Greece to Change Golden Visa Rules, Increase Investment Limit

Mykonos Island, Cyclades

Greece’s popular golden visa scheme which grants five-year residency rights for third country nationals who purchase property in the country, will change again as part of government efforts to attract more “significant investments”, said Economy and Finance Minister Kostis Hatzidakis.

Addressing the 41st Panhellenic Conference of Property Owners, Hatzidakis confirmed that the government would be increasing the investor visa threshold and reducing the number of visas granted. He added however, that in cases of listed buildings, the limit will be lower as part of efforts to “direct funds to a real estate category that is particularly in need “.

Last summer, the government doubled the minimum investment to 500,000 euros from 250,000 euros and allowed the purchase of only one property for the set amount. The new limit applied to property purchases in the central, northern and southern sectors of Attica, on Mykonos, Santorini and in Thessaloniki.

Addressing the conference, Hadjidakis said the government’s new policies were aimed at addressing market “distortions” and bringing balance to the real estate market, increasing the availability of properties for rental, respecting the rights of owners, and supporting construction.

Economy and Finance Minister Kostis Hatzidakis, Photo source: Economy and Finance Ministry

“We will not abolish the Golden Visa program because it is not in the interest of the Greek economy. But we will impose further restrictions. We will increase the acquisition limits where necessary and to the extent necessary,” said Economy and Finance Ministry spokesperson Omiros Tsapalos.

As far as listed properties are concerned, Tsapalos said the goal of the lower limit was to offer “more incentives to investors from abroad so they focus on these properties”.

Lastly, the government, he said, has again extended the deadline to July for those who have applied for an investor visa but procedures have not been completed. In the January-May 2023 period, a total of 3,900 applications for the purchase of real estate for residence were submitted compared to 1,444 in the same period in 2022, when Greece’s residence-by-investment scheme generated 692 million euros for the year, driving property and rental prices up at the same time.

According to Immigration and Asylum Ministry data, the country’s golden visa program boosted the economy by almost 1 billion euros in the first five months of 2023, gaining from Portugal’s decision to discontinue its own residence by investment scheme.