Greece Golden Visa Program Is Set To Change
Greece will increase the threshold of the minimum investments for third-country nationals to acquire the Golden Visa.
Greece is one of the last remaining countries in Europe to offer golden visas.
Greece offers ‘residency by investment’ schemes that allow wealthy foreigners to ‘buy’ the right to stay in a country long term.
The program was launched in 2013 during what became the country’s 10-year financial crisis.
Initially, a real estate investment of €250,000 or more could allow a five-year residence permit in Greece, which could be converted into citizenship after seven years.
But last year, concerns over inflated house prices led the government to increase the threshold to €500,000 in some parts of the country. Now, that could rise yet further to €800,000, according to Prime Minister Kyriakos Mitsotakis.
The goal of the higher threshold is to bring more money into Greece while reducing the number of golden visas issued.
Advantages of Greek Golden Visa
The Golden Visa Programme boasts an extensive list of benefits ranging from financial gains to the freedom of visa-free travel.
The Greek Golden Visa grants visa holders the opportunity to reside in Greece without any time restrictions or mandatory minimum stay. Moreover, it provides access to public healthcare and educational benefits.
Holders of Golden Visa also have the liberty to travel throughout the Schengen zone without requiring an extra visa for 90 days within 180 days. The Schengen zone encompasses 27 European countries that have formally eliminated visas and border control at their shared borders.
Who Can Apply for the Greek Golden Visa
To qualify for a Golden Visa in Greece, you must meet the following requirements:
- Be a non-EU/EEA country citizen
- Be at least 18 years of age
- Have a clean criminal record
- Have medical insurance for yourself and your family
- Be of good character
- Can purchase a property for the set amount
Greece’s economy benefited to the tune of €4.3 billion between 2021 and 2023 from the scheme and golden visa house purchases make up 7% of real estate sales.
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