Greece Raises the Bar for Golden Visa Investors with New €800,000 Threshold
Greece increases Golden Visa investment threshold to moderate property price escalation and support real estate growth in less frequented regions.
GreeceGolden VisaReal EstateInvestmentResidency PermitReal EstateSep 15, 2024
The Golden Visa program, introduced in 2013, offers residency permits to non-EU nationals who invest in Greek real estate, along with visa-free travel within the Schengen region. The program's success, however, had unintended consequences, including a housing crisis in several regions.
To address these challenges, the Greek government decided to raise the investment threshold significantly. Beginning in September 2024, the minimum investment required for the Golden Visa program will be set at €800,000 for properties in high-demand areas.
The new rules reflect a major shift in Greece's approach to managing foreign investment. The goal is to ensure that the benefits of the Golden Visa program contribute positively to the national economy while also mitigating the impact on housing affordability for Greek citizens.
By increasing the investment threshold, the Greek authorities aim to curb excessive pressure on the real estate market in popular regions and encourage investment in less saturated areas, promoting more balanced and sustainable development across the country.
In short, the hike in the Golden Visa investment threshold showcases Greece's new strategy in attracting foreign capital, prioritizing sustainable growth over rapid expansion.
About the Greek Golden Visa Program
The Greek Golden Visa program is a residency-by-investment program that offers a fast-track residency permit in exchange for a minimum investment in Greek real estate. The program was introduced in 2013 to attract foreign investment and boost the country's economic recovery.
Greece's real estate market has experienced rapid growth in recent years, driven by the success of the Golden Visa program. However, this growth has also led to a housing crisis in several regions, with local residents facing growing difficulties in affording housing.
The Greek government is committed to promoting sustainable growth and development across the country, while also ensuring that the benefits of foreign investment are shared equitably among all citizens.
Frequently Asked Questions
What is the new investment threshold for the Greek Golden Visa program?
The new investment threshold for the Greek Golden Visa program is €800,000.
Why did the Greek government increase the investment threshold?
The Greek government increased the investment threshold to moderate the rapid escalation of property prices in high-demand locations and support the growth of real estate markets in less frequented regions.
What are the benefits of the Greek Golden Visa program?
The Greek Golden Visa program offers a residency permit and visa-free travel within the Schengen region in exchange for a minimum investment in Greek real estate.
How has the Greek real estate market been affected by the Golden Visa program?
The Greek real estate market has experienced rapid growth driven by the success of the Golden Visa program, but this growth has also led to a housing crisis in several regions.
What is the goal of the Greek government's new approach to managing foreign investment?
The goal of the Greek government's new approach is to ensure that the benefits of the Golden Visa program contribute positively to the national economy while also mitigating the impact on housing affordability for Greek citizens.
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