International Buyers Flock to Greece Before New Golden Visa Rules Take Effect

Greece's recent decision to raise the minimum investment amount required for obtaining a golden visa has triggered a surge in international interest in purchasing properties before the changes come into effect on September 1.

The Golden Visa Program allows foreign nationals to obtain residency in the Hellenic Republic in exchange for financial investments, primarily in real estate.

As part of efforts to address the housing crisis, Greek authorities previously announced plans to increase the minimum investment required to qualify for a golden visa. Greek Prime Minister Kyriakos Mitsotakis confirmed that the threshold for real estate investments in the country’s most sought-after areas would be raised to as much as €800,000 ($890,000).

“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,” Mitsotakis stated.

Starting next month, the minimum investment required for properties in Thessaloniki, Mykonos, Santorini, and other islands with populations exceeding 3,100 will increase from €500,000 to €800,000. In other regions, wealthy foreign investors will need to invest €400,000, up from the previous €250,000, to acquire residency through the Golden Visa Program. Additionally, all properties sold under this program must be at least 120 square meters, and only a single property can be purchased to meet the mandated investment threshold. Properties not intended as residences will have a threshold of €250,000, the same as listed properties that require restoration.

The Golden Visa Program has significantly boosted Greece’s economy. Data from Greece’s Immigration and Asylum services revealed that the program generated nearly €1 billion in economic activity during the first five months of last year. In May of this year, Greece’s Migration and Asylum Ministry reported that a total of 9,478 golden visa applications were still under review, with 6,228 submissions recorded last year alone. Despite the upcoming increase in investment thresholds, the high demand for the program has not waned. The Ministry’s statistics showed a rise in new golden visa requests during the first two months of this year, with about 1,300 more applications compared to the same period in 2023.

By fLEXI tEAM