Greece Golden Visa Changes Trigger a Buying Frenzy

Name: Greece Golden Visa Changes Trigger a Buying Frenzy | IaM (Immigration and
Uploaded: 2024-08-22T16:00:00+00:00
Description: Securing the right to live and work in another country can be a complex and time-consuming process, but for

Securing the right to live and work in another country can be a complex and time-consuming process, but for those with financial means, golden visas have provided a quicker path to residency.

These programs allow wealthy individuals to essentially “purchase” the right to live in a country, often without the need to reside there permanently.

However, golden visas are being phased out across Europe due to concerns over housing affordability and security.

Greece, once a popular destination for these visas, has recently made significant changes to its program, raising the minimum investment threshold for non-European Union nationals seeking residency by purchasing property.

Golden Visa Changes in Greece

Until 2023, Greece offered one of the most attractive Golden Visa programs in the EU, with a minimum property investment requirement of just €250,000. This low threshold led to a surge in property purchases, driving up prices and making it harder for ordinary Greeks to afford homes.

In response, Greece announced that the Golden Visa requirement would be increased to up to €800,000 for real estate investments in the country’s most popular territories.

Properties not used as residences and those requiring restoration still have a lower investment threshold of €250,000.

Rush to Beat September 1 Deadline

As of September 1, 2024, the minimum investment required in popular areas like Thessaloniki, Mykonos, Santorini, and islands with populations over 3,100 will rise again, this time to €800,000.

In other regions, the threshold will increase from €250,000 to €400,000. The rules regarding property size and the number of properties that can be purchased will remain the same.

With the looming deadline, wealthy foreigners are rushing to buy properties in Greece to secure a Golden Visa, which grants a five-year residency permit and the potential for citizenship.

This surge in demand is expected to further impact the Greek property market as buyers race to finalise deals before the new, higher thresholds take effect.

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