In order to bring more “significant investments” to the country, Greece will again increase the investor visa threshold required for the Golden Visa Program and reduce the number of visas granted.
Confirming the new changes, the country’s Economy and Finance Minister Kostis Hadjidakis emphasised that for listed buildings, the limit will be lower to direct funds to a real estate category that is particularly in need.
Hadjidakis said the government’s new policies aim to address market distortions while bringing balance to the real estate market. According to him, the new changes also aim to increase the availability of properties for rental, respect the rights of owners, and support construction.
Ensuring that the scheme would not be abolished but would be subject to further restrictions, Economy and Finance Ministry spokesperson Omiros Tsapalos considered it in the interest of the Greek economy.
We will not abolish the Golden Visa program because it is not in the interest of the Greek economy. But we will impose further restrictions. We will increase the acquisition limits where necessary and to the extent necessary.
According to him, the goal for a lower limit was to offer more incentives to investors from other countries so they focus on these properties.
Buying a property in Greece in exchange for acquiring residency is among the most famous options of the Golden Visa Program for over a decade that has been operating in the Hellenic Republic. Data from the Migration Ministry of Greece recently revealed that since 2013, about €5.54 million have been brought to the country’s real estate market through the Golden Visa scheme.
However, Greece is dealing with a housing shortage. The main goals of the new changes announced by the Minister of Economy and Finance are to manage demand and reduce the increasing prices of buying and renting properties.
In order to increase the affordability of real estate for citizens of Greece, Greek Prime Minister Kyriakos Mitsotakis announced the increase of the minimum amount of investment required for the issuance of a golden visa from €250,000 to €500,000 in some parts of the country.
The decision that took effect on August 1 last year includes the islands of Mykonos and Santorini, the Municipality of Thessaloniki, and the Greater Area of Athens.
However, the leader of the Panhellenic Socialist Movement (PASOK), Nikos Androulakis, said the scheme has led to a shortage of apartments for residents of Greece, urging the country’s government to terminate this scheme. In addition, he said that he would launch a campaign against the scheme that brought €1 billion euros to Greece in the first half of last year.
