Greece to up Golden Visa investment requirements from March 31
Golden Visa program, aimed at addressing the pressure on the country's property market. Investors seeking residency rights will now need to invest a minimum of €800,000 ($873,280) in popular areas like Athens, Thessaloniki, Mykonos, Santorini, and other islands with a population exceeding 3,100 inhabitants, according to a statement from the Finance Ministry.
This adjustment follows a previous doubling of the required investment amount in popular areas, raising it to €500,000 in August. Additionally, in other parts of the country, the minimum investment threshold will rise to €400,000 from €250,000. Investors are limited to purchasing a single property with a minimum surface area of 120 square meters (1291.7 square feet), which cannot be utilized for short-term rental purposes.
Effective from March 31, the revised investment thresholds aim to bolster the supply of long-term rental housing and mitigate the impact of the Golden Visa program on housing costs, as per the ministry's statement.
Greece has witnessed a surge in applications for the Golden Visa, with over 25,100 applications received and 17,184 permits granted to buyers seeking residency in the country. Chinese investors constitute nearly 60% of all visas issued, followed by Turkish investors at 7%.
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The demand for residential properties in Athens has experienced a notable increase in recent years, partly due to foreign interest, the country's recovering economy, and the affordability of the
