Finance Ministry tightens Golden Visa rules

Athens,Greece.- The Finance Ministry announced on Thursday measures to cut down on bureaucracy, facilitate taxpayers, use modern technology in collaboration with the Independent Authority for Public Revenue (AADE) and enhance transparency. Moreover, it presented the changes to the Golden Visa programme, which on the one hand give priority to the housing needs of households and on the other hand allow investments to continue with new, more balanced terms.

The Minister of National Economy and Finance, Kostis Hatzidakis, said: “The measures serve the goals of transparency, reduction of bureaucracy, better service to the citizen and utilization of AADE’s digital tools. At the same time, we are moving forward with balanced measures for the Golden Visa programme, which primarily takes into account the housing needs of households, without however forgetting the need to attract investment to the country. We introduce incentives to convert buildings into homes, we protect historic buildings that are part of our cultural heritage and we explicitly prohibit Golden Visa properties from being used for short-term rentals. These measures are part of the government’s overall housing policy, which aims, in cooperation with the private sector, to ensure affordable and quality housing for all citizens, taking into account, however, the need to continue investments on more balanced terms.”

More specifically, in Attica, Thessaloniki, Mykonos, Santorini and the islands with a population of over 3,100 inhabitants, the threshold increases to 800,000 euros while in other areas the threshold is 400,000 euros and above. Moreover, investors must purchase a property of at least 120 sq.m. For buildings that have industrial use and are converted into houses, the required amount is 250,000 euros while the required amount for investment in a historic building stands at 250,000 euros.