Greece Raises Minimum Spend for Golden Visa Program to €800,000

Greek government announces a significant increase in minimum spend for the Greece golden visa program in selected areas, including Athens, Mykonos, Santorini, and Thessaloniki.

Greek president Kyriakos Mitsotakis has recently announced a significant change to the minimum spend requirement for the Greece golden visa program. The minimum spend in selected areas, including Athens, Mykonos, Santorini, and Thessaloniki, will be raised to €800,000. This increase comes after a previous raise from €250,000 to €500,000 last August in these highly sought-after areas with pressurised rental markets.

The decision to raise the minimum spend in these areas is expected to provide a further boost to the economy. Additionally, there are talks of requiring buyers to rent out their properties for an extended period of time. However, in areas with less residential pressure, the minimum spend to qualify for a golden visa will remain at €250,000.

The 2023 decision to increase the minimum spend has already led to an influx of overseas buyers, with 4,231 new licenses issued last year, nearly double the number issued the previous year. Since the introduction of the Greece golden visa program in 2014, over €5.54 million has been invested in the country's real estate. The number of permits issued or soon to be issued stands at 22,298, according to Schengenvisainfo.

Many European countries offer similar golden visa programs, but they have faced criticism from the EU for potentially enabling the wealthy to buy residency rights and posing security risks. Portugal, for example, recently changed its golden visa program rules to only allow applicants to qualify through capital transfer, scientific research, and job creation.

The golden visa program in Greece offers residency through investment for third-country nationals, with the most popular route being through property purchase. Applicants must be over 18, have no criminal record, and have health insurance in Greece. The benefits of the golden visa include visa-free travel throughout the Schengen Area, the right to live, work, and study in Greece, and the ability to include family members on the visa.

As of now, the increase in the minimum spend requirement is just an announcement, but it may prompt individuals to reconsider their property plans. While some areas may see a higher minimum spend, there are still plenty of areas with a €250,000 minimum spend requirement for a golden visa. This change could lead potential investors to explore other areas in Greece that offer more affordable options.

The decision to raise the minimum spend requirement for the Greece golden visa programin selected areas is aimed at further stimulating the economy and addressing the pressurised rental markets in highly sought-after areas. Potential investors should consider their options carefully and explore different areas in Greece that may still offer affordable opportunities for obtaining a golden visa.