Greece Seeks to Re-launch Golden Visa Program

The Greek government is examining the re-launch of its golden visa program, which has been suspended due to the coronavirus outbreak, in an attempt to give the economy a much-needed boost after the health crisis subsides.

“We are very interested in jump starting the real estate market and in this direction, we are immediately relaunching the golden visa program,” said Deputy Finance Minister Theodoros Skylakakis last week, during an online meeting organized by Prodexpo Real Estate.

Greece’s popular investor visa scheme, granting five-year residency rights for third country nationals who purchase, individually or through a legal entity, property in Greece valued at a minimum of 250,000 euros, has been described as one of the “friendliest in Europe”.

Skylakakis said the Greek economy and market would begin to gradually “open up” at the beginning of May, aimed at stimulating investment. To facilitate investor activity, he said the government is expected to allow foreign buyers to apply for residency through proxy

“To accelerate the course of growth in the coming months, we will seek to lift the bureaucratic obstacles that currently exist in the property market,” he said.

The minister underlined the importance of keeping the property market strong, adding that it must remain as unaffected as possible.

Skylakakis said he expects the Greek market to pull through primarily due to Greece’s handling of the coronavirus crisis, its attractiveness as a destination and its strong brand name.

“Long-term investors in tourism will have an added incentive given that the prices will have dropped,” said Skylakakis.