Greece has officially decided to tighten its Golden Visa Program rules, increasing the minimum investment requirement that a foreigner needs to make in Greece in order to be granted a residence permit.
Presenting the changes to the Golden Visa Program, the Minister of Finance of Greece, Kostis Hatzidakis, said that the country wants to address the housing crisis, and the same stressed that several new rules will now start applying, SchengenVisaInfo reports.
As Ekathimerini explains, the Minister has officially confirmed that in popular regions as well as in islands that have more than 3,100 inhabitants, the minimum investment requirement will increase to €800,00.
Parts of the country in which third-country nationals will need to invest €800,000 to secure a Greek residence permit include Attica, Mykonos, Santorini, and Thessaloniki, among many others.
As for the other areas, the Minister confirmed that the minimum investment requirement is €400,000.
This means that varying investment thresholds will be tailored to the specific needs of each area, with them falling within a range of €400,000 to €800,000 depending on the areas’ housing demands and population size.
In addition to the investment requirement, foreigners are also required to purchase a property that has no less than 120 square metres.
While the investment requirement has officially been decided, it has been noted that in certain cases, a lower investment will be required.
For instance, the threshold for buildings that have industrial use but have turned into houses will be €250,000, Ekathimerini notes.
Golden Visa Properties Restricted From Short-Term Rentals
As part of its measures, Greece has also decided to no longer permit properties brought through the Golden Visa Program to be used for short-term rentals.
By imposing such a rule, Greece does not want to allow investors who use this scheme to invest in real estate for the purpose of short-term leasing.
Commenting on the measure, Minister Hatzidakis said that the government is committed to prioritising the housing requirements of households while recognising the importance of attracting investment to Greece.
We are moving forward with balanced measures for the Golden Visa program.
The changes that Greece has decided to make have raised concerns among foreign investors as well as real estate professionals.
The latter said that Greece risks pushing away foreign investors with the new rules, and there are countries that have more “attractive” requirements.
Greece attracts a high number of investments through its Golder Visa Program. Data show that the scheme brought more than 4.3 million to the country during the 2021-2023 period.
