Greece has announced significant alterations to its Golden Visa Program, impacting wealthy foreign nationals seeking residency through real estate investment.
Effective from August 1, the investment threshold for acquiring residency has been raised to €500,000, marking a substantial increase from the previous requirement of €250,000.
The decision, initially announced earlier this year by Greek Prime Minister Kyriakos Mitsotakis, aims to make real estate more accessible to Greek citizens by revising the minimum investment amount for the issuance of a golden visa.
Although the original implementation date was set for May 1, it was subsequently postponed for three months.
Geographical Scope of Amendments
The amendments to the Golden Visa Program encompass specific regions within Greece. The changes are applicable to the North part of the Hellenic Republic, the Central and South Sectors of Athens in the Attica Region, as well as the sought-after destinations of Mykonos, Santorini, and the Municipality of Thessaloniki.
Context and Economic Impact
The Residency by Investment Program in Greece offers international investors the opportunity to gain residency by contributing to the nation’s economy and fulfilling certain criteria.
Recent data from Greece’s Ministry of Migration and Asylum highlights the program’s significant economic contribution. In the first five months of the current year, the program injected nearly €1 billion into the Greek economy.
Comparing the same periods of this year and the previous year, a notable surge in demand is evident. From January to May this year, a total of 3,900 applications for real estate purchases were submitted for residency, a stark increase from the 1,444 applications registered during the corresponding period last year.
Challenges and Approval Process
The increased demand for the Golden Visa scheme has placed considerable pressure on Greek authorities, resulting in a backlog of over 5,444 pending investor visa requests. Over the past year, a total of 8,351 investor visa applications were submitted, with only 35 per cent being approved.
Recent statistics indicate a rapid rise in approval rates. In the initial months of this year, 1,938 requests were granted, reflecting a remarkable 149 per cent increase compared to the 777 approvals recorded in the same timeframe last year.
Moreover, the month of May this year witnessed the issuance of 412 permits, a substantial jump from the 220 permits issued during the same month the previous year.
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