Greece this week officially increased its golden visa program minimum investment requirement. The golden visa limit has been doubled from 250,000 euros to 500,000 euros, allowing third country nationals to obtain five-year residency rights by purchasing property in specific areas of Greece.
Effective August 1, the new rules state that individuals or legal entities must invest a minimum of 500,000 euros in a single property to be eligible for the program. The new minimum requirement now applies to properties in the central, northern, and southern sectors of Attica, as well as popular destinations like Mykonos, Santorini, and Thessaloniki. Other areas experiencing an increase in the visa limit include parts of the wider Athens area and suburbs such as Melissia, Penteli, Nea Penteli, Kifissia, Nea Erythrea, Ekali, Halandri, Agia Paraskevi, Nea Ionia, Cholargos-Papagou, Filothei, Psychiko, Neo Psychiko, Alimos, Glyfada, Palaio Faliro, and central Athens, among others.
Originally scheduled for May 1, the implementation of the new limit was postponed to August 1 due to the overwhelming demand for properties in Greece under the investor visa program. The economic benefits of the golden visa scheme have been substantial, with Immigration and Asylum Ministry data revealing that it contributed nearly 1 billion euros to the Greek economy during the first five months of the year. This surge in economic growth was partially influenced by Portugal discontinuing its own residence by investment scheme, prompting investors to shift their focus to Greece. Additionally, Greek authorities’ decision to delay the increase in the threshold further fueled the interest in the program.
In the period between January and May, the number of applications for real estate purchases surged to 3,900, compared to just 1,444 in the same timeframe the previous year. The total value of properties sold also soared to 975 million euros, marking a substantial 170 percent increase compared to the previous year’s total of 361 million euros. These statistics indicate the program’s effectiveness in attracting foreign investment and boosting Greece’s economy through property acquisitions by eligible investors.
Rhodes Royce Properties is a licensed Realtor in Greece. If you are interested acquiring a Greece Golden Visa through real estate investment in Greece, please contact us for free consultation and advisory.
