Greece tightens 'Golden Visa' requirements: Minimum investment amount set at 800,000 euros

Non-EU citizens will have to pay more to obtain a residence permit in Greece through real estate purchases starting September 1.

According to a report by DW Turkish, while the minimum investment required to obtain a Golden Visa in the country's two largest cities, Athens and Thessaloniki, as well as on major Greek islands, was previously 250,000 euros, this lower limit has been raised to 800,000 euros. In other cities and regions, the lower limit has been set at 400,000 euros.

CHINESE AND TURKISH NATIONALS BENEFITED THE MOST

Those who hold a residence permit known as a Golden Visa have the right to free movement within the EU zone without any restrictions. To date, the Chinese and Turks have benefited the most from Greece's Golden Visa program, followed by Israelis since the start of the Gaza War. The Golden Visa, granted to individuals who make the necessary real estate investment, also covers the person's family members (first-degree relatives) and is valid for five years. If the property in question still belongs to the Golden Visa holder after five years, the permit is extended for another five years.

There are also certain conditions for those who purchase real estate to obtain a Golden Visa. According to a statement by the Greek Ministry of Finance on the matter, for example, a homeowner can rent out their property, but they cannot rent it out for short-term stays through platforms like Airbnb. It is stated that by implementing this measure, the Greek government is attempting to combat housing shortages and rising prices in the real estate market while also ensuring revenue for the state treasury.

250,000 EURO INVESTMENT WILL REMAIN VALID IN SPECIAL CASES

Real estate agents speaking to Greek media report that with foreign investors beginning to purchase property in Greece, there has been a significant increase in housing sales and rental prices in recent years, especially in large cities and many islands.

On the other hand, the Greek government will continue to grant Golden Visas with a minimum investment of 250,000 euros in special cases. For this, investors are required to purchase a protected building and restore it in accordance with legal requirements.

According to reports from Greek public radio citing relevant institutions, there were 8,516 attempts to purchase real estate under the Golden Visa program last year, and 1,802 of these were completed. It is reported that some investors have purchased multi-story buildings, for instance, in the capital, Athens. According to figures released by the Greek Ministry of Finance, sales eligible for Golden Visa applications brought approximately 2.5 billion euros into the country last year.

News Source: 12punto