Foreign buyers are rushing to beat a price hike on Greece’s popular “Golden Visa” scheme.
From September 1st, the minimum investment needed to get residency in Greece through property will double in some areas. This has ignited a flurry of activity as buyers race to secure their slice of the Greek dream before the deadline.
What is the Golden Visa?
The Golden Visa program grants residency in Greece to foreigners who invest in property. It’s a win-win: investors get a beautiful home in the sun and the Greek economy gets a boost.
What’s Changing?
Currently, a €250,000 property investment can get you a Golden Visa. But here’s how the new rules shake things up:
- Prime locations: Popular areas like Athens, Mykonos, Santorini, and islands with over 3,100 residents will see the minimum investment skyrocket to €800,000.
- Other areas: Elsewhere in Greece, the minimum investment will double to €400,000.
- Size matters: Purchased properties must be at least 120 square meters.
- One and done: Only a single property can be used to meet the investment threshold.
Why the Change?
The Greek government is trying to tackle a housing crisis. By raising the investment bar, they aim to:
- Make homes more affordable for locals
- Attract wealthier investors
Golden Visa Still Glittering?
Despite the upcoming price hike, the Golden Visa remains highly sought after.
- €1 Billion Boost: In the first five months of 2022 alone, the program injected almost €1 billion into the Greek economy.
- Applications Soar: Over 9,478 Golden Visa applications are currently being processed, highlighting the program’s continued appeal.
- 2023 Surge: The first two months of 2023 saw a remarkable surge in applications, with 1,300 more compared to the same period in 2022.
This suggests that even with the higher investment threshold, the allure of Greek residency and its associated benefits remains strong for many international buyers.