Greek Parliament Passes Golden Visa Changes, Reduces Grace Period

Changes to Greece’s popular golden visa program, including an increase in the purchasing threshold, were approved in parliament by majority vote this week.

The revised investor program currently in effect includes a grace period through to August 30, 2024 for purchases that are already underway.

“The grace period of some five months is necessary because those who have already proceeded with investments cannot suddenly see the state pull the rug from under their feet and therefore not be able to realize their investments,” said Deputy Finance Minister Harry Theoharis.

Key changes

Key changes include increasing the limit of property investments in Athens – Attica, on Mykonos, Santorini, in Thessaloniki and on Greek islands with a population of more than 3,100 to 800,000 euros and banning the lease of purchased properties through the golden visa scheme as Airbnbs.

Additionally, the threshold for real estate investments in other areas in Greece is set at 400,000 euros and the limit for the purchase of historic or industrial buildings that will be converted into flats is 250,000 euros.

Greece’s golden visa program, listed among the world’s most attractive, grants five-year residency rights to third country nationals who purchase property in the country.

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