Following the example of other European countries, the Greece Golden Visa provisions and eligibility criteria are set to tighten regarding granting access to 3rd country citizens – individuals residing in non-EU member-states.
German-based financial publication Handelsblatt notes that in Greece, the prices for residence permits have increased (…) requiring buyers from non-EU countries to invest at least €400,000 in a single property. In Athens, Thessaloniki, and on Greek islands with more than 3,000 residents, the minimum investment amount has risen to €800,000.
The Golden Visa scheme, launched in 2013, is a financial instrument allowing 3rd county nationals to receive a five-year residence permit in exchange for investment. It was introduced as a way to boost the flow of foreign capital in the cash-strapped country after the 2010 financial crisis.
In its analysis, the German medium continues that investments can no longer be split across multiple properties. Instead, they must be directed towards a single property with a minimum area of 120 square meters. While these properties can be rented out, they cannot be leased as short-term vacation rentals.
The minimum investment through the Golden Visa in Greece for real estate in Athens has been set at €800,000.
With these measures, the Greek government aims to channel investor interest in the golden visa program toward luxury properties, which, due to their high price and large size, are unaffordable for local buyers.
The financial publication also notes that “despite the higher prices, Greece appears to have benefited from the termination of similar programs in other countries. Since its inception about 12 years ago, the program is estimated to have generated investments totaling €9 billion.
