While the lower limit for Greece’s Golden Visa Program will continue to remain at €250,000, the further increase for this scheme announced recently could reach €800,000 in some cases.
Such an announcement has been confirmed by the Prime Minister of Greece, Kyriakos Mitsotakis, who stressed that the minimum investment for third-country nationals in order to acquire Golden Visas could rise up to €800,000 for real estate investments in certain parts of the country.
Announcing the increase, Mitsotakis stressed that the €250,000 threshold will remain for areas with no residential pressure.
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 euros.
Greece’s PM also stressed that the government might make people who buy properties through the Residency by Investment scheme agree to rent them out for a long time, according to a report from the Greek Reporter.
“It’s convenient to attribute blame to a single villain for every complex issue,” he emphasised, adding that only 7 per cent of real estate transactions in recent years were connected to the Golden Visa.
Earlier this month, Greece’s Economy and Finance Minister, Kostis Hadjidakis, announced that the country plans to increase the investor visa threshold required for the Residency by Investment scheme again in order to bring more “significant investments” to the country and also reduce the number of visas granted.
According to the Minister, the new changes aim to address market distortions while also balancing the real estate market. Hadjidakis considered that the new changes aim to increase the availability of properties for rental, respect the rights of owners, and support construction.
Among the most favourite options for acquiring residency in the Hellenic Republic is buying a property. In addition, the statistics from the Migration Ministry of Greece showed that for over a decade that the scheme has been operating, nearly €5.54 million have been brought into Greece’s real estate market through the Golden Visa Program.
At present, Greece is dealing with a housing shortage. Greece’s Minister of Economy and Finance said that the new changes aim to reduce the increasing prices of buying and renting properties.
From August 1 last year, Greece increased the minimum amount of investment required for the issuance of a golden visa from n visa from €250,000 to €500,000 in some parts of the country, including Mykonos and Santorini, the Municipality of Thessaloniki, and the Greater Area of Athens.
