GREECE Trends and Developments Contributed by: Petros Machas, Ioannis Charalampopoulos and Vasileios Tsintzos, Machas & Partners
Tax Benefits and Investing in Greece Greece’s private wealth management sphere is driven by tax advantages of residency, investment and alter - native taxation regime programmes, combined with the unique blend of lifestyle and business advantages it offers as a waterfront hub with year-round sun and located in a strategic time zone. The most prominent trend in Greek private wealth is the increasing demand for personalised financial planning services. Affluent clients are seeking comprehensive solutions cover - ing tax planning, estate planning, retirement strategies and risk management, driven by evolving regulatory landscapes and the complexities of modern markets. Additionally, the real estate sector is thriving, fuelled by the tourism sector, while escalating investments in start-ups and sustainable energy highlight Greece’s commitment to innovation and eco-consciousness. The agricultural sector is also gaining attention for its potential to produce top-quality goods. Amidst these trends, wealth managers and ultra high net worth (UHNW) individuals encounter a dynamic landscape filled with opportunities and challenges, enabling them to harness emerging trends to optimise portfolios and The Greek Parliament recently approved significant amendments to the Golden Visa admission rules, by virtue of Article 64 of Law No 5100/2024, with key clarifications in Circular 9 (AΠ240076) issued by the Ministry of Migration. These brought significant altera - tions to the programme’s structure and criteria, while also introducing stringent measures and new pro - gramme regulations. These reforms reflect the gov - ernment’s commitment to ensuring that foreign invest - ment contributes to sustainable urban development while safeguarding housing availability. The evolving landscape of the Greek Golden Visa programme offers a rich palette of investment opportunities, allowing investors to tailor their strategies to match risk pref - erences, desired involvement levels and long-term goals. Following such amendments, the Golden Visa landscape is now shaped as follows. achieve long-term financial objectives. Requirements for Greece’s Golden Visa Programme • A dual-zone system with minimum eligible real estate investment of EUR400,000, while invest - ments in real estate located in the most popular
and high-demand allocations – including Attica, Thessaloniki, Mykonos, Santorini and islands with sizeable population (exceeding 3,100 inhabitants) – should have a minimum value of EUR800,000. • Single property mandate – the revised regulations require investment through real estate acquisition to be exclusively directed towards a single property with a minimum surface area of 120 square metres. • Smaller thresholds for investments relating to conversions of non-residential properties, or restorations of listed buildings to residential use, with no minimum surface area requirement. An applicant may obtain the Golden Visa with a minimum threshold of EUR250,000 by investing in a commercial property (such as office spaces) to be converted for residential use. The threshold of EUR250,000 also applies for an investment in a listed building, provided that its restoration will follow (offering an incentive for the preservation of architectural heritage and promoting sustainable development). • Post-acquisition restrictions – the recent amend - ment introduces stringent measures and new pro - gramme regulations. Properties acquired under the new Golden Visa scheme cannot be leased under a short-term rental. Non-compliance may result in permit revocation and financial penalties. • Grandfather rights – the change in law did not have a retroactive effect and investments made under previous regulations will not be affected. Start-Up Visa: A New Framework for Innovation- Driven Residency The Start-Up Visa (type “B.6” residence permit), intro - duced via Article 100A of Law 5038/2023 (as inserted by Article 44 of Law 5162/2024, Government Gazette Α’ 198), provides an alternative route for third-country nationals to gain residency through entrepreneurial activity in Greece. Starting from December 2024, the Golden Visa programme has embraced the growing Greek start-up ecosystem by enabling residency eligi - bility through investments in start-ups registered with Elevate Greece, the official national registry for inno - vative companies. This change aligns the programme with Greece’s broader economic development strat - egy, fostering international investment in local innova - tion, and accompanies the introduction of a new tax regime for venture capital mutual funds. In particular,
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