Greece will be increasing the minimum real estate investment to secure the golden visa from current 500,000 euros to 800,000 euro in major cities and islands, the Prime Minister has announced. The new rules is expected to be published soon.
The measures were taken to ease the housing crisis in Greece, making it difficult for locals with rising rental costs along with influx of Chinese snapping up properties for golden visa permits.
The Government will setup a committee to provide a report on rental crisis on tourism sector.
“We are discussing a further increase in the golden visa investment threshold that will cover areas where there is pressure on rents, in urban centers, and on the islands”.
Greek Prime Minister Kyriakos Mitsotakis
The Prime Minister went on to add that the current limit of 500,000 euros for some areas and 250,000 for others would remain in cases that have no housing problem.
Currently the minimum property investment is set at 500,000 euros in Athens (Northern Athens, Central Athens and Southern Athens ,Vari, Voula, Vouliagmeni), Thessaloniki, Mykonos, Santorini. All other areas qualify for 250,000 minimum for Golden visa.
Greece GV scheme so far generated a title of 2.6 billion euros in revenues in the last three years with 56 percent of 15,000 applications approved concerning buyers from China. Foreign property buyers are given a 5 year investor permits.
Portugal axed the property route for GV last year.
