Greek Government Introduces Tiered Investment Thresholds for Golden Visa Program Amid Housing Crisis

Greek authorities recently announced significant changes to the Golden Visa Program in response to the ongoing housing crisis, with the minimum investment requirement set to increase to €800,000 in certain cases. Prime Minister Kyriakos Mitsotakis confirmed these alterations, delineating the adjustments across three distinct zones.

Zone A, requiring an investment of €800,000, is anticipated to encompass vital regions such as central, southern, and northern parts of Attica, as well as strategic areas in Thessaloniki and renowned islands like Mykonos and Santorini. Meanwhile, Zone B, with investment thresholds ranging from €400,000 to €500,000, will include territories experiencing significant price pressure, including Piraeus and various suburbs of Athens.

Zone C, set at €250,000, will cater to municipalities where there is minimal interest from wealthy internationals in property acquisition. These adjustments aim to address the housing shortage while simultaneously regulating property prices in high-demand areas.

Prime Minister Mitsotakis emphasized the government's commitment to maintaining the €250,000 threshold in regions with no residential pressure, ensuring accessibility to the Golden Visa Program for a broader demographic. He stated, "What we are discussing with the finance minister is a further increase in the threshold for golden visa investments, and it will concern all areas where rents are high. It can go to €800,000 euros."

The initiative to revise the investor visa threshold for the Golden Visa Program was introduced by Greece's Minister of Economy and Finance, Kostis Hadjidakis. The Golden Visa Program allows individuals to obtain residency by meeting specific criteria and making financial investments in Greece, primarily through property acquisition.

However, Greece is currently grappling with a housing shortage, prompting the government to take proactive measures to alleviate rising property prices and rental rates. Minister Hadjidakis stressed that the changes aim to mitigate these issues by imposing higher investment requirements.

Previously, the minimum investment threshold for the program stood at €250,000 in certain regions. With the new measures, this amount has been increased to €500,000 in select areas, reflecting the government's steadfast commitment to addressing the housing crisis and stabilizing property markets across the country.

By fLEXI tEAM