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Europe, News feed Date: 13 February, 2024

Greek Golden Visa Investment Threshold to Increase in 2024

Greek Golden Visa Investment Threshold to Increase in 2024

Recent developments in Greece make for alarming reading. It’s now a question of when the Greek Golden Visa investment threshold will rise rather than if. Our latest news story will fill you in on all the key details.

A Potted History of the Greek Golden Visa

This Greek Residency by Investment Programme dates back to 2013 and allows you to become a resident of the country via buying real estate in the country. The ruling centre-right party, New Democracy, introduced it to revitalize Greece’s flagging economy.

Since its launch, the country has issued over 20,000 golden visas, bringing in over €5 billion worth of investment.

January 2023 saw the Greek Government announce the doubling of the minimum investment option from €250,000 to €500,000 in certain areas. Of the 36 affected municipalities, 28 were in Greater Athens, six in Greater Thessaloniki, and two in tourist hotspots Mykonos and Santorini.

The deadline to put down a 10% deposit on the lesser-priced properties was extended to the end of July and then beyond.

Prime Minister’s Question Time, Friday, February 9, 2024

Picture the scene. A packed Greek parliament housed in the elegant surroundings of the old royal palace’s ballroom. “How does the Government intend to deal with the ever-intensifying housing crisis?,” asks the leader of the socialist opposition, PASOK-KINAL, Nikos Androulakis.

Kyriakos Mitsotakis, the Greek Prime Minister and New Democracy leader, gives a considered reply. This touches on various factors. However, let’s focus on the section that concerns the Greek Golden Visa.

“We raised the limit,” Mitsotakis begins. “I think we need to go further,” he continues before showing some bipartisan solidarity.

“Indeed, the division of regions in Attica, as you rightly point out, has created pressure on Western Athens. 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 that are under pressure on rents. It can go up to €800,000.”

“We need to discuss whether we want to keep the low limit in areas where there is no pressure. Very soon there will be further intervention by the government, although not with a complete abolition of the measure. I also hear your proposal as to whether those who have golden visa properties should be obliged to lease them long-term.”

The Latitude Conclusion

Ilana van Huyssteen-Meyer is our European Residency by Investment expert. She believes the Prime Minister’s words represent a clear call to action. “One of the cheaper Residency by Investment programmes looks like getting a lot more expensive,” reasons van Huyssteen-Meyer.

“There’s a strong likelihood that areas deemed ‘high demand’ will be expanded e.g. the periphery of Athens which is experiencing sharp price increase.”

“Act now to ensure you’re amongst the fortunate few to obtain a Greek Golden Visa at the lower rate,” she counsels. “This golden ticket to Schengen access will not last forever, either, so seize the moment.”

“This is eerily similar to the Portuguese Government’s 2023 plans for the Portuguese Golden Visa. While they wanted to take greater control of the programme, they were limited by legal constraints.”

Greek Golden Visa FAQ

1.) What Is a Golden Visa in Greece?

A Greek Golden visa is a property-based Residency by Investment. In return for the, at the time of writing, €250,000-€500,000 minimum investment, you receive European residency. That means you enjoy visa-free access to the 27 countries of the Schengen Area.

2.) How Do You Get a Golden Visa in Greece? 

You need to satisfy the Hellenic Republic Ministry of Migration and Asylum’s requirements. That means being over 18 years of age and a Third-Country National as in a non-EU citizen. You must be able to demonstrate proof of the source of your funds and have a health insurance policy in place to cover any time spent in Greece.

3.) Can You Set Up an Airbnb With a Greek Golden Visa?

Yes, you can. There is no physical residency requirement. So, you don’t have to live in your Greek property and can rent out this real estate to holidaymakers.

Moving forward, this short-term option might not be on the table. So, you could have to consider other companies more focused on longer-term rentals.

Kyriakos Mitsotakis, the Prime Minister of Greece, has announced that the price of a Greek Golden Visa is set to rise in 2024.

Take the Next Step to Greek Residency by Investment

Imagine holding a Greek Golden Visa in your hand. To get that far, you’re going to need specialized advice from a leading investment migration specialist like Latitude. So, don’t delay and contact us today.

Greek Golden Visa Investment Threshold to Increase in 2024

Date: 13 February, 2024

Posted in: Europe, News feed