Many countries have launched schemes to attract foreign investors, with Greece’s “Golden Visa” being one of the most prominent.
This program allows individuals to obtain residency permits and various benefits by investing a specific amount.
For those looking to travel to Greece, a five-year resident permit can now be secured with an investment of several hundred thousand euros. Golden Visa holders enjoy the freedom of movement throughout the European Union.
The residency permit extends to first-degree relatives of the investor, who also receive a five-year visa. Previously, individuals could obtain the Golden Visa by investing €250,000 or purchasing property of the same value.
Recent changes now require citizens from outside the European Union to invest €800,000 in major cities or islands, while in some areas, the threshold is set at €400,000.
The Greek Ministry of Finance has clarified that while purchased properties can be rented, they cannot be listed as “holiday homes” on platforms like Airbnb.
This adjustment aims to alleviate housing shortages in the real estate market and counter inflation, while also increasing revenue for the national treasury.
In 2023, the Golden Visa program generated €2.5 billion in revenue, with 8,516 applications submitted for property purchases. Out of these, 1,802 investors received approval to buy properties.
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Reports indicate that foreign investment has significantly driven up apartment and housing prices in recent years.
Properties classified as “monuments” remain available at lower prices, allowing for a specific visa option at €250,000. This initiative continues to provide a pathway for investors interested in acquiring and renovating these historic homes in compliance with legal standards.
