The Greek Finance Ministry unveiled significant revisions to the Golden Visa program on Thursday, aimed at addressing the country’s housing crisis by adjusting investment thresholds for third-country nationals seeking residency permits.
Under the new regulations, prospective investors targeting popular regions like Attica, Thessaloniki, Mykonos, Santorini, and islands with a population exceeding 3,100 inhabitants will face a heightened minimum investment requirement of 800,000 euros. In other areas, the threshold is set at 400,000 euros and above. Additionally, investors must acquire properties of at least 120 sq.m.
For buildings with industrial purposes converted into residential units, the minimum investment amount stands at 250,000 euros. Similarly, investment in historic buildings also requires a minimum outlay of 250,000 euros.
Furthermore, the Finance Ministry introduced measures incentivizing the conversion of buildings into residential units and safeguarding historic structures. Notably, the revised program explicitly prohibits properties obtained through the Golden Visa scheme from being utilized for short-term rentals.
Finance Minister Kostis Hatzidakis emphasized the balanced approach of the updated Golden Visa program, stating, “We are moving forward with balanced measures for the Golden Visa program, which primarily takes into account the housing needs of households, without however forgetting the need to attract investment to the country.”
Hatzidakis underscored the broader objectives of the government’s housing policy, highlighting collaboration with the private sector to ensure accessible and high-quality housing for all citizens. He emphasized the importance of maintaining a favorable investment environment while prioritizing the housing needs of Greek households.
“These measures are part of the government’s overall housing policy, which aims, in cooperation with the private sector, to ensure affordable and quality housing for all citizens, taking into account, however, the need to continue investments on more balanced terms,” added Hatzidakis.
Rhodes Royce Properties is a licensed Real Estate agency in Greece. If you are interested in acquiring a Greek Golden Visa through real estate investment, please contact us for free consultation and advisory.
