Greece to Increase Investor Visa Threshold for Golden Visa Program
Greece has announced that it will be raising the investor visa threshold required for the Golden Visa Program, with the aim of attracting more “significant investments” to the country. Additionally, the number of visas granted will be reduced as part of the new changes.
The country’s Economy and Finance Minister Kostis Hadjidakis confirmed the new changes, emphasizing that for listed buildings, the limit will be lower to direct funds to a real estate category that is particularly in need. According to him, the new policies aim to address market distortions, bring balance to the real estate market, and increase the availability of properties for rental, while respecting the rights of owners and supporting construction.
The Economy and Finance Ministry spokesperson, Omiros Tsapalos, stated that the Golden Visa program will not be abolished, but will be subject to further restrictions. The goal for the lower limit is to offer more incentives to investors from other countries so they focus on these properties.
The Golden Visa Program, which allows individuals to acquire residency in Greece by purchasing property, has been operating in the Hellenic Republic for over a decade. However, in recent years, the country has been facing a housing shortage. To address this, Greek Prime Minister Kyriakos Mitsotakis announced an increase in the minimum amount of investment required for the issuance of a golden visa from €250,000 to €500,000 in certain parts of the country.
The decision, which took effect on August 1 last year, includes popular destinations such as the islands of Mykonos and Santorini, the Municipality of Thessaloniki, and the Greater Area of Athens. Despite the economic benefits brought by the Golden Visa scheme, there have been concerns raised about the shortage of apartments for residents of Greece, prompting calls for the government to terminate the scheme.
As the country navigates the balance between attracting foreign investment and addressing housing concerns for its citizens, the new changes to the Golden Visa Program are aimed at striking this balance and ensuring the sustainability of the real estate market in Greece.
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