Greece’s highly successful Golden Visa program has undergone significant changes, aiming to increase revenue and address housing shortages in the real estate market.
The program, which grants residency permits and various benefits to foreign investors, has raised the investment threshold for non-EU citizens to €800,000 in major cities or islands, and €400,000 in other areas.
Previously, a €250,000 investment or property purchase was sufficient to secure the Golden Visa. The adjustment aims to counter inflation and generate additional revenue for the national treasury.
In 2023, the program generated €2.5 billion in revenue, with 8,516 applications submitted for property purchases. Out of these, 1,802 investors received approval to buy properties.
Golden Visa holders enjoy the freedom of movement throughout the European Union, and the residency permit extends to first-degree relatives of the investor, who also receive a five-year visa. However, the Greek Ministry of Finance has clarified that purchased properties cannot be listed as “holiday homes” on platforms like Airbnb, as they must be used as permanent residences.
The changes aim to alleviate housing shortages and increase revenue for the national treasury.
