forumland Blog

Greece Golden Visa , Talk to a Greece Golden Visa Advisor

16 April, 2024

Increase in the minimum value of real estate:

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 of over 3,100 inhabitants, the minimum acquisition value of the real estate at the time of its acquisition is determined in €800,000. Especially, if it is a structured real estate or a property for which a building permit has been issued, a minimum area of 120 square meters is required for the main areas.
For the rest of the country, the minimum acquisition value of the real estate, at the time of its acquisition, is set at €400,000.
Specifically
for the case of investment, through the purchase of real estate and since its main areas are changed to a residence, the minimum acquisition value of the real estate, at the time of its acquisition, is set at €250,000. In addition, in cases of investment, through the purchase of real estate consisting of a listed building or part of a listed building for restoration or reconstruction, or within which a listed building is located, the minimum acquisition value of the real estate, at the time of its acquisition, is set at €250,000. And the transfer - in the latter case - of the property, before its complete restoration or total reconstruction is completed, is invalid, the residence permit is revoked and an independent administrative fine of €150,000 is imposed.

Prohibition of letting properties as AirBnB:

Real estate acquired by full ownership and ownership, by citizens of third countries, for the initial grant or renewal of an investor's residence permit, is prohibited from being rented out short-term, in the context of the sharing economy, as well as being sublet. In addition, real estate converted into a principal residence may not be used as a business headquarters or branch. In case of non-compliance with the above, an independent administrative fine of €50,000 is imposed on the owners and/or owners of the properties.

Finally, and in terms of the transitional provisions, the following are foreseen:

– Investor residence permits, which have been granted to citizens of third countries, based on the provisions of articles 20 of Law 4251/2014 and 92 of Law 5007/2022, remain valid and are renewed – as long as the conditions that were in force continue to be met at the time of their grant.- Citizens of third countries, may complete their investment by 31.12.2024, with the regime that was in force until the entry into force of the new provisions, on condition of either an advance payment of 10% on the purchase price or total contractual rent, either signing a notarial preliminary agreement or signing a private agreement of a certain date and relevant proof of credit from the buyer's bank regarding the sending of the amount of the advance, to the seller's account, until 31.08.2024. If the purchase of the property is not completed, the citizen of a third country may complete his investment in another or other properties, under the conditions that were in force and in any case not beyond 30.04.2025.