The draft law of the Ministry of National Economy and Finance was voted in the Parliament, which includes the new stricter conditions for the granting of a five-year residence permit to citizens of third countries (Golden Visa). The new conditions that provide for favorable exceptions for its granting if it is about the purchase of real estate that will be converted into residences, or preserved properties that need to be restored, are as follows:
In the Region of Attica, the Regional Units of Thessaloniki, Mykonos and Santorini and in the islands with a population of over 3,100 inhabitants, (Crete Patmos, Alonissos, Kythira, Spetses, Poros, Skopelos, Milos, Skiathos, Karpathos, Leros, Ikaria, Tinos, Andros, Paros, Aegina, Thassos, Kalymnos, Limnos, Naxos, Syros, Lefkada, Kos, Samos, Kefalonia, Salamina, Zakynthos, Chios, Lesvos, Corfu, Rhodes and Evia) the value of the real estate that must owned by the interested party increases to €800,000.
In the rest of the country the value of the real estate increases to €400,000 .
In case of co-ownership of property, the minimum value of each co-owner’s share remains at €800,000 and €400,000 respectively.
The investment limit will be achieved with a single property.
The minimum area of the property must be 120 sq.m.
The minimum investment amount is set at €250,000 only when it comes to the purchase of buildings that currently have any other use and are converted into residences, (offices, shops, hotels, warehouses). Especially for the cases of investment through the purchase of real estate consisting of an industrial building, a part of an industrial building or within which an industrial building is located, exclusively if, in the last at least 5 years, there has not been an established and operating industry. The conversion of use must be completed before submitting the request for the granting of the residence permit.
The minimum amount of the investment is set at €250,000 if the investment is made in a building that is preserved and in need of restoration.
Finally, the minimum value of the real estate at the time of its acquisition, as well as the total contractual rent for the leases of hotel accommodations and tourist residences must have been paid in full before submitting the request for the granting of a permanent residence permit for an investor.
Residence permits can be renewed at their expiration each time for another five years as long as the real estate remains in the ownership of the investor. If it is an investment in a preserved building, an additional condition for the renewal of the residence permit is that the restoration of the building has been completed. If the investor sells the property then his residence permit is revoked and the right to obtain a residence permit is acquired by the buyer.
Investors can rent out the buildings they acquire, but they are not allowed to dispose of them through short-term leases, while in cases of conversion into a residence, their use as a headquarters or branch of a business is also prohibited.
In case of violation, the residence permit is revoked and a fine of €50,000 is imposed.
Except for the purchase of real estate citizens of third countries also obtain a residence permit by concluding a long-term complex tourist accommodation contract or a tourist accommodation timeshare contract, corresponding to the value per region (€800,000 in Attica, etc., €400,000 in the rest of the country, etc.).
In order for the new system to be implemented smoothly and not to disrupt the operation of the market, a transitional period is foreseen with the following conditions:
Citizens of third countries who will pay the price or pay an advance 10 %, or they will sign a preliminary agreement or a private purchase agreement, proving the relevant credits until September 30, 2024 they can complete their investment until December 31, 2024 with the conditions that applied until now.
In these cases, if the purchase of the property is not completed, the buyer can complete his investment in another property always under the conditions that have been in force until now, but in any case not after April 30, 2025.
