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    ARTICLE - Greece

    Greece Raises Golden Visa Investment Threshold

    07 Apr

    Greece Raises Golden Visa Investment Threshold - Introduction

    In a  move stated as an attempt to alleviate its ongoing housing crisis, Greece has announced significant changes to its Golden Visa program, effectively raising the required investment for prospective foreign investors. Initiated in 2014, the Golden Visa program has been instrumental in attracting foreign investment by offering a renewable, five-year residence permit in exchange for a 250,000-euro property investment.

    What is the new investment threshold?

    As of  31 March  the investment threshold will see a substantial increase, with a new minimum set at 800,000 euros for properties in high-demand regions including Attica, Thessaloniki, Mykonos, Santorini, and islands with populations exceeding 3,100. For other areas, the starting investment requirement will be adjusted to 400,000 euros.

    Why move the goal posts?

    This adjustment comes in response to a significant surge in rental prices, which have escalated by 20 percent since Greece emerged from a nearly decade-long financial downturn in 2018, as reported by the Bank of Greece. Under the revised guidelines, investors are now obligated to purchase properties of at least 120 square meters. For those investing in historic properties or industrial buildings repurposed as residential spaces, the investment floor remains at 250,000 euros. Data from the Migration Ministry highlights the program's popularity, with a record 10,214 visa-related applications filed last year, including both new acquisitions and renewals. Out of these, 5,701 Golden Visas were issued in 2023 alone, with an additional 8,800 applications still under review.

    A victim of its own success?

    The total investment channeled through the program in the past year reached at least one billion euros. Despite the program's success in drawing investment, the Association of Public Limited Companies and Entrepreneurship (SAE/E) has expressed skepticism regarding the government's objective of lowering housing prices and enhancing the availability of long-term rental properties. The Greek property market and construction sector, which suffered dramatically during the financial crisis that began in 2008, have seen over 20,000 permanent residence permits issued to real estate investors to date. Notably, in 2021 alone, 6,405 Chinese nationals were granted residence permits under this scheme, according to data from the migration and foreign ministries.

    Greece Raises Golden Visa Investment Threshold - Conclusion

    The Greek government's decision to increase the Golden Visa investment requirement is a bold step towards addressing the housing affordability crisis and ensuring that the program contributes positively to the nation's economic and social landscape.

    Final thoughts

    If you have any queries on this article called Greece Raises Golden Visa Investment Threshold, or Greek tax matters in general, then please get in touch.
    ResidencyVisa

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