Our Employment Law Briefing Special Edition, provides an overview of recent developments in employment legislation, including:
A. Introduction
B. Minimum Value of the Real Estate Property
C. Eligible Properties – Investors
D. Property Use Restrictions
E. Transitional Period
A. Introduction
1. On 5 April 2024, Law 5100/2024 (the Law) of the Ministry of National Economy and Finance 1, introduced amendments to the Golden Visa legal framework. Article 64 of the Law has amended the provisions relating to the 5-year residence permits for investors in real estate properties (the Golden Visa) included in the Greek Immigration Code (Law 5038/2023).
2. According to the official announcement of the Minister of National Economy and Finance, the new provisions aim to:
a. increase the supply of properties for long-term rentals;
b. mitigate the consequences of the Golden Visa programs for property owners on housing costs;
c. maintain the incentive for capital investments in the Greek economy; and
d. support the market development of real estate.
3. Under the provisions of the new Law, the granting of a Golden Visa is subject to the conditions described below as of 5 April 2024.
B. Minimum Value of the Real Estate Property
1. Depending on the property’s location, the minimum value for Golden Visa acquisition purposes will be as follows:
a. €800,000: For the region of Attica, the Regional Units of Thessaloniki, Mykonos and Santorini, and islands with a population of more than 3,100 inhabitants 2.
b. €400,000: For all other regions in the country, ie except for those mentioned in a. above.
c. €250,000: As an exception to the above values, and regardless of the property’s location and size, €250,000 is sufficient in cases of:
i. Restoration of listed (as preserved) buildings 3 which are under special protection, for example due to their particular structural and architectural elements as well as their historical value. The restoration’s completion is a condition for the first renewal of the residence permit granted to the investor.
ii. Conversion of a property’s use 4 to residential for buildings that currently are used in another way, for example commercial or industrial use 5, provided that the conversion is finalized before the Golden Visa application submission.
C. Eligible Properties – Investors
1. Investments must be carried out on a single property with a surface area of at least 120 square meters. This requirement applies to already built/constructed real estate properties and/or to properties for which a building permission has been issued.
2. The investment must also be in a single property in cases of:
a. conversion of a property’s use to residential (see above B.1.c.ii), while the conversion of the property’s use may be conducted by the seller; and
b. restoration of listed buildings (see above B.1.c.i).
3. Co-ownership is permitted if the minimum property value meets the minimum value requirements provided for each category of property mentioned in B. above and each person separately contributes €800,000, €400,000 or €250,000 as relevant.
4. If the co-owners are spouses or partners under a cohabitation agreement (civil partnership), they must together meet the minimum property requirements provided for each category of property mentioned in B. above.
5. Third-country nationals may acquire a residence permit by entering into a long-term lease for complex tourist accommodation or a time-share rental contract for tourist accommodation that meets the minimum value requirements set out in B. above.
6. Applicants acquiring the property through a legal entity are also eligible, provided that they own 100% of the company’s shares.
1 'Transposal of the Council Directive (EU) 2022/2523 of 14 December 2022 on ensuring a global minimum level of taxation for multinational enterprise groups and large-scale domestic groups in the Union (Pillar II) and other customs and tax provisions.'
2 Including Crete, Euboea, Lesbos, Chios, Rhodes, Corfu, Zakynthos, Kos, Kefalonia, Lefkada, Paros, Aegina, Tinos, Syros, Andros, Naxos, Milos, Skiathos, Skopelos, Alonissos, Spetses and Karpathos.
3 or parts of listed buildings, or properties within which a listed building is located.
4 ie the property’s main areas must be converted to residential.
5 provided that no industry has been established and operating in the industrial building (or the industrial building section, or the immovable property within which an industrial building was situated) for at least the last five years.
