GREECE Trends and Developments Contributed by: Petros Machas, Ioannis Charalampopoulos, Vasileios Tsintzos and Sofia-Maria Sventzouri, 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 plan - ning services. Affluent clients are seeking comprehen - sive solutions covering 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 supported by an emerging agri-tech subsector. Data centres are emerging as a key area of investment in Greece, sup - ported by rapid technological development and the increasing digitalisation of businesses across various sectors, as well. 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 achieve long-term financial objectives. Requirements for Greece’s Golden Visa Programme The Greek parliament has approved significant updates to the Golden Visa rules, by virtue of Article 64 of Law No 5100/2024, with key clarifications in Circular 9 (AΠ240076) and most recently in Circular 1/2026 (ΑΠ72019/21-04-2026), issued by the Ministry of Migration. These brought significant elaborations to the programme’s current structure and criteria, while also simplifying the stringent measures and the new programme 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 broad range of investment opportunities, allowing investors to tailor their strategies to match risk pref - erences, desired involvement levels and long-term goals. Following these clarifications, the Golden Visa landscape is now shaped as follows. • 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 a sizeable population (exceeding 3,100 inhabitants) – must 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). In addition, Circular 1/2026 clarified that the change of use must be completed after the entry into force of Article 64 of Law 5100/2024, namely from 5 April 2024 onwards. • 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, and this prohibition is actively enforced through the AADE short-term rental reg - istry. Non-compliance may result in permit revoca - tion 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.
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