Greece has made updates to its popular Golden Visa program, offering foreign investors the opportunity to secure residency by investing in the country’s real estate market. This program has become a popular way for non-EU citizens to gain residency and enjoy the benefits of living in Greece, while also allowing free movement across the European Union.
To secure the Golden Visa, investors are now required to meet higher investment thresholds. In major cities and islands, the minimum investment has been raised to €800,000, while in less populated areas, it has been set at €400,000. This is a significant increase from the previous €250,000 requirement, aimed at countering inflation and generating additional revenue for the Greek economy.
The Golden Visa provides not only residency but also extends the same benefits to the investor’s close family members. These relatives can also receive a five-year residency permit, with the added advantage of unrestricted movement across EU countries.
However, Greece’s Ministry of Finance has placed restrictions on how the properties purchased through the Golden Visa program can be used. Investors are not allowed to list their properties as holiday homes on short-term rental platforms like Airbnb. Instead, these properties must be designated as permanent residences.
With Greece’s housing market facing shortages, these changes aim to help alleviate the pressure while bringing in much-needed revenue. In 2023 alone, the program generated €2.5 billion in revenue from investors, with over 8,000 applications submitted for property purchases.
By following the new guidelines, foreign investors can still enjoy the many benefits of Greece’s Golden Visa, contributing to the local economy while securing residency for themselves and their families.
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