Greece to increase Golden Visa Investment benchmark again

ATHENS – The authorities in Greece have revealed that the country plans to adjust the cost of the Golden Visa Program again.

The announcement was made by the Minister of National Economy and Finance of Greece, Kostis Hatzidakis during a press conference. The primary aim behind this move is to tackle the surging demand and soaring sale and rental prices of real estate in the country.

The development follows last year’s decision by the Greek government to double the cost of the program, particularly for real estate purchases in specific regions like central Athens and renowned islands such as Mykonos and Santorini. While the cost was raised from €250,000 to €500,000 across 36 municipalities in July last year, it remains unchanged at €250,000 in areas like Rhodes, Piraeus, and Crete.

Moreover, the government is exploring various scenarios, with a consensus leaning towards elevating the current minimum investment threshold of €250,000 to a higher level. Speculations indicate that the minimum price requirement could potentially reach €500,000 or even €1,000,000 in certain regions though an official announcement is awaited.

Notably, regions like Piraeus have experienced a surge in property sales since last year’s price hike, despite the existing threshold for obtaining a residence permit through the golden visa program remaining at €250,000.

Additionally, Minister Hatzidakis stressed the need for larger investments while hinting at exemptions for listed properties, where a lower minimum threshold would apply to direct funds towards the renovation of historic buildings.

It’s noteworthy that Greece’s passport ranks 5th in the Henley Passport Index 2024, with citizens enjoying visa-free access to 190 destinations.

Greece, with a population of approximately 10.6 million, has a mixed economy reliant on tourism, shipping, agriculture, and services. Despite challenges like high public debt and unemployment, it remains a cultural and historical hub in Europe.