The Golden Visa Program offers a unique opportunity for non-European Union citizens to obtain a residence permit in Greece through investment. At Laskaratou – Montesantou Law Office, we provide comprehensive and specialized legal services for the issuance of a Golden Visa, ensuring that the process is smooth and successful.

The Golden Visa Program started in Greece in 2013. It concerns citizens of third countries who visit our country to purchase a real estate property, to apply and receive a five-year residence permit. Furthermore, after the Immigration Law of 2014 was put in force and specific investment thresholds were instituted and implemented, and recently with the new Law 5038/2023 along with the L. 5100/2024, the latest amendments have been enacted.

What do we mean by “Third country citizens”?
Third country citizens are prospective investors whose country of origin is not among Schengen States. They can be accompanied by family members, specifically their children up to 21 years of age, spouse, their parents and in-laws.

This five-year permit grants the right of free access and movement in all Schengen countries for a period of ninety (90) days per six months. The right of visiting and staying in Greece is unlimited. Meanwhile, the residence permit does not confer citizenship.

What is the minimum investment threshold in real estate?
According to the recent amendments of the Immigration Code with the L. 5100/2024 for
Kefalonia, Attica, Thessaloniki, Mykonos, Santorini and for islands with a population of over
three thousand one hundred (3.100) inhabitants, the minimum value of the acquired real
estate is set at eight hundred thousand (800.000) euros. The investment may be done at
only one property which has to be over 120 square meters. Regarding all other areas of the country, the minimum value of the acquired real estate is set at four hundred thousand (400.000) euros and concerns investment in a single property with a minimum area of 120 square meters.  

The Greek Law permits investment in commercial, industrial or preserved buildings. The investment threshold in these cases is set at 250.000 euros but there are certain specific conditions. For example, in the case of acquiring a commercial or industrial property and converting it into a primary residence, this property cannot be used as a business headquarters or branch. 

Restrictions on the use of the property according to L. 5100/2024

Properties acquired by investors, third country citizens, are prohibited from being leased short term within the sharing economy (Airbnb) or sublease. In the event of such a violation, relevant penalties are imposed.

Even though the Law has been published, there’s a transitional period until the end of 2024. Every investor can purchase property and benefit from the previous provisions and former investment thresholds which were 500.000 € and 250.000 € for different areas of Greece, respectively. This can be achieved through the signing of a notarial pre-agreement or private agreement that has been executed by 31/8/2024. Clearly, a 10% down payment must be made. If the purchase is not completed by 31/12/2024, the investor, provided that the mentioned conditions are met, can complete their investment in another property by30/4/2025.

Steps after acquiring the real estate property
– Submit all the necessary documents to the component service of the Ministry of Migration and Asylum through our authorized lawyers.
– Provide biometric data (fingerprints)

In conclusion, the investment thresholds have increased. However, the existence of this
transitional period, there is an opportunity for future investors to come and invest in Kefalonia and generally in Greece, which offers financial and political stability.
The Greek Golden Visa program remains the most attractive worldwide and we suggest that you contact us to ensure the smoothest possible process for obtaining a Golden Visa.