“Block” on short-term leases - What applies to listed buildings
The leadership of the Ministry of Finance described the new conditions that are set for the Golden Visa.
The most important change – confirming the report of naftemporiki.gr – is the increase of the limits to 800,000 and 400,000 euros, as well as the establishment of a “ceiling” on the property area, which cannot be less than 120 sq.m.
The new conditions
In particular, as announced by the Minister of Finance, Kostis Hatzidakis, for a 5-year residence permit, from March 31 – given that it is estimated that the relevant amendment will have been voted by then – the following conditions are set:
- In Attica, Thessaloniki, Mykonos, Santorini and the islands with a population of over 3,100 inhabitants, the objective value increases to 800,000 euros.
- In the remaining areas, the limit is set at 400,000 euros and above.
- In any case, the investment must be made in one property (not more than one of small value) with an area of at least 120 sq.m.
- The limit for investment in a listed building remains at 250,000 euros, on condition that the building is restored.
- For buildings that have industrial use and are converted into homes, the limit is set at 250,000 euros.
Short-term leases are not allowed
According to Mr. Hatzidakis, residence permits can be renewed for five additional years if the property remains in the ownership of the investor. If it is sold, the residence permit is removed.
Buyers can rent out the properties, however short-term leases (AirBnB) are not allowed.
Also, in cases where the property is converted into a home, it is prohibited to use it as a business address. In case of violation, the license is revoked and a fine of 50,000 euros is imposed.
In addition to buying real estate, third-country nationals can also obtain a residence permit by signing a long-term contract for a complex tourist accommodation or a timeshare contract for a tourist accommodation, of the corresponding value per area (800,000 euros in Attica etc., 400,000 euros in the rest of the country etc.).
Transitional period
In order for the new system to be implemented smoothly and not to disrupt the operation of the market, a transitional period is provided with the following conditions:
- Third-country nationals who will pay the price or pay a 10% deposit, or sign a preliminary or private purchase agreement, proving the relevant credits by September 30, 2024, can complete their investment by December 31, 2024 with the conditions that were in effect until now.
- In these cases, if the purchase of the property is not completed, the buyer can complete his investment in another property, always with the conditions that were in effect until now, but in any case not after April 30, 2025.
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