Golden visa: all the changes in the real estate market – what applies to each region, airbnb curbs and fines of 50,000 euros

Important changes to the Golden Visa status were presented yesterday by the Minister of National Economy and Finance, Mr Kostis Hatzidakis.

The new arrangement will be effective from March 31, with some “windows” left for potential buyers conditionally until the end of September.

For whom is the current legislation expected to be extended?

Prospective buyers who pay a 10% down payment by the end of September will be able to complete their purchase by the end of the year under the previously applicable terms. If the purchase of the property is not completed, the buyer can complete his investment in another property under the conditions valid until April 30, 2025.

Fines and cancellation of the golden visa

For those who do not implement the new measures, a fine of 50 thousand euros and cancellation of the residence permit are expected. For example, those who buy properties for a Golden Visa will not be able to make them available through Airbnb. In case of violation of the legislation, a strict fine of 50,000 euros is imposed and the residence permit is cancelled.

Change in the limits for obtaining a Golden Visa

Finally, the limits for the Golden Visa have also changed, rising to 800,000 euros from 500,000 euros in Attica, Thessaloniki, Mykonos, Santorini and islands with a population of more than 3,100, while there is also a cap on the region, where now, to obtain a Golden Visa, one must The property area must not be less than 120 square metres. It is related to a unique characteristic. For example, two properties of 60 square metres. It is not calculated as 120 square metres. Therefore, it does not justify obtaining a residence permit.

All changes to Golden Visa status

In summary, all the changes in the new Golden Visa receipt status regulation are as follows:

• To obtain a Golden Visa, the property must be at least 120 square metres.
• In Attica, Thessaloniki, Santorini, Mykonos and islands with a population of more than 3,100, the limit rises to 800,000 euros from 500,000 euros.
• In the rest of the regions, the limit rises from 250,000 euros to 400,000 euros.
• For protected real estate and industrial properties converted into housing, the limit remains at €250,000.
• As long as the property remains with the investor, the golden visa can be renewed even after five years.
• Those who pay the price or make a 10% down payment by the end of September will be able to complete the purchase by the end of the year under the terms applied before. If the property purchase is not completed, the buyer can complete his investment in another property under the conditions valid until April 30, 2025.
• If someone does not comply with the legislation, a fine of €50,000 and cancellation of the license are expected.
• Additionally, properties are not permitted to be made available to airbnb.
• Purchases of a proportion of property in undivided shared ownership are permitted, but the minimum value is €800,000 and €400,000 respectively.