The Golden Visa program in Greece investment limits have changed recently and territory of Greece is split in two zones 800.000€/400.000€.
For the Region of Attica, the Regional Units of Thessaloniki, Mykonos, and Santorini, and the islands with a population of more than 3,100 inhabitants, the minimum value of real estate at the time of acquisition is 800,000 EUR. For all other regions of the country, the minimum value of real estate at the time of acquisition is set at 400,000 EUR. The investment must be carried out in a single property with a minimum surface area of 120 square meters. Although there will be a transitional period as described below.

Investors may apply under the current 250k/500k minimum threshold, provided that they pay a 10% deposit by August 31, 2024, and finalize the investment by December 31, 2024. In case the purchase of the property is not completed on time, the investor is allowed to complete their investment in another property no later than April 30, 2025.

1. Conversion from commercial to residential: In case the Golden Visa property is converted from commercial (i.e. industrial, etc.) into residential use, the minimum threshold remains 250,000 EUR, regardless of the location and the size of the property. The above investment is carried out on a single property, and the conversion of the use must be completed before submitting the golden visa application.

2.⁠ ⁠Restoration of listed buildings: In case the Golden Visa property is located in listed buildings (i.e. buildings with historic interest under special protection) that are to be fully restored or reconstructed by the Investor, the minimum threshold remains 250,000 EUR, regardless of the location and the size of the property. The above investment is carried out on a single property, and the full restoration is a prerequisite for the first renewal of the golden visa after five (5) years. The property cannot be sold until restoration is complete. Failure to restore will result in a revoked residence permit and a 150,000 EUR administrative fine.

Yes, non-Greek citizens can buy property in Greece without any restrictions, as long as their home country permits them to own property abroad.

Should you sell the property while your residence permit remains valid, the permit will be rescinded. This revocation also applies to any residence permits granted to your family members.

Certainly. Individuals possessing residence permits are entitled to public education access, akin to any other resident in Greece.

Although it is not mandatory to hire a lawyer when buying property in Greece, it is highly recommended to ensure that all legal requirements are met, and to avoid any potential issues. A lawyer can help with contract review, due diligence, and representation in the Land Registry Office.

Buyers of real estate in Greece are subject to a transfer tax, which is currently set at 3% of the property’s assessed value. Additionally, there may be other taxes involved, such as income tax on rental income or capital gains tax on the sale of the property.

The legal process for buying property in Greece involves signing a purchase agreement, conducting due diligence, and completing the property transfer at the Land Registry Office. It is important to ensure that all legal requirements are met, such as obtaining necessary permits and licenses.

The Land Registry Office is a government agency responsible for maintaining records of property ownership and transactions in Greece. It plays a crucial role in real estate transactions by verifying the legal status of the property and recording ownership changes.

Yes, certain areas in Greece may have specific zoning laws or building regulations that you should be aware of before buying property. It is important to consult with a lawyer or other legal professional to ensure compliance with all applicable regulations.

Yes, it is possible to obtain a mortgage from a Greek bank to buy property in Greece. However, the requirements and interest rates may vary, and it is important to review the terms of the mortgage agreement with a lawyer.

When renting out a property in Greece, it is important to comply with all legal requirements, such as registering with the tax authorities and obtaining necessary permits. It is also important to have a written lease agreement that complies with Greek law.

Yes, the Greek government offers various incentives for foreign investors, including tax breaks and residency permits for certain types of investments. It is important to consult with a lawyer or other legal professional to understand the eligibility requirements and application process.

In case of disputes related to real estate transactions in Greece, legal remedies such as mediation, arbitration, or litigation may be available. It is important to consult with a lawyer or other legal professional to understand the best course of action in your specific case.