Plus, the draft law contains an amendment on the size of the square meters of real estate for a Greece Golden Visa. Suggested minimum footage from 120 m2. This point has caused a lot of controversy, we can only wait for the final decision.
Real estate purchased under a Greek residence permit will not be available for short-term rental (no Air BnB, etc.). That is how Government wants to expand the number of offers for long-term rentals on the local market. Violation will result in the revocation of the residence permit (yes, this is possible) and a fine of €50,000. It is not yet known whether such restrictions will apply to investors who have already received a Greece Golden Visa or submitted an application before the new requirements came into force.
At the same time, parliamentarians have a proposal to reduce the tax burden on this property: for example, exemption from the single property tax, and a reduced tax rate on rental income.
The influence of foreign investors on the Greek economy
The Greece Golden Visa program has provided the Mediterranean country with more than €4.3 billion in capital inflows from 2021 to 2023. This is the most popular investment residence permit program aka Golden Visa in Europe. Moreover, the Greece Golden Visa is issued for 5 years, in contrast to a similar program in Spain, where the status will need to be confirmed and extended after 1 year. And Portugal completely abandoned such an option as real estate in its program.
