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.
How high are realtors’ and lawyers’ fees in Greece? What about other property purchase costs?
How difficult is the property purchase process in Greece?
EU nationals can freely purchase property in Greece, while there are a few restrictions for non-EU nationals. The potential buyer must open a Greek bank account and transfer all the funds required for the purchase (property price, notary fees, registration fees, etc.) in order to be in compliance with the Greek tax legislation or otherwise to import cast through the Greek Customs Authority. Acquiring property near military bases, national borders – mainly for security reasons, especially those close to Turkey - and in some islands requires special permission from the Local Council. Such permission is not granted to non-EU nationals.
The importation of funds for real estate acquisition needs to be documented and requires the permission of the Bank of Greece. You will also need to secure a Tax Registry Number from the Internal Revenue Service. If you are a married couple planning to purchase property jointly, you should each obtain one.
Read more: «Real Estate - Total transaction costs in Greece»