Greek government changes Golden Visa rules to target investment in old and industrial buildings

Greek government revises Golden Visa programintroducing uniform requirements, electronic applications and restrictions on short-term rentalsto reduce pressure on the housing market.

Greece completely updates program rules Golden Visaaiming to simplify the application process, consolidate document requirements and direct foreign investment to areas that address social and housing challenges. New ministerial decision (ΚΥΑ)published in “Εφημερίδα της Κυβέρνησης”, clarifies all procedures for third-country nationals investing in real estate.

Minister of Migration and Asylum Thanos Plevriswho signed the KΥΑ together with the Minister of National Economy Kyriakos PierrakakisMinister of Development Panos Theodorikokos and Deputy Minister of Environment Nikolaos Tagarasemphasizes: “We are strengthening the national investment policy and making the system more transparent and functional.”

Unified documents and electronic applications

All types of investments – purchase of real estate, timeshares, objects of cultural value, change of use of buildings, purchase of plots – are now subject to a single list of documents. Main story – possibility of electronic application submission without physical presence. After filing, the investor arrives only to submit biometric data.

Each application requires:

• private insurance,
• electronic payment of state duty 2,000 euros,
• consular fee 180 euros for entry visa,
• notarized confirmation of the transaction (parties, object, price, payment method and transaction details),
• legal and technical opinions of lawyers and engineers.

In the case of purchasing a property that is ready or permitted for construction, the minimum area of ​​the main premises must be not less than 120 sq. m.

“Stop” short-term rentals

One of the key goals of the reform is termination of the use of Golden Visa for bulk purchases of apartmentswhich were then immediately translated for short-term rental. The government believes that this practice decreased housing availability for citizens and increased the cost of rent.

Now for new investments starting in 2024, short-term rentals are completely prohibited.

Only allowed:

• timeshare schemes for a fixed period,
• long-term contracts for a period of five years in tourist complexes.

Investments in old and industrial buildings

The reform encourages the reconstruction of abandoned industrial sites. To change the purpose of a building, a technical opinion from an engineer and confirmation that the facility has not been operational for the last five years are required. Evidence includes power outage documents or tax forms.

Investments in plots and new buildings

The new CA allows investors to take into account, when calculating the investment amount, both the cost of purchasing a plot or agricultural land along with construction, and only the cost of construction. This is aimed at developing new properties, rather than re-purchasing apartments from the market.

Support for historic properties

In case investments in objects of historical value Documentary evidence of completion of restoration or reconstruction is required. In this way, the state stimulates the renovation of the architectural heritage.

The government says the new COA will reduce speculation, increase housing affordability for citizens, simplify processes for bona fide investors and channel investment into brownfield, industrial and culturally significant properties, as well as new construction.

As Plevris emphasized: “We are bringing more properties to market, creating incentives to convert industrial and commercial buildings into housing, eliminating short-term rentals and increasing the minimum investment threshold.”. According to him, this strengthens the market and creates a more balanced investment structure.

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