Greece’s Golden Visa Program, which allows third-country nationals to acquire residency by making a real estate investment, is set to undergo further changes. While the current minimum investment amount of €250,000 will remain in place, Prime Minister Kyriakos Mitsotakis has announced that the threshold for certain parts of the country could increase to as much as €800,000.
The increase is designed to address residential pressure in high-demand areas, with Mitsotakis indicating that the government may also require those who purchase properties through the program to rent them out for extended periods. The goal is to bring more significant investments into the country while reducing the number of visas granted and addressing market distortions.
According to Mitsotakis, only 7% of real estate transactions in recent years have been connected to the Golden Visa program. Despite this, the scheme has brought nearly €5.54 million into Greece’s real estate market over the past decade, making it a popular option for acquiring residency in the Hellenic Republic.
However, the government’s decision to increase the investment threshold has been met with concern, as it could exacerbate the housing shortage currently facing the country. In response, the government aims to reduce rising property prices and increase the availability of properties for rent, all while respecting the rights of property owners and supporting construction.
These changes come on the heels of a previous increase in the minimum investment amount, which went 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. As Greece continues to grapple with housing shortages and market distortions, the impact of these changes on the Golden Visa Program remains to be seen.
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