Greece raises bar for ‘golden visas’

ATHENS

Greek authorities have decided to raise the minimum property purchase price for the "golden visa" scheme, which grants residency rights to foreigners in exchange for buying real estate, from 250,000 to 400,000 euros ($433,000) — a staggering 60 percent increase.

The Finance Ministry presented on March 21 changes to the "golden visa" program, with the aim of addressing the pressure on the country's property market

The Athenian administration will implement pivotal amendments to the "golden visa" initiative, elevating prices in certain regions from 500,000 to 800,000 euros.

The new application for the "golden visa" stipulates that the real estate to be purchased in the Attica region, including Athens and the center of Thessaloniki, as well as in the tourist islands with a population of more than 3,000, including Rhodes, Santorini, Mykonos and Crete, must be worth at least 800,000 euros and larger than 120 square meters.

On the other hand, the threshold for protected or forsaken historical edifices remains steadfast at 250,000 euros. Under the new regulation, properties cannot be leased through online platforms akin to Airbnb.

Though the "golden visa" program imposed no cap on the number of real estate acquisitions, the novel enactment mandates the purchase of only one property. This reform followed the incessant escalation of property prices and rents in Greece, coupled with a precipitous decline in rental housing availability.

The new measure is expected to precipitate a downturn in "golden visa" applications. Over the past decade, approximately 12,000 third-country nationals have been beneficiaries of the visa. The roster is dominated by 7,400 Chinese nationals, followed by 750 Turks and 600 Lebanese, securing the top three positions respectively.