Greece Implements Tiered Golden Visa Investment Limits

Mykonos

The Greek government is poised to submit a revised Golden Visa program to Parliament next week. This new scheme introduces a three-tier pricing structure based on property location and offers incentives to non-EU investors who purchase properties designated for "conservation."

The final proposal, outlining new investment thresholds for Golden Visa applicants, will be presented to Parliament soon. According to Daily Ethnos.gr, the program aims to address the housing crisis through several key measures:

  • Curbing Demand: Raising investment minimums in popular areas discourages excessive real estate purchases by foreign investors.
  • Stabilizing the Market: Higher investment requirements aim to counteract inflated property prices and prevent "bubbles" from forming in previously affordable regions of Attica.

Investment Thresholds by Region:

  • €800,000: This top tier applies to highly sought-after locations, including:
    • Northern and southern sectors of Attica (particularly the Athens Riviera)
    • Central Thessaloniki
    • The islands of Mykonos and Santorini

This represents an increase from the previous minimum of €500,000 for these areas.

  • €400,000: This mid-tier applies to the rest of Attica and Thessaloniki. This is an increase from the current €250,000 minimum in these regions. The aim is to prevent demand from shifting to these areas due to lower investment requirements elsewhere.
  • €250,000: This base tier remains unchanged for all other regions.

Incentivizing Conservation Efforts:

An exception exists for investors purchasing properties designated for "conservation" throughout Greece. For these properties, the minimum investment remains at €250,000. This incentive aims to attract foreign capital for the restoration and development of historically significant buildings, many of which are currently neglected due to the high cost of renovation.

Record-Breaking Demand:

Greece's Golden Visa program was the world's most popular in 2023. Data from the Ministry of Migration Policy reveals record-breaking demand, with over 10,000 applications (initial grants and renewals) received between January and December. Over 5,700 permanent investor permits were issued during the same period, corresponding to an estimated €1 billion in investments. These figures suggest a minimum of 4,231 real estate transactions with a value of at least €250,000 each. Additionally, over 8,800 applications are currently pending.

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