February 14, 2024
Recent updates from Greece have raised concerns, signaling an inevitable increase in the investment threshold for the Greek Golden Visa. Our latest report sheds light on the essential details.
A Brief Overview of the Greek Golden Visa
Originating in 2013, the Greek Residency by Investment Program grants residency through real estate investment. Introduced by the New Democracy party to boost the struggling economy, the program has since issued over 20,000 golden visas, attracting more than €5 billion in investments.
In January 2023, the government announced plans to double the minimum investment in certain regions from €250,000 to €500,000. This adjustment impacts 36 municipalities, including 28 in Greater Athens, six in Greater Thessaloniki, and popular tourist destinations Mykonos and Santorini.
An extension was granted for deposits on properties at the original price until the end of July and further extended thereafter.
At the Prime Minister’s Question Time on Friday, February 9, 2024, in the Greek parliament’s grand ballroom, Nikos Androulakis, leader of the socialist opposition PASOK-KINAL, inquired about the government’s strategy to tackle the escalating housing crisis.
Prime Minister Kyriakos Mitsotakis, of New Democracy, responded thoughtfully, particularly addressing the Greek Golden Visa. Mitsotakis acknowledged the need to increase the investment threshold further, considering the division of regions in Attica and the pressure on rents in Western Athens. Discussions with the Finance Minister are underway to potentially raise the threshold to €800,000 for areas facing rent pressures, while contemplating maintaining lower thresholds in unaffected regions. Mitsotakis also entertained the suggestion of mandating long-term leases for properties acquired through the golden visa program, indicating imminent government actions without abolishing the program entirely.
