Greece: New Regulations for Real Estate Investment

Revised Minimum Property Values for Residence Permits

Greece has updated the minimum investment requirements for residence permits through real estate investment. These changes affect the Region of Attica, the Regional Units of Thessaloniki, Mykonos, and Santorini, as well as islands with a population exceeding 3,100. For these locations, the required property value for investors has increased to 800,000 euros. In other regions, the minimum property value remains at 400,000 euros.

Property Conditions for Investment

Investments must be made in a single property with an area of at least 120 square meters. It is not permissible to split the investment across multiple properties of lesser value. The purchase of a percentage of co-ownership is allowed, provided that the property value meets the required minimum (800,000 or 400,000 euros, depending on the region). For buildings undergoing conversion to residential use, the minimum investment is set at 250,000 euros. This conversion must be completed before applying for a residence permit.

Special Conditions for Heritage Buildings

For heritage-listed buildings undergoing restoration, the minimum investment required is 250,000 euros. To renew a residence permit for these buildings, the restoration work must be completed. Residence permits are renewable for five-year periods, provided that the property remains in the investor’s ownership. If the investor sells the property, their residence permit is revoked, and the buyer gains the right to apply for a residence permit.

Restrictions on Real Estate Use

Investors are allowed in Greece to lease their acquired properties but are prohibited from offering them for short-term rentals. When converting properties to residential use, the buildings cannot be used as business headquarters or branch offices. Violations of these conditions may result in the revocation of the residence permit and a fine of 50,000 euros.

Additional Pathways to Obtain Residence Permits

Apart from purchasing real estate, non-EU citizens can obtain residence permits by entering into long-term contracts for complex tourist accommodations or time-sharing agreements, subject to regional value requirements (800,000 euros in Attica, 400,000 euros elsewhere). Third-country nationals who fulfill these conditions or make a 10% down payment by September 30, 2024, can complete their investment by December 31, 2024, under the previous regulations.

If the initial property purchase is not completed, the buyer can finalize their investment in another property by April 30, 2025, while adhering to the same conditions. This provides additional flexibility for investors while ensuring compliance with Greek regulations.