The Golden Visa Program in Greece has been a huge success, bringing nearly €5.54 million into the Greek real estate market over the course of its nearly ten years of operation. According to data from the Migration Ministry of Greece, over 22,298 permanent investor permits have been issued or are pending approval.
However, it has been reported that a higher amount has been invested in the real estate market through the program, as some investors have gone beyond the minimum investment requirement of €250,000. Vasilis Livadas, of housing development company Green Properties, mentioned that many clients purchased additional homes as well in order to secure high returns and income through exploitation.
Vangelis Kteniadis, the President of real estate development and management company V2 Development, noted that nearly 99 per cent of investors who buy properties in Greece with the aim of securing a residence permit rent them out, mainly on a long-term basis. This has led to concerns about a shortage of apartments for residents of Greece.
Last year alone, a total of 4,231 new licenses were granted through the Golden Visa Program, nearly double the number issued in 2022. The scheme brought a total of €1.32 billion into the country, contributing significantly to the economy.
Despite the economic benefits, the program has led to a shortage of apartments for Greek residents, leading to calls for the government to put an end to the Golden Visa Program. Prime Minister Kyriakos Mitsotakis previously announced an increase in the minimum investment requirement from €250,000 to €500,000 in some parts of the country to address the housing affordability issues, but this has been met with criticism.
Nikos Androulakis, the leader of the Panhellenic Socialist Movement (PASOK), urged the government to end the program and initiated a campaign against the Residency by Investment scheme. He argued that increasing the threshold in certain areas was not an effective solution to the challenges facing the Greek housing market, as it does not address the issue of apartment shortages in downtown areas.
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