Filenews 27 March 2024
A three-tier golden visa is provided for in the new provision submitted to Parliament and which will enter into force at the end of September. At the same time, a minimum limit of square meters is established for Athens and Thessaloniki, while it is forbidden to rent properties that will be purchased through the golden visa for Airbnb.
According to what the economic team announced in the Regions of Attica and Thessaloniki and in all islands with more than 3,000 inhabitants, the minimum amount of investment will be increased to €800,000. Currently, a limit of €500,000 applies only in the center of Athens, the northern and southern suburbs, the Municipality of Thessaloniki, Mykonos and Santorini. All popular destinations will have a limit of €800,000.
Throughout the rest of the country, the threshold will also be raised to €400,000 instead of €250,000 today, while the threshold for listed properties and buildings will be set at €250,000, in order to incentivize investors to make such purchases and reconstruct. Also, the limit of €250,000 applies to investments in industrial real estate that will be converted into residences.
As mentioned above, Golden Visa investments can only be made for properties of 120 sq.m. or more. Investors will also be prohibited from exploiting real estate through digital short-term rental platforms.
The Golden Visa accounts for 7 percent of transactions in the real estate market, but it undoubtedly affects, Hatzidakis said, adding that Golden Visa revenues were $2.5 billion. approximately in 2023 from investments and capital from abroad.
According to the Minister of National Economy and Finance K. Hatzidakis, residence permits can be renewed for five years as long as the property remains in the private owner, if the investor sells the property then his residence permit is revoked. Investors can rent the buildings they acquire, it is not allowed to be made available on short-term rental platforms, in case of conversion into a residence it is forbidden to use as a registered office or branch businesses.
As a minister said, a transitional period is envisaged. Third-country nationals who will pay the price, or will pay a 10% deposit, or if they sign a pre-agreement payment by September 30, will be able to apply for a residence permit until December 31, 2024 under the conditions currently in force. If for some reason the purchase of real estate is not completed, additional time is given to find a new property.
