GOLDEN VISA: NEW RULES

Investments in real estate (permanent investor residence permit)

(residence permit type B.5)

• a) For the Region of Attica, the Regional Unit of Thessaloniki of the Region of Central Macedonia, the Regional Units of Mykonos and Thera of the South Aegean Region and for the islands - including Evia - with a population, according to the latest census, of over 3,100 inhabitants, the minimum acquisition value of the real estate at the time of its acquisition is set at 800,000€. In this case, the investment is made in a single property. Specifically, if it is a structured real estate or a property for which a building permit has been issued, a minimum area of ​​main spaces of 120 sq m is required. In the case of investment through the purchase of a percentage of undivided co-ownership of a property, the minimum value of the co-ownership percentage is set at €800,000.
• b) For the other regions of the country, the minimum acquisition value of the real estate at the time of its acquisition is set at €400,000. In this case, the investment is made in a single property. Specifically, if it is a structured real estate or a property for which a building permit has been issued, a minimum area of ​​main spaces of 120 sq m is required. In the case of investment through the purchase of a percentage of undivided co-ownership of a property, the minimum value of the co-ownership percentage is set at €400,000.

EXCEPTIONS

• In cases of investment through the purchase of real estate either a) if the main premises are changed to a residence, or b) the real estate consists of an industrial building or part of an industrial building or within which an industrial building is located, exclusively if no industry has been established and operated in it for at least the last 5 years, the minimum value at the time of acquisition is set at €250,000. In this case, the investment is made in a single property. This change of use may also be carried out by the seller. The properties acquired under these conditions may not be used as a registered office or branch of a business. In case of non-compliance with this provision, the residence permit shall be revoked and an autonomous administrative fine of €50,000 shall be imposed on the owners and/or holders of the property. In the case of an investment through the purchase of a share in undivided co-ownership of a property, the minimum value of the share in undivided co-ownership shall be set at €250,000. In the case of an investment through the purchase of real estate consisting of a listed building for restoration or reconstruction or part of a listed building or within which a listed building is located, the minimum value at the time of its acquisition shall be set at €250,000.

  In this case, the investment is made in a single property. The transfer of the property is not permitted before its full restoration or total reconstruction is completed. In the event that a property transfer contract is concluded despite this prohibition, the residence permit is revoked and an independent administrative fine of €150,000 is imposed on the owners and/or possessors of the property.

  A prerequisite for the first renewal of the residence permit is the implementation of the full restoration of the elements of the real estate or their total reconstruction, regardless of the cause of the alteration or the collapse or demolition of the buildings or parts thereof. In case of non-compliance with this condition, an independent administrative fine of 150,000€ shall be imposed on the owners and/or holders of the property.

  In the case of investment through the purchase of a percentage of undivided co-ownership of a property, the minimum value of the percentage of undivided co-ownership is set at 250,000€.

PROHIBITION OF SHORT-TERM RENTAL AGREEMENT

Properties acquired in full ownership and possession by third-country nationals for the initial grant or renewal of an investor's residence permit are prohibited from being rented out short-term within the framework of the sharing economy, as well as from being subleased. In case of non-compliance with this provision, the residence permit is revoked and an independent administrative fine of €50,000 is imposed on the owners and/or occupants of the property.