Greece Raises Golden Visa Investment Threshold to €800,000
Greece has significantly increased the investment threshold for its Golden Visa program, raising it from €250,000 to €800,000.
Greece has significantly increased the investment threshold for its Golden Visa program, raising it from €250,000 to €800,000. This substantial change is designed to address the housing crisis triggered by surging property prices in high-demand areas.
Background of the Program
Introduced in 2013, Greece's Golden Visa program offered residency permits to non-EU nationals who invested in Greek real estate, along with visa-free travel within the Schengen area. Initially set with one of Europe's lowest investment requirements, the program attracted considerable foreign capital, bolstering Greece’s economic recovery.
Impact and Government Response
The program's success, combined with its low entry threshold, inadvertently led to a spike in property prices, particularly in popular areas such as Athens, Thessaloniki, Mykonos, and Santorini. This surge in real estate values has made housing increasingly unaffordable for local residents, exacerbating the housing crisis.In response, the Greek government has decided to significantly raise the investment requirement. Effective from September 1, 2024, the new minimum investment for properties in high-demand regions will be set at €800,000. This policy shift aims to alleviate the pressure on the real estate market in these areas and encourage investment in less saturated regions, promoting a more balanced and sustainable development across Greece.
Future Outlook
The revised rules reflect Greece's new strategy to better manage foreign investment while addressing housing affordability concerns. The increase in the Golden Visa investment threshold is expected to temper the rapid rise in property prices in high-demand locations and support the development of real estate markets in less frequented areas.
