Greece's Golden Visa Program Sees Major Adjustment: Investment Threshold Doubles to €800,000
Greece's Golden Visa program has undergone a significant change, increasing the investment threshold to €800,000 in a bid to curb excessive pressure on the real estate market in popular regions.
GreeceGolden VisaReal EstateInvestmentImmigrationReal Estate NewsSep 15, 2024
The Golden Visa program was introduced in 2013 to offer residency permits to non-EU nationals who invested in Greek real estate. The program also provided visa-free travel within the Schengen region, making Greece an attractive destination for foreign investors.
However, the program's success, coupled with the low investment requirement, had unintended consequences. The increased demand for properties led to a sharp rise in real estate prices, especially in high-demand areas such as Athens, Thessaloniki, Mykonos, and Santorini. As property values soared, local residents faced growing difficulties in affording housing, exacerbating a housing crisis in several regions.
In response to 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.
This move is expected to moderate the rapid escalation of property prices in high-demand locations and support the growth of real estate markets in less frequented regions.
In short, the hike in the Golden Visa investment threshold showcases Greece's new strategy in attracting foreign capital.
About the Greek Government
The Greek government is the governing authority of Greece, responsible for making and enforcing laws and policies for the country.Greece is a country located in southeastern Europe, known for its rich history, culture, and natural beauty.
Frequently Asked Questions
What is the new investment threshold for the Golden Visa program in Greece?
The new investment threshold is €800,000.
Why did the Greek government increase the investment threshold?
The government increased the threshold to curb excessive pressure on the real estate market in popular regions and encourage investment in less saturated areas.
What are the benefits of the Golden Visa program?
The program offers residency permits to non-EU nationals who invest in Greek real estate and provides visa-free travel within the Schengen region.
How has the program affected the Greek real estate market?
The program has led to a sharp rise in real estate prices, especially in high-demand areas, making it difficult for local residents to afford housing.
What is the goal of the new rules?
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.
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