The Prime Minister of Greece, Kyriakos Mitsotakis, has announced the Greek Government’s intention to increase the minimum investment level for Greece’s Golden Visa program.
The Prime Minister stated in his speech at the 86th Thessaloniki International Exhibition that they will raise the minimum investment amount for the issuance of a Golden Visa from €250,000 to €500,000 in order to increase the real estate supply for Greeks.
The reason for this change in the Golden Visa Greece
The decision has been taken due to Greece’s rapid economic growth and rising property values and is aimed at making it easier for Greeks to purchase their own homes, farms and properties. The Greek government has also promised several financing initiatives to help young Greek couples and families struggling to buy property.
The Golden Visa Greece program grants a five-year renewable residence permit in exchange for a real estate investment in Greece of 250,000 euros. In addition, the applicant’s family can benefit from the same rights, including parents, parents-in-law and children under the age of 21. The Golden Greece visa also allows the applicant to live in Greece and travel within the Schengen zone without a visa.
Although the new amendments have been in force for more than a month, no precise timetable has been set for their implementation; however, the new law is expected to come into force next year.
The news of this restructuring has surprised many authorities who feared that Greece would lose its competitive advantage over its neighboring countries. However, from the Ministry they stress that the new framework will not operate retroactively and that, until it comes into force, applications for residence permits will be accepted with investments of at least €250,000. Therefore, an increase in the number of applications is expected from potential investors who take advantage of the windows to acquire a residence by investment at a much more affordable price, as until now.