The government announced some significant changes to the investment requirements.

🔹Increased Investment: In high-demand areas such as Attica, Thessaloniki, Mykonos, Santorini, and other populous islands, the minimum investment will rise to €800,000 from the previous €500,000 or €250,000. Meanwhile, in all other regions, the threshold will increase to €400,000 from €250,000.

🔹Property Specifications: Each investment must now be in a single property with a minimum area of 120m², ensuring quality and suitability for long-term residency.

🔹Rental Use Restrictions: The use of properties for short-term rentals is now prohibited, aligning with broader housing policies.

🔹Transition Period: These changes are set to take effect from March 31st, 2024. However, there’s good news for those looking to take advantage of the previous rules. Investors still have an opportunity to apply under the old requirements until August 30th, 2024.

🔹Completion Deadline: It’s crucial to note that investments under the previous rules should be completed by December 31st, 2024, ensuring a smooth transition period.