Foreigners are rushing to buy properties in Greece to acquire residency through the Golden Visa Program ahead of the new changes.
From September 1, the minimum investment requirement for golden visas will increase significantly, reaching €800,000 in Greece’s most famous territories.
Greece’s Golden Visa Program boosted the country’s economy by nearly €1 billion in the first five months of 2023.
Greece’s decision to increase the minimum investment amount required to obtain a golden visa from September 1 has led to a surge in international interest in buying properties in this country before the new changes take effect.
Through the Golden Visa Program, foreigners are eligible to acquire residency in the Hellenic Republic in exchange for financial investments, Schengen.News reports.
As part of efforts to deal with the housing crisis, authorities in Greece previously unfolded plans to increase the minimum amount required for holding a Golden Visa.
The decision was announced by Greek Prime Minister Kyriakos Mitsotakis, confirming that the Golden Visa requirement would be increased to up to €800,000 ($890,000) for real estate investments in the country’s most popular territories.
What we are discussing with the finance minister is a further increase in the threshold for golden visa investments, and it will concern all areas where rents are high. It can go to €800,000.
Greek Prime Minister Kyriakos Mitsotakis
New Changes to Take Effect From September 1
Starting next month, the minimum amount required for investments in Thessaloniki, Mykonos and Santorini, and islands with a population surpassing 3,100 will increase from €500,000 to €800,000.
In other areas, wealthy foreign investors will have to pay €400,000 instead of €250,000 to buy a property and thus acquire residency through the Golden Visa Program.
All properties sold must be at least 120 square meters. In addition, only a single property can be bought to achieve the mandated threshold.
At the same time, properties that are not used as homes will have a threshold of €250,000, the same for listed properties that require restoration.
Golden Visa Program Has Brought Significant Boost to Greece’s Economy
The figures from Greece’s Immigration and Asylum data revealed that the Golden Visa Program of Greece boosted the country’s economy by nearly €1 billion in the first five months of last year.
In May this year, Greece’s Migration and Asylum Ministry said that a total of 9,478 golden visa requests are still being reviewed, with a total of 6,228 submissions recorded last year.
The figures from the Ministry revealed that the increase in the minimum amount required for golden visas didn’t affect the high demand for this program.
The statistics from the Ministry showed that there was an increase in the number of new requests for golden visas in the first two months of this year, with about 1,300 more applications compared to the same period in 2023 figures.
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