Golden Visa Updates: What Are the Latest Changes in the Program?

Recent amendments to the Golden Visa program, effective from March 31, 2024, introduce significant changes in how foreign investors can benefit from this scheme in Greece. These changes primarily aim to protect primary residences, and attract investments that will contribute to productive activities growth.

Increase in Minimum Investment Amount for Real Estate

The increase in the minimum investment amount depending on the region is expected to significantly impact real estate demand. For areas such as Attica, Thessaloniki, Mykonos, and Santorini, the minimum amount has been set at €800,000, while for the rest of Greece, it is €400,000. Additionally, investments in preserved (heritage) properties have a minimum threshold of €600,000, regardless of the area.

Additional Changes and Restrictions

Notable among the changes is the requirement for a minimum property size (120 sq.m.), the prohibition of property leasing through Airbnb, and the option to invest in shares or bond certificates of Greek companies, Greek government bonds, and philanthropic donations, with a minimum amount of €400,000.

Potential Impacts

These modifications could lead to a decrease in demand for properties in popular tourist destinations due to the rise in the minimum investment amount. Conversely, an increase in property prices in areas with a lower minimum investment requirement is also likely, as investors might seek more affordable options there. The introduction of new investment options and the restriction on the use of properties for short-term leasing through platforms like Airbnb might also encourage investors to consider alternative forms of investment.

Overall, these changes seem to aim at balancing the real estate market, protecting the primary residences of Greek citizens, and promoting investments with a direct impact on productivity and economic growth in the country.