Internationals Rush to Buy Greek Properties Before Golden Visa Shift
Discover why international buyers are flocking to Greece for property investments ahead of impending Golden Visa changes. Act now!
Foreigners are flocking to Greece like seagulls to a beach picnic, eager to snatch up properties before the new rules of the Golden Visa Program come crashing down like a wave. Starting September 1, the minimum investment requirement for these coveted golden visas is set to skyrocket to a staggering €800,000 in Greece's most sought-after locales.
In a remarkable twist of fate, Greece’s Golden Visa Program has injected nearly €1 billion into the nation’s economy within the first five months of 2023 alone. This sudden surge in interest can be attributed to the impending hike in investment amounts, which has left many potential buyers scrambling to secure their slice of paradise before the price tag balloons.
Under the Golden Visa Program, foreign nationals can gain residency in the Hellenic Republic by making substantial financial investments. Reports from Schengen.News indicate that this initiative has become a beacon for those looking to bask in the Mediterranean sun while enjoying the perks of residency.
In a bid to tackle the ongoing housing crisis, Greek authorities have decided to tighten the purse strings, announcing that the minimum investment for golden visas will rise significantly. Prime Minister Kyriakos Mitsotakis confirmed that the new threshold will reach up to €800,000 for real estate investments in the country’s most popular territories, including the likes of Thessaloniki, Mykonos, and Santorini.
As of next month, the minimum investment in these prime locations will leap from €500,000 to €800,000. Meanwhile, in less glamorous areas, the wealthy foreign investors will now need to part with €400,000 instead of the previous €250,000 to secure a property and, consequently, residency through the Golden Visa Program. It’s worth noting that all properties must boast a minimum size of 120 square meters, and only one property can be purchased to meet the new investment threshold. For properties not intended as residences, the threshold remains at €250,000, mirroring the requirement for listed properties that are in need of restoration.
The Golden Visa Program has undeniably provided a significant boost to Greece’s economy. Data from Greece’s Immigration and Asylum Ministry reveals that the program generated nearly €1 billion in the first five months of last year. As of May this year, the Ministry reported that a total of 9,478 golden visa requests are still under review, with 6,228 submissions recorded last year. Interestingly, the increase in the minimum investment requirement has not dampened the enthusiasm for this program; in fact, statistics indicate a rise in new requests for golden visas in the first two months of this year, with approximately 1,300 more applications compared to the same period in 2023.
In summary, as the clock ticks down to September 1, the race to secure a golden visa in Greece is on, with foreign investors eager to navigate the shifting tides of residency requirements.