Monday, September 16, 2024 Greece introduces major changes to its Golden Visa program, raising the investment requirement to €800,000, aiming for balanced growth and sustainable development. Greece has recently announced a significant change to its Golden Visa program, raising the minimum investment requirement from €250,000 to €800,000. Initially launched with one of the most affordable entry points in Europe, this shift comes as Greece seeks to balance the appeal to foreign investors with its internal economic needs.
Launched in 2013, the Golden Visa program offered residency permits to non-EU nationals who invested in Greek real estate. It also provided visa-free travel throughout the Schengen Zone, making it an attractive option for international investors. This influx of foreign capital played a crucial role in revitalizing Greece’s real estate market and aiding its post-crisis recovery.
However, the program’s popularity brought unintended side effects. The combination of high demand and low investment barriers caused a steep rise in property prices, especially in popular destinations like Athens, Thessaloniki, Mykonos, and Santorini. This surge in prices left many local residents struggling to afford housing, worsening an already challenging housing situation.
To address these issues, the Greek government has raised the investment threshold for the Golden Visa program, effective September 2024. The new minimum of €800,000 applies to properties in high-demand regions, as part of a broader initiative to ease pressure on the housing market and steer foreign investment toward less saturated areas. This increase aims to reduce the strain on popular real estate markets and promote more balanced development across the country.
As of September 1, 2024, the updated rules signal a shift in Greece’s approach to managing foreign investment. The government’s goal is to ensure that the Golden Visa program continues to benefit the national economy while mitigating its impact on housing affordability. By raising the investment requirement, authorities hope to slow the rapid rise in property values in hot markets and stimulate growth in less developed regions.
In essence, this move highlights Greece’s evolving strategy for attracting foreign capital while safeguarding its local housing market..
