What happened:
The popular Greek "Golden Visa" program, which allows citizens of third countries to obtain five-year residency permit by purchasing real estate in Greece, is changing once again. Minister of Economy Kostis Hatzidakis announced the government's plans to attract larger investments.
Details:
At the 41st All-Greek Real Estate Owners Conference, Hatzidakis confirmed that the government will raise the threshold for obtaining an investor visa and reduce the number of visas issued. However, for properties listed as architectural monuments, the limit will be lower.
Quote:
"We are not abolishing the 'Golden Visa' program because it does serve the interests of the Greek economy; but we will introduce additional restrictions," said Ministry of Economy representative Omiros Tsapalos.
Context:
Last summer, Greece doubled the minimum investment amount to €500,000 and allowed the purchase of only one property for this amount. The new rules and amendments affected central areas of Attica, Mykonos, Santorini, and Thessaloniki. The "Golden Visa" program brought approximately €1 billion to the Greek economy in the first five months of 2023.