Greece’s Golden Visa Program: New Investment Requirements Announced

Greece golden visa

Greece’s “Golden Visa” program, a leading initiative designed to attract foreign investors, has recently updated its investment requirements. This program offers residency permits and various benefits in exchange for a specified investment amount.

Under the revised rules, non-EU investors can now secure a five-year residency permit by investing €800,000 in major cities or islands, while the threshold is reduced to €400,000 in certain other areas. This adjustment aims to address housing shortages, combat inflation, and boost national revenue.

Golden Visa holders enjoy the freedom of movement across the European Union, and their first-degree relatives also receive five-year residency permits. Previously, a €250,000 investment or property purchase was sufficient to obtain the visa.

Recent updates from the Greek Ministry of Finance specify that while purchased properties can be rented out, they cannot be listed as “holiday homes” on platforms like Airbnb. This measure seeks to reduce the impact of foreign investments on housing affordability.

In 2023, the Golden Visa program generated €2.5 billion in revenue from 8,516 property purchase applications, with 1,802 investors receiving approval. Despite rising property prices driven by foreign investment, properties classified as “monuments” remain available at lower prices, providing an alternative for investors interested in renovating historic homes.

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