Greece is set to implement changes to its Golden Visa program, as Prime Minister Kyriakos Mitsotakis announced plans to raise the minimum investment threshold for third-country nationals. During a parliamentary debate on the housing crisis, Mitsotakis revealed that the Golden Visa requirement could increase to €800,000 for real estate investments in specific regions.
This announcement follows the conservative government’s decision in 2023 to double the program’s minimum investment threshold from €250,000 to €500,000 in designated areas, including municipalities in Athens, Thessaloniki, Mykonos, and Santorini. The 2023 adjustment prompted a surge in applications, particularly from Chinese investors seeking to secure golden visas before the threshold increase took effect.
“We raised the limit. I think we need to go further,” stated Mitsotakis. “What we are discussing with the finance minister is a further increase in the threshold for golden visa investments, and it will concern all areas where rents are high. It can go to €800,000 euros,” he added.
The Prime Minister clarified that the €250,000 threshold would persist for areas with no residential pressure. Additionally, Mitsotakis mentioned exploring the option of requiring Golden Visa property buyers to enter into long-term leasing agreements. Despite concerns about the impact of the program on real estate prices, Mitsotakis downplayed its significance, noting that only 7 percent of recent real estate transactions were linked to the Golden Visa.
“It’s convenient to attribute blame to a single villain for every complex issue,” he remarked.
The proposed changes to the Golden Visa program align with a broader trend in Europe, where countries are reevaluating their residency and citizenship-by-investment initiatives. In recent years, more than 60 countries, including several EU nations, have implemented golden visa or golden passport schemes. However, these programs have faced criticism for potential abuse by organized crime and corruption.
The European Commission has been vocal about its concerns, considering such programs undemocratic and calling on member states to cease selling residency or citizenship. Several EU nations, including Ireland, Cyprus, the Netherlands, and Portugal, have already made adjustments to their visa schemes or tightened visa rules in response to these concerns.
A recent report by Bloomberg highlighted surging home prices in Athens, positioning the Greek capital as one of Europe’s hottest housing markets. The allure of golden visas and golden passports continues to attract attention globally, with nations grappling with the delicate balance between fostering investment and preventing misuse of these programs.
Transparency International has been an advocate for ending golden visa programs, asserting that they have transformed EU citizenship and residency rights into a luxury commodity, accessible to those with sufficient financial means.
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.
