Real Estate Agents React to Greece’s Proposed Golden Visa Changes  

Real estate agents in Greece are expressing their opposition to announced changes to the country’s golden visa program after Economy and Finance Minister Kostis Hatzidakis announced that amendments would be tabled in parliament this week.

Among others, Hatzidakis said the threshold would be increased to 800,000 euros for saturated areas which include popular tourist destinations and urban centers.

Greece doubled the investor visa program again last summer from the initial 250,000 euros to 500,000 euros claiming that the limit was very low.

In an interview to Mega channel, Hatzidakis said that investor visa sales accounted for 7 percent of total property sales. The changes, he said, were aimed at reviving the property market.

Economy and Finance Minister Kostis Hatzidakis.

The minister went on to add that the limits for heritage properties would remain low as an incentive to investors and owners to move ahead with restoration works.

Among others the government is citing a growing housing problem in city centers for the second increase in the investor visa threshold.

In a statement, the Athens-Attica Realtors Association argues that the new law is in effect abolishing the visa, which earlier this is month was ranked second among the world’s most attractive investment migration programs.

The association goes on to add that the government’s aim to bring into the market closed or abandoned homes is irrational.

Nafplio City, Greece.

“We are open and ready to enter dialogue with Minister Hatzidakis in the presence of journalists and the public to clarify the situation and to explain that the housing crisis and closed properties are not the result of the golden visa program,” they said.

Athens-Attica realtors are instead proposing increasing an investor levy, which together with the revenue generated from the transfer tax (3 percent), will increase the revenue from each golden visa.

Greece’s golden visa program grants five-year residency rights to third country nationals who purchase property in the country.