And Evia, apart from Attica, Thessaloniki, Mykonos, Santorini and the islands with more than 3,100 inhabitants, belongs to the new increased limit of 800,000 euros for granting a residence permit through the Golden Visa program, as clarified by the General Secretariat of Immigration Policy in the instructions he sent to the Decentralized Administrations of the country.
We remind you that from September 1, 2024, the real estate market in Greece operates with significant changes for the Golden Visa program, as the increased investment limits for granting residence permits to citizens of third countries apply.
New investment limits for granting Golden Visa
In particular, it is stated that “for the Region of Attica, the Regional Unit of Thessaloniki of the Region of Central Macedonia, the Regional Units of Mykonos and Thira of the South Aegean Region and for the islands with a population, according to the last census, of more than 3,100 inhabitants, the minimum value acquisition of the immovable property at the time of its acquisition, as well as the total contractual rent of the contracts of paragraph d) of paragraph 1 of article 100 of Law 5038/2023 are set at 800,000 euros. It is noted, following questions, that Evia constitutes an island region, in accordance with the written provisions, and is subject to the limit of 800,000.”
In addition, it is stipulated that in case of investment through the purchase of real estate in the above-mentioned areas, it is carried out in a single property, while if it is a structured real estate or a property for which a building permit has been issued, a minimum area of main premises of 120 square meters is required.
For the other regions of the country, the minimum acquisition value of the real estate at the time of its acquisition, as well as the total contractual rent for the cases of entering into a long-term lease contract or timeshare rental of tourist accommodation, are set at the amount of 400,000 euros. Likewise, it is stipulated here that in the case of an investment through the purchase of real estate, it is carried out in a single property, while if it is a structured real estate or a property for which a building permit has been issued, a minimum area of main premises of 120 square meters is required.
The limitation of the minimum area does not apply in the cases of undeveloped real estate or property for which a building permit has not been issued (indicatively, a plot of land, a field is mentioned).
It should be noted that until recently the applicable limit was 500,000 euros in the center of Athens, the northern and southern suburbs (but not in Piraeus or, for example, the western suburbs), the municipality of Thessaloniki, Mykonos and Santorini – and 250,000 for all the rest.
This practically means that for most of the above regions the limit increased by 300,000, but in some, such as Piraeus, the limit jumped by 550,000 euros.
For the rest of the country, the minimum investment limit increased by 150,000, after it was 250,000 euros before the new law.
The exceptions
There are, however, two important exceptions to the new limits: They concern properties that change use and listed buildings.
This means that the minimum investment amount remains at 250,000 euros in the following cases:
- Property where change of use to residence is permitted
- A property that is an industrial building or part of an industrial building, as long as it has not operated as such in the last five years.
- Preserved building or part of a preserved building to be restored or reconstructed and once the restoration or reconstruction is completed.
- This exception concerns the entire Greek territory.
It should be noted that for changes of use, i.e. from industrial to residential, etc., as well as for listed properties, there are no minimum square footage limits for properties for sale.
Restrictions on use of properties for Airbnb
It is worth mentioning that an important change incorporated with the new law is the prohibition of short-term rental (e.g. through Airbnb) and subletting of properties acquired through the Golden Visa.
Transitional provisions
a) For purchases and sales carried out from September 1, 2024 onwards, there are no transitional arrangements and therefore the price must have been paid in full before submitting the application for the grant of the residence permit.
b) For the sales carried out within the framework of the transitional provisions of Article 92 of Law 5007/2022, i.e. those relating to maintaining the price at 250,000 euros, instead of the amount of 500,000 set by Article 91 of Law 5007/2022 euros and in more than one property instead of the specified investment in a property, without the price having been paid in full, a critical milestone is the credit date of the buyer’s bank by sending the amount of the 10% advance payment to the seller’s account, either by signature notarial preliminary agreement, or by signing a private agreement of a certain date.
In this regard, for the Regional Units of the North, Central and South Sectors of Athens and the Municipality of Vari – Voula – Vouliagmeni of the Attica Region, the Municipality of Thessaloniki of the Central Macedonia Region and the Regional Units of Mykonos and Santorini of the South Aegean Region the advance payment of ten percent (10%) on the purchase or rental price of hotel accommodations or tourist homes, for an investment with a minimum acquisition value of 250,000 euros in one or more properties must have been paid by July 31, 2023 and the investment completed by April 30 of 2024.
It is noted that the concept of completion of the investment refers to the signing of the final contract and the full payment of the purchase price, while the transfer of the contract (and the payment deed, in the case of this transfer) can be carried out later and in any case before the issuance of the permanent residence permit of the investor.
If the purchase of the property or properties of the above paragraph is not completed, the citizen of a third country may complete his investment in another or other properties, with a minimum investment value of two hundred and fifty thousand (250,000) euros and in any case not later than April 30, 2024 according to the above.
c) Citizens of third countries who invested in real estate after 31 July 2023 and until 5/4/2024, the date of entry into force of Law 5100/2024, are not provided with the possibility of securing the right to be subject to transitional provisions through an advance deposit and for the submission of the application, the full payment of the prescribed amount per regional unit of the country is required and it concerns one or more properties as the case may be.
d) For the sales carried out within the framework of the transitional provisions of article 64 par. 4 of Law 5100/2024, i.e. those concerning i) maintaining the price at 500,000 euros in the Regional Units of the North, Central and South Sectors of Athens and the Municipality of Vari – Voula – Vouliagmeni of the Region of Attica, the Municipality of Thessaloniki of the Region of Central Macedonia and the Regional Units of Mykonos and Santorini of the South Aegean Region and ii) maintaining the price at 250,000 in the other regions of the country, after April 5, 2024, is provided the possibility of completing the investment by 31/12/2024, provided that an advance payment of ten percent (10%) has been deposited on the purchase or rental price of hotel accommodations or tourist residences in a property and a relevant preliminary agreement of a certain date has been drawn up by August 31, 2024.
Source: OT.GR
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