Greece's popular Golden Visa program, which grants residency permits in exchange for significant investments, is undergoing a significant makeover. Aiming to attract larger investments and address concerns about housing affordability, the government is raising the bar for participation and reducing the number of visas issued.

Tightening the Purse Strings

The minimum investment required for a Golden Visa will jump from €250,000 to €500,000 in specific areas like Athens, Thessaloniki, Mykonos, and Santorini. This change took effect in August 2023.

The government plans to decrease the total number of Golden Visas issued further, aiming for a more selective approach. A lower investment threshold will be offered for listed buildings to encourage investment in this under-maintained sector.

Motivations for Change:

• Market distortions: The government hopes to curb distortions in the real estate market caused by the influx of Golden Visa investors.
• Housing affordability: Concerns about limited housing availability for Greek citizens due to the program's popularity played a role.
• Attracting larger investments: By raising the threshold, Greece aims to attract investors with deeper pockets who can substantially contribute to the economy.

Potential Impact

• Industry concerns: Real estate and investment professionals express concerns about the impact on their businesses and the potential loss of foreign investment.
• Political debate: Opposition parties criticise the program, calling for its termination due to its perceived negative impact on housing affordability.
• Mixed feelings: While some welcome the changes, hoping for increased housing availability, others worry about the potential economic slowdown due to reduced foreign investment.

The revised Golden Visa program represents a shift in Greece's strategy, prioritising larger investments and aiming for a more balanced real estate market. It remains to be seen how these changes will impact the program's success, the investment landscape, and the broader Greek economy.

FAQS

How much more does it cost to get a Golden Visa in Greece now?

The minimum investment required has increased from €250,000 to €500,000 in prime areas like Athens, Mykonos, Santorini, and Thessaloniki. In other areas, the threshold remains unchanged.

Why is Greece making these changes?

Concerns about distorted real estate markets, housing affordability for citizens, and attracting larger investments are the main motivations.

Will it be more challenging to get a Golden Visa now?

With a higher minimum investment and possible reduction in overall visas issued, securing one will likely be more challenging.

Who benefits from these changes?

The government hopes for a more balanced real estate market and broader economic contributions from more prominent investors. Some citizens might see increased housing availability.

Who might be negatively impacted?

Real estate and investment professionals fear business losses, and some citizens worry about a potential economic slowdown from reduced foreign investment.

 Are there alternative residency programs in Greece or nearby countries?

Exploring other options could be worthwhile, depending on your goals and circumstances.