What changes from 01.09.2024 regarding the acquisition of property for Residence permit Golden Visa - New purchase limits - Conditions
With the Article 64 of Law 5100/2024 (Residence permit linked to investment in immovable property - Replacement of Article 100 and para. 49 Article 176 of Law No. 5038/2023), the provisions concerning the limits for purchasing real estate and obtaining a Golden Visa residence permit are amended.
In particular, as shown by the Article 64, "2.α) In particular, 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 Region of South Aegean and for the islands with a population, according to the last census, over three thousand one hundred (3.100) inhabitants, the minimum acquisition value of the immovable property at the time of its acquisition, as well as the total contractual rent for cases where a long-term lease or timeshare contract for tourist accommodation is concluded, are now set at the amount of eight hundred thousand (800,000) euros. In addition, it is stipulated that in the case of an investment through the purchase of real estate in the abovementioned areas, it is is carried out on a single property, while in the case of built-up real estate or real estate for which a building permit has been issued, the following is required minimum surface area of the main premises of one hundred and twenty (120) square metres."
(b) For the other regions of the country, the minimum acquisition value of the immovable property at the time of its acquisition, as well as the total contractual rent in cases where a long-term lease or timeshare contract for tourist accommodation is concluded, shall be set at of four hundred thousand (400,000) euros. Similarly, it is stipulated here that in the case of investment through the purchase of immovable property, the investment is made in a single property, whereas in the case of built property or property for which a building permit has been issued, it is required a minimum floor area of one hundred and twenty (120) square metres of principal premises."
Therefore, the new data are as follows:
1)Minimum surface area 120 sq.m.
2)Investment amount from 800.000€ and above in Athens, Thessaloniki, Mykonos, Santorini and islands with a population of more than 3.100 inhabitants
3)For the rest of Greece, investment amount from 400.000€ and above
4)Investment in only one (1) property
5)Minimum surface area 120 sq.m.
Two (2) explicit exceptions are set out in paragraphs c and d:
" c) Specifically in cases of investment through purchase in immovable property and where the main premises are changed into a dwelling, the minimum acquisition value of the property at the time of its acquisition shall be set at two hundred and fifty thousand (EUR 250 000). The conditions of the first subparagraph shall also apply in cases of investment by purchase in immovable property consisting of an industrial building or part of an industrial building or within which an industrial building is located, only if no industry has been established and operating therein for at least five (5) years.
The investment referred to in the preceding subparagraphs shall be made in a single property and the change of use must be completed prior to the submission of the application for the granting of the investor's permanent residence permit...
d) In particular in cases of investment through the purchase of real estate consisting of a listed building or part of a listed building to be restored or reconstructed or within which a listed building is located, the minimum acquisition value at the time of its acquisition shall be fixed at two hundred and fifty thousand (EUR 250 000). The investment referred to in the first subparagraph shall be made on a single property..."
Therefore, on the basis of paras. c and d, we see that the minimum investment amount remains at 250.000€ in the following cases:
- Property where a change of use to a dwelling is permitted
- Property that is an industrial building or part of an industrial building, if it has not been used as such for the last five (5) years
- Listed building or part of a listed building to be restored or reconstructed and if the restoration or reconstruction is completed
- This exemption applies to the whole Greek territory
Obviously, the above amendments express the will of the government to limit investments in real estate through Golden Visa by third country citizens to higher budget and larger properties, thus giving more space to domestic potential buyers to choose from a larger and more affordable range of properties, in an effort to lower the market prices at the same time.
In addition, an important change brought about by Law 5100/2024, in par. 7Α, is as follows:
"Real estate acquired in full ownership and possession by third country nationals for the initial granting or renewal of an investor's residence permit may not be rented out on a short-term basis in the context of the sharing economy, nor may they be sublet. In addition, real estate acquired in full ownership and possession by third country citizens for the initial granting or renewal of an investor's permanent residence permit under the conditions of paragraph c) of par. 2, may not be used as the headquarters or branch of an undertaking..."
The above paragraph introduces a restriction on the way in which the investments made are exploited, by introducing a prohibition on short-term letting in the context of the sharing economy (i.e. Airbnb), as well as on subletting. This ban obviously tends to limit the use of short-term rentals in order to put more properties on the market for long-term rentals and to reduce prices for prospective tenants.
Note that with the above regulation, the minimum amount of property purchase for investment in Golden Visa is 400,000€ for the following - in particular - regions/areas:
- Regional unit of Arta
- Regional unit of Thesprotia
- Regional section of Ioannina
- Regional section of Preveza
- Region of Ionian Islands (Zakynthos-Corfu-Corfalonia-Kefalonia-Ithaca-Lefkada)
If you are interested in investing in real estate in the above mentioned areas and have access to the advantages of the Golden Visa scheme, do not hesitate to contact our office.
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