Greece May Abolish Real Estate Golden Visa

Greece, a popular destination for obtaining residency through real estate investment, is on the verge of significant changes to its Golden Visa program.

Rumors of a complete phasing out of the real estate investment option are in the air, causing a wave of questions and speculation among potential investors. Let's see what's really going on.

Recent media reports about the upcoming change to the program, effective January 1, 2025, have caused a stir. Indeed, the Greek Ministry of National Economy and Finance has introduced a bill proposing an alternative route to obtaining a residence permit - investing in Greek startups. This bill, for the first time, specifies the conditions for obtaining a residence permit in this way. However, it is important to note that the bill does not explicitly indicate the abolition of the Golden Visa program for real estate. For now, investors can still obtain a Greek residence permit by investing in real estate.

The bill proposes to obtain a residence permit for an investment of at least €250,000 in startups registered in the National Startup Registry Elevate Greece. The investor is obliged to:

• Create at least two jobs within the first year of the investment;
• Maintain the jobs created for at least five years.

These strict conditions imply a more active participation of the investor in the development of the Greek economy than just passively buying real estate.

The current situation with real estate:

For now, the Golden Visa program through real estate remains in effect. The minimum investment amount varies from €400,000 to €800,000, depending on the region. Buying a property worth at least €250,000 is also possible, but only if the existing property is renovated or the industrial building is converted into residential.

It is not yet clear whether the bill will be adopted in its final version. And even if it is adopted, it does not necessarily mean the immediate cancellation of the “golden visa” program for real estate.

Greece may be planning to reorient its immigration policy, offering investors a choice between two options: real estate or startups. This would attract a more diverse flow of investment and stimulate the development of various sectors of the Greek economy.

The situation is dynamically evolving, and it is necessary to closely monitor the updates. If you are planning to invest in Greece to obtain a residence permit, it is recommended to consult with immigration law experts. They will help you assess the risks and choose the most profitable and reliable way to achieve your goal.

Mercury Group offers its services in the field of consulting on obtaining a residence permit in Greece and other EU countries. Contact our experts for detailed information and a personal consultation.