Greece’s Golden Visa Program has been a popular option for foreign investors looking to acquire residency through financial investment. However, recent plans to increase the minimum investment requirement to up to €800,000 have raised concerns among real estate professionals and homeowners in the country.
The potential increase in minimum investment has sparked fears of a decrease in foreign investors, as Greece may lose its competitiveness compared to other countries offering similar Residency by Investment Programs. Cyprus, Malta, and Spain, for example, have lower investment requirements for acquiring residency through real estate options.
Cyprus requires a minimum investment of €300,000 for a golden visa, while Malta and Spain set the bar at €350,000 and €500,000, respectively. This has put pressure on Greece to reconsider its pricing strategy for the Golden Visa scheme.
Recent reports suggest that Greece is considering implementing a three-zone pricing system for its Golden Visa Program. Zone A would have a minimum requirement of €800,000 and include desirable areas such as central Attica, Thessaloniki, Mykonos, Santorini, and other popular destinations. Zone B and Zone C would cater to areas with lower interest from wealthy investors, with minimum requirements of €400,000 – €500,000 and €250,000, respectively.
These changes come in response to the country’s housing crisis and the need to address the increasing prices of buying and renting properties in Greece. The Ministry of Economy and Finance aims to strike a balance between attracting foreign investment and managing the housing shortage in the country.
While the proposed increase in minimum investment may deter some foreign investors, the Golden Visa Program in Greece remains an attractive option for those seeking residency through real estate investment. The final decision on the pricing changes is yet to be confirmed, but it is clear that Greece is striving to find a balance that benefits both investors and the local housing market.
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