Greece Raises Investment Need for Golden Visa

Greece Golden Visa Policy

Greece Raises: The Greek government is rolling out changes to its Golden Visa program, aiming to alleviate strain on the country’s property market. Investors seeking residency rights will now face higher investment requirements, with a minimum of €800K mandated for popular areas like Athens, Thessaloniki, Mykonos, Santorini, and other islands with over 3.1K inhabitants, according to a statement from the Finance Ministry.

Greece Raises Investment…

This move follows a prior doubling of the required investment amount in favoured areas, which was raised to €500K in August. Furthermore, in other regions of Greece, the minimum investment threshold will increase from €250K to €400K.

Investors will be restricted to purchasing a single property with a minimum area of 120 square meters, prohibited from utilizing it for short-term rentals.

Effective March 31, these revised investment thresholds aim to enhance the supply of long-term rental housing and mitigate the Golden Visa program’s impact on housing costs, as outlined by the ministry.

The demand for residential properties in Athens has surged in recent years, partly due to foreign interest, the nation’s recovering economy, and the accessibility of the Golden Visa program. Consequently, rental prices have correspondingly escalated.

By adjusting the Golden Visa requirements, Greece seeks to strike a balance between attracting foreign investment and preserving the stability of its property market.

These measures reflect the government’s commitment to fostering sustainable growth while addressing housing affordability concerns for both locals and investors.

Also Read:Australia Updates Student Visa Rules

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