The Greek government intends to raise the minimum investment required for foreigners seeking to obtain a Golden Visa, citing pressure on the country’s property market. Investors will now need to commit a minimum of €800,000 ($873,280) in sought-after areas such as Athens, Thessaloniki, Mykonos, Santorini, and other islands with a population exceeding 3,100 residents, according to a statement from the Finance Ministry.
Previously, Greece had already doubled the investment threshold for accessing the ‘Golden Visa’ program in popular areas, setting it at €500,000 in August. The threshold for the rest of the country will now rise to €400,000 from €250,000. Investors are limited to purchasing one property with a minimum surface area of 120 square meters (1291.7 square feet), and it cannot be used for short-term rentals.
These adjustments to the investment threshold will take effect from March 31 and aim to boost the supply of long-term rental properties while addressing the impact of the Golden Visa program on housing prices, as stated by the ministry. Greece has received over 25,100 applications and granted 17,184 permits to individuals seeking residency, with Chinese investors constituting nearly 60% of all visas issued, followed by Turkish investors at 7%.
Residential property prices in Athens have surged in recent years, partly due to foreign interest, the country’s economic recovery, and the attractive terms of the Golden Visa program. This, in turn, has driven up rental prices.
