The Golden Visa Program allows foreigners to gain residency in Greece in exchange for financial investments, as reported by Schengen.News.
ISLAMABAD: Greece’s decision to raise the minimum investment amount required for obtaining a golden visa starting September 1 has sparked a surge in international interest in purchasing properties in the country before the new rules come into effect.
The Golden Visa Program allows foreigners to gain residency in Greece in exchange for financial investments, as reported by Schengen.News.
In response to the housing crisis, Greek authorities had previously announced plans to increase the minimum investment amount required for a Golden Visa. This decision was confirmed by Greek Prime Minister Kyriakos Mitsotakis, who stated that the investment threshold would rise to as much as €800,000 ($890,000) for real estate investments in the country’s most sought-after areas.
“We are discussing with the finance minister the possibility of further increasing the threshold for golden visa investments, especially in regions where rents are high. The new limit could reach €800,000,” said Prime Minister Mitsotakis.
New Changes Effective September 1
Starting next month, the minimum investment amount required in Thessaloniki, Mykonos, Santorini, and islands with populations over 3,100 will increase from €500,000 to €800,000. In other areas, wealthy foreign investors will need to spend €400,000 instead of €250,000 to purchase property and qualify for residency through the Golden Visa Program.
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All properties purchased must be at least 120 square meters, and only one property can be bought to meet the required investment threshold. For properties not intended for residential use, the threshold remains €250,000, the same as for listed properties that require restoration.
Golden Visa Program’s Economic Impact
Data from Greece’s Immigration and Asylum Ministry revealed that the Golden Visa Program contributed nearly €1 billion to the country’s economy in the first five months of last year. In May of this year, the Ministry reported that 9,478 golden visa applications were still under review, with 6,228 submissions recorded in the previous year.
Despite the increase in the minimum investment amount, the demand for the Golden Visa Program remains strong, with the Ministry reporting 1,300 more applications in the first two months of this year compared to the same period in 2023.
