2/16/2024
Greece is set to amend the regulations of its renowned “Golden Visa” program, raising the investment threshold to attract more significant capital inflows. The announcement was made by the Minister of Economy and Finance, Kostis Hatzidakis, highlighting the country’s ambition to enhance its appeal to foreign investors. The program, which offers non-EU citizens a five-year residency in exchange for property acquisition, will experience tightened criteria: an increase in the minimum investment threshold and a reduction in the number of visas issued. However, properties of particular value will be subject to more lenient conditions, as part of efforts to direct investments towards sectors in greatest need.
Last summer, the government had already doubled the minimum investment amount to €500,000, limiting the purchase to just one property. This affected key areas, including Attica, Mykonos, Santorini, and Thessaloniki. With the latest changes, the leadership aims to eliminate market distortions, achieve a balance in the real estate market, improve rental conditions, protect property rights, and stimulate the construction industry.
Ministry representative Omiros Tsapalos emphasized that the program would not be canceled, as it plays a vital role in the Greek economy. However, additional restrictions will be introduced to ensure its effectiveness and fairness. Special attention will be paid to deserving properties, to attract foreign investments towards them.
Additionally, the government is extending the processing deadline for investment visa applications until July for those who have already applied but have not completed the procedure. Statistics show a sharp increase in interest in the program, with 3,900 applications in the first five months of 2023 compared to 1,444 in the same period last year, bringing significant benefits to the country’s economy. This interest has particularly surged after Portugal ended its similar program, underscoring the importance and attractiveness of Greece’s “Golden Visa” initiative on the international stage.