Greece changes 'golden visa' requirements: What is the new policy?
The investment amount required to obtain a residence permit in Greece through real estate investment, known as the 'golden visa', has been increased.
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The minimum investment amount required for the 'golden visa' program in Greece, which allows foreigners to obtain long-term residence permits in exchange for real estate investment, has been raised. According to the government's decision, the minimum amount required for a golden visa will be 400,000 Euros in some regions, while it will be 800,000 Euros on islands and in central areas.
According to a report in Greece's Kathimerini newspaper, the government will implement the new policy starting March 31. The decision is attributed to rising housing prices across Greece. Since the inception of the golden visa program, record increases in home and rental prices have been observed nationwide, largely due to interest from investors, particularly those from outside the EU.
The Mitsotakis government had previously announced its intention to make changes to the golden visa program, citing this situation. Greek Finance Minister Kostis Hatzidakis, while announcing the decision, also stated that restrictions would be imposed on homes rented out via 'Airbnb'.
With this decision, those wishing to benefit from the golden visa by purchasing property in Thessaloniki, Athens, or on the islands must make an investment of at least 800,000 Euros. On the other hand, it will be possible to obtain a golden visa with an investment of 400,000 Euros in rural areas and smaller tourist regions of the country.
Under the golden visa program, individuals who make real estate investments in the specified amounts can obtain a residence permit for five years. There is also the option to extend this visa for another five years.
Greece has generated 2.5 billion Euros in revenue so far through the golden visa program. Investors from Turkey and China have shown the most interest in the program.