit may be each time renewed for the same period of time, provided that the real estate property remains in the ownership and possession of the third country national and the other conditions of the law are met. Periods of absence from the country do not obstruct the renewal of the residence permit. Reselling the property while the residence permit is valid to another third country national grants the new buyer the right to receive a residence permit while the seller loses his residence permit.
Please find below some of the benefits for the foreign investors in Greece:
Greece Pro Invest in partnership with Noble Villas real Estate office offers the full range of services for obtaining the Golden Visa and managing each property:
Kindly find below various procedure steps.
Procedure to gain Residence permit via Golden Visa Program
The above procedure may take place with no physical presence of the applicant, only by P.O.A. signed at
the Greek Embassy of his home country.
Our office may take care of everything. If the applicant choose to come to Greece and do all the
procedure while his presence in Greece, will be needed 3 working days (issuing VAT, bank account,
down payment to Seller etc).
List of required documents for issuing a Greek bank account
All documents must be officially translated in English (by official translator company).
Necessary Documents from Home Country for Golden Visa (after purchasing contract)
If apart from the main applicant, there are family members included in the Golden Visa:
Subsequently, all the above documents will be sent to the translation center in Greece, in order to be
translated into Greek.
Please note that if in the passports of the applicants, the birth city is not referred, a birth certificate or
any other official document which proves the birth city is necessary.
This document shall be certified by the Greek Consulate.
Additional Documents (provided in Greece)
Total 20.750 € (The costs A, B are adjusted according to the Contract Price, C is adjusted according to the
Final Selling Price)
Golden Visa issuing Fees:
Management Supervision
Sin El Fil, Horch Tabet, Centre Group
Monday to Friday 09:00 to 18:30
Saturday we work until 15:30
166 Mansourie - Metn Lebanon